Galaxy Digital made a profit for the first time in a long time

Cryptocurrency company Galaxy Digital announced that in 2023 it began to generate income for the first time. In the first three months, net income was $134 million.

CEO Michael Novogratz explained that the positive result is due to the growth in the value of digital assets.

“Our results for the first quarter of 2023 are proof of the investments we have made in our business to ensure 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’s loss amounted to $288 million.

Novogratz never tires of repeating that the US authorities have taken a hostile stance towards cryptocurrencies. And this is due, to a large extent, to the collapse of the FTX exchange.

The head of Galaxy Digital believes that the price of bitcoin will rise to $40,000 if the US Federal Reserve System (Fed) cuts interest rates.

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