Novogratz’s Galaxy Swings to Quarterly Profit on Crypto Bounce
- Rising volatility, trading volume continues to be beneficial
- Equity capital was $2.1 billion as February, firm says
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Michael Novogratz’s Galaxy Digital Holdings Ltd. swung to a profit in the fourth quarter, bolstered by rising digital asset prices and increased trading volumes.
Net income was $301.5 million, or 90 cents a share, compared with a loss of $288.8 million, or $3.13, in the year-earlier period. This was primarily driven by material increases in digital asset prices, Galaxy said in an statement Tuesday, with its business benefiting from “heightened market volatility and increased trading volumes.”