Crypto bull Mike Novogratz’s agency Galaxy Digital reported a revenue of $134 million within the first quarter of this 12 months, lacking analysts’ expectations.
Galaxy’s earnings per share (EPS) for the quarter got here in at $0.55, lacking an estimate by analysts of $0.76.
Regardless of the EPS miss, the primary quarter earnings nonetheless mark a big enchancment for the agency because the earlier quarter, when Galaxy reported a loss of $288 million amid a crypto market downturn and a flurry of bankruptcies within the business.
Fairness within the agency elevated 11% from $1.4 billion within the final quarter of 2022, to $1.6 billion as of the top of the primary quarter of this 12 months.
The agency’s liquidity place was described as “sturdy” within the earnings report, coming in at $814 million.
Commenting on Galaxy’s efficiency within the quarter, Mike Novogratz stated that the agency’s work is “resonating with shoppers greater than ever earlier than,” hinting of optimism a few potential new bull market amongst market gamers.
“Our first quarter 2023 outcomes are a validation of the investments now we have made in our enterprise to drive long-term progress and lead the evolution of the digital asset business,” Novogratz stated.
He added that the agency will now enter the second quarter “extraordinarily effectively positioned to develop our market share and construct deeper relationships with our shoppers and companions.”
