Michael Novogratz Galaxy Digital on Tuesday reported its fourth-quarter results. Apart from swinging to a fourth-quarter profit, the blockchain company also released its total asset under management report, which gave details on how many digital assets the firm holds. With a good quarter in trading volumes and good prices for crypto, the company’s overall profit soared. However, the shares of the company fell after the result announcement.

Galaxy Digital Net Digital Assets Increase in Q4

As of 31st December 2023, Galaxy Digital saw an increase in its net digital assets under management. The quarterly results revealed that the firm has a top holding of Bitcoin followed by Ethereum and Celestial. The firm has 589.0 million Bitcoins, as of the end of 2023, as compared to 222.2 million in 2022.

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Galaxy Digital Reports Profit in Fourth Quarter

Bloomberg also reported that Galaxy Digital Holdings, owned by Michael Novogratz, turned to profit in the fourth quarter thanks to growing prices for digital assets and more trading activity.

In comparison to the same time last year, when there was a loss of $288.8 million, or $3.13, the firm incurred a net income of $301.5 million, or 90 cents per share. Galaxy said in a statement on Tuesday that “heightened market volatility and increased trading volumes” were the main factors driving this, with the company’s operations benefiting. The price hikes of digital assets were also a contributing factor.

The company recorded almost $300 million in income before taxes for the year ending in February 2024. Additionally, as of February 29, 2024, Assets Under Management, or “AUM,” climbed to $10.1 billion.

Galaxy Digital’s Share Buyback

On May 31, 2023, the Company launched a fresh normal course issuer bid for the repurchase of shares. It is qualified to buy up to 10.1 million common shares. At an average price of CAD $4.69, Galaxy repurchased almost 1.2 million shares between July 1, 2023, and December 31, 2023.

Shares of the company were down nearly 7% after the announcement of the results and buyback.

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The post Bitcoin, Ethereum, Celestia Among Top Holdings of Novogratz’s Galaxy Digital appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am