Crypto bull Mike Novogratz’s firm Galaxy Digital reported a profit of $134 million in the first quarter of this year, missing analysts’ expectations.
Galaxy’s earnings per share (EPS) for the quarter came in at $0.55, missing an estimate by analysts of $0.76.
Despite the EPS miss, the first quarter earnings still mark a significant improvement for the firm since the previous quarter, when Galaxy reported a loss of $288 million amid a crypto market downturn and a flurry of bankruptcies in the industry.
Equity in the firm increased 11% from $1.4 billion in the last quarter of 2022, to $1.6 billion as of the end of the first quarter of this year.
The firm’s liquidity position was described as “strong” in the earnings report, coming in at $814 million.
Commenting on Galaxy’s performance in the quarter, Mike Novogratz said that the firm’s work is “resonating with clients more than ever before,” hinting of optimism about a potential new bull market among market players.
“Our first quarter 2023 results are a validation of the investments we have made in our business to drive long-term growth and lead the evolution of the digital asset industry,” Novogratz said.
He added that the firm will now enter the second quarter “extremely well positioned to grow our market share and build deeper relationships with our clients and partners.”