The drop in Bitcoin's price has taken its toll on financial results.
However, 2023 began with positive changes in the market dynamics.
Galaxy Digital's logo
The
publicly-listed cryptocurrency company founded by an American investor Michael
Novogratz, Galaxy Digital Holdings (TSX:GLXY) has published its full-year
results for 2022. Galaxy showed a massive net loss due to the prolonged crypto
winter dominating the previous year.
Crypto Winter Hits Galaxy
Digital Hard
In Wednesday's
press release, Galaxy announced the fourth quarter, the full year and
preliminary first quarter-to-date results. The company showed a massive net
loss of $1.0 billion for the year ended 31 December 2022, compared to a net income
of $1.7 billion for the same period a year earlier. In the meantime, the fourth
quarter ended with a net loss of $287.8 million compared to $521.3 million
reached in Q4 2021.
Galaxy
explains the poorer performance primarily by the 64% drop in the price of
Bitcoin (BTC) over 2022. In January, BTC cost $46,500, ending the year at
$16,500. Ethereum (ETH) also saw a similar depreciation, falling from $3,700 to
$1,200. The crypto winter negatively affected the performance of other
companies in the sector, including digital asset miners.
"2022
was a formative year for Galaxy, and while we and our industry faced
unprecedented macroeconomic events, we succeeded in staying the course and were
able to opportunistically take advantage of strategic opportunities to build
our operating businesses for the future. I have never been more confident in
our go-forward strategy, businesses, and team," Michael Novogratz, the Founder
and CEO of Galaxy Digital, commented in a press release.
Galaxy Digital's shares saw a sharp decline in 2022. Source: Tradingview.com
At the end
of 2022, Galaxy had 104 portfolio companies, in which it holds 145 investments.
In Q4 2022, it invested in Veridise, a verification platform that conducts
security audits for DeFi applications. Novogratz's company is still exploring
other opportunities in the investment space.
2023 Paints Brighter Future
for Galaxy Digital
The beginning
of 2023, in which cryptocurrencies saw a rebound after the severe declines of
2022, started off decidedly better. Between early January and 24 March 2023,
the company generated income before tax of $150 million. In the months ahead, Galaxy
will focus on organically building its platform during the bear market and
scaling and integrating recent strategic acquisitions.
Galaxy
anticipates earning net profits in its operating businesses and positive gains
from its liquid coin and investment holdings on its balance sheet for the
entire Q1 2023. The increased market volatility and volumes from existing
counterparties positively impacted the company's operating business.
"The
Company continues to lead from a position of strength, remaining open for
business for our clients and counterparties. And as the market has improved
year to date, we have generated approximately $150 million of income before tax
while retaining a strong liquidity position through 24 March 2023,"
Novogratz added.
Galaxy
Mining has increased its capacity by 100% since the start of 2022 by
integrating the Helios site, which was acquired at the end of last year. The
company aims to have over 4 EH/s of Hashrate Under Management by the end of
2023, with self-mining accounting for about 50% of the total.
The
publicly-listed cryptocurrency company founded by an American investor Michael
Novogratz, Galaxy Digital Holdings (TSX:GLXY) has published its full-year
results for 2022. Galaxy showed a massive net loss due to the prolonged crypto
winter dominating the previous year.
Crypto Winter Hits Galaxy
Digital Hard
In Wednesday's
press release, Galaxy announced the fourth quarter, the full year and
preliminary first quarter-to-date results. The company showed a massive net
loss of $1.0 billion for the year ended 31 December 2022, compared to a net income
of $1.7 billion for the same period a year earlier. In the meantime, the fourth
quarter ended with a net loss of $287.8 million compared to $521.3 million
reached in Q4 2021.
Galaxy
explains the poorer performance primarily by the 64% drop in the price of
Bitcoin (BTC) over 2022. In January, BTC cost $46,500, ending the year at
$16,500. Ethereum (ETH) also saw a similar depreciation, falling from $3,700 to
$1,200. The crypto winter negatively affected the performance of other
companies in the sector, including digital asset miners.
"2022
was a formative year for Galaxy, and while we and our industry faced
unprecedented macroeconomic events, we succeeded in staying the course and were
able to opportunistically take advantage of strategic opportunities to build
our operating businesses for the future. I have never been more confident in
our go-forward strategy, businesses, and team," Michael Novogratz, the Founder
and CEO of Galaxy Digital, commented in a press release.
Galaxy Digital's shares saw a sharp decline in 2022. Source: Tradingview.com
At the end
of 2022, Galaxy had 104 portfolio companies, in which it holds 145 investments.
In Q4 2022, it invested in Veridise, a verification platform that conducts
security audits for DeFi applications. Novogratz's company is still exploring
other opportunities in the investment space.
2023 Paints Brighter Future
for Galaxy Digital
The beginning
of 2023, in which cryptocurrencies saw a rebound after the severe declines of
2022, started off decidedly better. Between early January and 24 March 2023,
the company generated income before tax of $150 million. In the months ahead, Galaxy
will focus on organically building its platform during the bear market and
scaling and integrating recent strategic acquisitions.
Galaxy
anticipates earning net profits in its operating businesses and positive gains
from its liquid coin and investment holdings on its balance sheet for the
entire Q1 2023. The increased market volatility and volumes from existing
counterparties positively impacted the company's operating business.
"The
Company continues to lead from a position of strength, remaining open for
business for our clients and counterparties. And as the market has improved
year to date, we have generated approximately $150 million of income before tax
while retaining a strong liquidity position through 24 March 2023,"
Novogratz added.
Galaxy
Mining has increased its capacity by 100% since the start of 2022 by
integrating the Helios site, which was acquired at the end of last year. The
company aims to have over 4 EH/s of Hashrate Under Management by the end of
2023, with self-mining accounting for about 50% of the total.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
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#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
