CEO Michael Novogratz explained that the positive result is due to the rising value of digital assets.
“Our results for the first quarter of 2023 are a validation of the investment we have made in our business to drive long-term growth and lead the evolution of the digital asset industry,” Novogratz said.
A year ago, the company had a net loss of $111.7 million for the same quarter. And in the previous, fourth quarter of 2022, the company had a loss of $288 million.
Novogratz never tires of reiterating that U.S. authorities have taken a hostile stance toward cryptocurrencies. And this is due, in large part, to the collapse of the exchange FTX.
The head of Galaxy Digital thinks the price of bitcoin will rise to $40,000 if the U.S. Federal Reserve (Fed) moves to lower interest rates.