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The New York-based firm, led by CEO Michael Novogratz, recorded a profit of $134.2 million in the previous quarter, according to a January-March report.
With losses for the April-June quarter, mining revenue totaled $15.4 million and increased 51%. The company managed to end the second quarter with a hash rate of around 3.7 EH/s, an increase of more than 20% over the previous period.
“Galaxy’s operating business performed well in the second quarter amid continued uncertainty and regulatory pressures as we continue to manage the company to meet the evolving needs of our customers.”
Novogratz previously said he was seriously considering moving the business from the U.S. to another country due to increasing regulatory pressure. The billionaire believes that the U.S. will remain an important player in the cryptocurrency market in the long term, but the authorities need to develop the industry, not destroy it;
The businessman recently said that a new wave of applications for spot bitcoin-ETFs will help the first cryptocurrency, and the BTC exchange rate will rise significantly by the end of the year.