In 2023, the net profit of cryptocurrency company Galaxy Digital increased to $296 million. In 2022, on the contrary, it faced financial problems.
The losses of the company, focused on the digital currency market, reached $1 billion. Galaxy Digital’s top management even considered laying off some of its employees to reduce costs and preserve its performance.
While in the fourth quarter of 2022 Galaxy Digital’s losses amounted to $288 million, on the contrary, in the same period last year it made a profit of $302 million.
Digital assets under management at the company grew to $5.2 billion.
In the first quarter of 2024, that amount surpassed $10 billion, Galaxy Digital’s press office said.