Galaxy Digital Holdings, led by Michael Novogratz, reported a remarkable achievement in its mining operation during the first quarter, contributing to the company’s increased revenue and earnings. The surge in crypto prices played a significant role in this growth. Revenue for the quarter reached $259.7 million, a significant increase from $146.7 million in the previous year. This surge in sales marks a positive turnaround for Galaxy Digital, which had a net loss of $1 billion in 2022.
The mining operation played a crucial role in the company’s revenue increase, generating $31.5 million in the first quarter. With a record-breaking hashrate of 5.7 exahash per second, the division’s operations contributed to this revenue bonanza. The company’s Global Markets and Asset Management business verticals also experienced revenue gains during this period.
Furthermore, Galaxy Digital’s equity capital saw a 22% increase quarter-over-quarter, reaching $2.2 billion. Assets under stake also grew by 100%, reaching $1.5 billion, as the company aims to become the second-largest validator on the Solana network.
In April, the company raised $125 million, which will be used to upgrade the infrastructure at its Helios mining facility in West Texas.
In other news, a developer of Tornado Cash was sentenced to over five years in prison for a $1.2 billion money laundering scheme.
