Mike Novogratz-owned cryptocurrency bank Galaxy Digital posted a net income of $134 million during the first quarter of the year.
According to the press release shared by the company:
"The income was primarily attributable to gains on digital assets and unrealized gains on investments."
The company lost $288 million during the last quarter of 2022.
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The value of Galaxy Digital Asset Management's assets under management totaled $2.4 billion, up 40% from the previous quarter.
The company's liquid assets include $400 million in cash and $414 million in digital assets ($209 million in "non-algorithmic stablecoins").
According to company representatives:
"Cash and stablecoin balances were $214 million lower from year end primarily due to a larger amount of outstanding fiat loans, the payment for the GK8 acquisition and investments."