Galaxy Digital has released its 2023 second quarter reports.
With the sharing of the reports, it was seen that Galaxy Digital experienced a serious decrease in profitability. The company made statements on the subject
Galaxy Digital suffered a drop in revenues in the second quarter of 2023
Galaxy Digital announced that it experienced a significant decrease in its trading revenue in the second quarter of the year. Galaxy Digital, founded by Michael Novogratz, reported that its trading revenue fell 54 percent this quarter to $59.5 million. The company said in its statement that the main reason for this decline was lower net realized gains in digital assets and net unrealized losses on investments. However, it was stated that higher net realized gains on investments partially offset this decrease.
Compared to the same period last year, the company saw a loss of $554.7 million in the second quarter of 2022 to $46 million. It also finished the quarter with a “strong” liquidity position of $696 million.
Michael Novogratz stated that the company’s operations are performing well in an environment of ongoing uncertainty and regulatory pressure to meet customer needs.
Galaxy Digital also rose in the asset management segment. This division generated $33.8 million in revenue, up 619 percent from the first quarter of the year. The company also announced that it reduced operating expenses by 6 percent quarter-on-quarter and 34 percent year-over-year.
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