Galaxy Digital (GLXY), a provider of digital asset financial services, announced $296 million in net profits for its 2023 full year financial results.
Compared to the $1 billion loss a year earlier, this represents a significant shift and suggests that the 2023 crypto winter is finally over.
The company has profited from rising cryptocurrency prices this year; since the year began, the gauge of the larger crypto market, has increased by 52%.
The company released a statement saying, “Since the end of the fourth quarter 2023, digital asset prices have materially changed and our business has benefited from heightened market volatility and increased trading volumes.”
Following a decline last week, bitcoin recovered to above $70,000 on Tuesday, resulting in a 6.5% increase in shares of the Toronto-listed business led by Mike Novogratz closing at $14.38. This year, they’ve increased by over 40%.