Galaxy Digital Holdings reported a strong performance in the first quarter of 2024, achieving a net income of $422 million, a 40% increase from the previous quarter.
The company’s mining activities reached a revenue of $31.5 million, a significant 69 % increase from the earlier quarter. This growth was powered by the increase in the mining capacity, a Galaxy’s hash rate under management that reached 5.7 exahash per second (EH/s).
The Galaxy’s asset management sub-segment also did great, with management and performance fees reaching a record $17. 8 million, which is a notable 113% growth from the previous quarter. Moreover, the trading operations brought in $66 million, largely due to the profits from derivatives and the rise of asset prices.
Galaxy secured $125 million in financing for trading operations and mining infrastructure development in April. The investment exceeded $2.2 billion, with assets under management reaching around $7.8 billion.
However, The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Invesco Galaxy Ethereum ETF to July 5, 2024. This delay gives the SEC more time to evaluate the ETF proposal and related issues.
