• CoinSnacks
  • Posts
  • Galaxy Digital's Q1 2024 Earnings Bolstered By Mining Revenue

Galaxy Digital's Q1 2024 Earnings Bolstered By Mining Revenue

The diversified digital asset company reported that revenue was $259.73 million for the first quarter, an increase of 77% YoY.

Author

Dillon Newman
May 14, 2024 • Estimated Reading Time: 2 minutes

Galaxy Digital Holdings revenue and profits jumped during the first quarter of 2024, beating analyst expectations by 60%.

The diversified digital asset company reported Monday that revenue was $259.73 million for the first quarter, an increase of 77% YoY.

Including increases in digital assets owned by the company, total net income came in at $422 million.

Notably, much of the companies overall revenue growth can be attributed to its mining arm of the business which reached a milestone hashrate of 5.7 EH/s.

The company mined 373 bitcoins at an average cost of under $19.5k.

Mining revenue for the quarter was $31.5 million, an increase of 69% from the previous quarter.

As we reported last quarter, Galaxy is slowly becoming a major contender in the crypto mining space.

While there wasn’t much more info than we already know about the company’s highly anticipated uplisting to the NASDAQ, on May 13, Galaxy did file an amendment responding to SEC comments, which is now under review.

As we covered last quarter, CEO Mike Novogratz believes that the chances of an up-listing occurring before the presidential election are slim.

While Galaxy Digital’s stock price has been hampered since the ~$125 Million bought deal public offering announcement in April, the company continues to preform as it begins offsetting its $1 billion loss from 2023.