The firm attributed the change in fortune to the changing market conditions from bearish to bullish, with AUM nearly doubling within two months of 2024 compared to 2023.
Digital asset management firm Galaxy Digital has reported a net income of $296 million for 2023, marking a reversal in fortune after a disastrous 2022 with $1 billion in net loss.
The change in fortune for the digital asset management firm comes amid a change in the crypto market trends from bearish to bullish.
The firm’s assets under management (AUM) grew from $1.7 billion to $5.1 billion in 2023 and nearly doubled in the first two months of 2024, reaching $10.1 billion by the end of February.
