Galaxy Digital Holdings Ltd. (TSX: GLXY) announced its fourth quarter (Q4), and full year 2022 financial results on March 28, Tuesday. The company reported a net loss of $288 million for Q4 2022. Meanwhile, its preliminary Q1 2023 income is $150 million ahead of tax filings.
Galaxy, a crypto financial services company, is known for providing a way for institutions, startups, and eligible individuals to get involved in the crypto economy. It shared its outlook for this year – building an organic platform amid a market downturn. Moreover, their aim also includes the integration and scaling of strategic acquisitions. Its liquidity position remains intact even after the recent turmoil in the U.S. banking industry.
Galaxy CEO’s Statement
Michael Novogratz, Founder and CEO of Galaxy said during the release “2022 was a formative year for Galaxy, and while the company and industry collectively faced unprecedented macroeconomic events.”
Novogratz further shared that his company has “generated almost $150 million of income before tax while retaining a strong liquidity position through March 24.”
Novogratz responded to a tweet by Steve Hanke, an American Professor, related to Bitcoin. In his tweet, the Professor noted that “Bitcoin is a highly speculative asset, not a currency…” Novogratz responded “it has outperformed all assets ytd, over 2 and 3 years on a risk adjusted weighting…”
Novogratz feels strong this year because of the sellers’ exhaustion along with the ease of restrictions in China, with Hong Kong warming up to the digital-asset sector. “What’s driving crypto broadly this year is two things – all the selling that needed to get done was done,” Novogratz said.
During Galaxy’s earnings conference call on Tuesday, he said two things would drive the crypto industry this year. The first one is “all the selling that needed to be done was done.” The second one is increasing activities from Asia mentioning China, he said “China took the regulatory boot off the necks of their tech companies and that includes crypto.”
As Bloomberg reported, he said that he wouldn’t be surprised if crypto prices move “substantially,” higher in the upcoming months. However, he hasn’t given any price targets, yet.
He also seems surprised as the regulators focus on cryptocurrency and neglect Artificial Intelligence (AI). At the end, he sounded optimistic about his vision for the crypto and blockchain industry.
The recent U.S. banking crisis turned investors’ focus towards cryptocurrency, especially Bitcoin, according to Novogratz.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/03/29/galaxys-q4-report-highlights-ceo-novogratz-issues-statement/