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HomeCoinsBlockchainMike Novogratz Led Galaxy Digital Reported Revenue After Losses in 2022

Mike Novogratz Led Galaxy Digital Reported Revenue After Losses in 2022

  • After a $1 billion internet loss in 2022, these numbers are encouraging.
  • Galaxy Digital apparently scrapped plans to go public in the US final yr.

Galaxy Digital, a Canadian funding enterprise run by blockchain advocate Mike Novogratz, reported a preliminary pre-tax revenue of $150 million from January 1, 2023, by way of March 24, 2023. This determine was introduced on March 28.

After a $1 billion internet loss in 2022, principally attributable to an unrealized $659 million loss on digital belongings and a $496 million loss on investments, these numbers are encouraging.

Novogratzโ€™s acknowledged:

Reviving From Harsh Previous 12 months

When requested concerning the collapse of the $40 billion Terra ecosystem on Could 19, 2022, Novogratz stated he was โ€œcompletely humbledโ€ and that the cryptocurrency sector โ€œappears stronger than ever and wouldnโ€™t be going away any time quickly.โ€ย 

Reportedly, Galaxy Digital put $25 million into the Terra protocol as was reported a yr in the past. When the cryptocurrency market was pink sizzling in 2021, Galaxy Digital claimed a internet earnings of $1.7 billion.

After canceling a $100 million settlement to buy digital asset custodian BitGo in August 2022, Galaxy Digital apparently scrapped plans to go public in the US. By late November, the corporate had admitted that it had misplaced $77 million on the defunct cryptocurrency change FTX, of which $48 million was presumably frozen in withdrawals.

After spending $65 million to amass Argo Blockchainโ€™s flagship Helio facility, the enterprise expects its subsidiary, Galaxy Mining, to extend its Bitcoin mining hash price to 4 exahashes per second by the tip of 2023.

See also  Crypto Has a Main Position in UAEโ€™s International Commerce; Says Al-Zeyoudi

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