Galaxy Digital’s revenue continues to increase with mining, with payments at record levels
Galaxy Digital It reported a strong first quarter in 2024, with net income rising to $422 million, a 40% increase from the previous quarter. The increase was supported by record earnings from mining and management fees.
According to the company, its mining operations posted revenue of $31.5 million, up 69 percent from the previous quarter. The growth is mainly due to the expansion of the mining capacity, and the hash rate under management has reached 5.7 exahash per second (EH/s).
During the quarter, Galaxy spent 373 bitcoins (BTC) at an average cost of less than $19,500.
Asset management was also a strong performer for the company in the first quarter. Management and performance fees hit a record $17.8 million — a 113 percent increase from the previous quarter.
In January, Galaxy Digital and Invesco launched a bitcoin exchange-traded fund (ETF) position in the United States. In April, the company expanded its BTC and Ether (ETH) offering in the European market by introducing two exchange-traded products (ETC) in partnership with DWS Group.
Trading operations reported revenue of $66 million, an increase of 78 percent, primarily due to gains in originations and positive movements in property values. According to Galaxy, the average size of the loan book increased to $664 million.
As of March 31, 2024, Galaxy's assets under management rose to approximately $7.8 billion, an increase of 219 percent year-over-year and up 50 percent from the prior quarter.
Equity capital saw significant growth, rising to $2.2 billion, up 22% quarter-over-quarter. Assets on the stock grew by 100% as Galaxy moved to become the second largest authenticator on the Solana network.
In April, the company raised nearly $125 million in funding. Galaxy Capital plans to develop the infrastructure of its Helios mining facility in West Texas. The current infrastructure at Helios can support 180 megawatts, while Galaxy is licensed for up to 800 megawatts on site.
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