The drop in Bitcoin's price has taken its toll on financial results.
However, 2023 began with positive changes in the market dynamics.
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.
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.
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.
Dubai-Based CoinW Unveils Rebranding and Prop Trading Product
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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