Galaxy Digital Holdings’ revenue, profit grow, buoyed by record mining revenue

Galaxy Digital Holdings revenue and profits jumped during the first quarter, bolstered by its mining operation’s record performance amid the run-up in cryptocurrency prices.  

The digital assets-focused financial services firm said Monday its net income rose to $421.7 million ($1.23 per share) in the three-month period ending in March, a roughly 214% increase from the year-prior quarter, according to its latest financial statement. The bottom line increase came off of the company's surging revenue, which was $259.7 million, up from $146.7 million for the same time last year. The strong results are the latest sign Galaxy is on the mend after booking a $1 billion net loss in 2022.

Breaking down the company by its lines of business, Galaxy’s mining operation recorded $31.5 million in revenue, fueling most of the firm's overall revenue growth in the first quarter. The division’s revenue windfall was powered by its operation’s record hashrate of 5.7 exahash per second for mining transactions. Notably, the revenue growth comes alongside similar revenue increases recorded by the company’s other two business verticals, Global Markets and Asset Management, in the first quarter. 

In April, Galaxy raised $125 million, which it has reserved for expanding its trading operations and developing its mining infrastructure.