Galaxy Digital Reports Net Income of $134 Million for the First Quarter

Galaxy Digital, a financial services and investment management company focused on digital assets, reported net income of $134 million on revenue of $146.74 million for the quarter, primarily due to gains on digital assets and unrealized investment gains, compared to a net loss of $288 million for the quarter ended December 31, 2022. Galaxy Digital derivative gains were $55 million in the first quarter.

Galaxy Digital liquidity includes $400 million in cash and $414 million in net digital assets, including $209 million in non-algorithmic stablecoin. Cash and stablecoin balances decreased $214 million from year-end primarily due to increased payments on outstanding statutory loans, the GK8 acquisition and investments. In addition, Galaxy Digital entered into a strategic alliance with DWS to develop digital asset management solutions in Europe.