Galaxy Digital Holdings Ltd. has emerged as a significant player in the financial realm after seeing a surge in net income by 40% to $422 million. Interestingly, analysts are attributing this growth to the impact of spotobserved in spot Bitcoin ETFs on 14 May, following four consecutive weeks of outflows. According to reports, there were total inflows of $116.8 million last week, indicating renewed interest among investors.
“Spot bitcoin ETF approvals have been a major catalyst for the increase in counterparty engagement as some of the more traditional asset managers and hedge funds are entering/reentering the space.”Galaxy Digital’s Q1 report The report further claimed that counterparty trading volumes appreciated by 78%, compared to the prior quarter. This, while the average loan book size expanded to $664 million.
This underlines the increasing importance of platforms like Galaxy Trading in facilitating digital asset exchange and investment.Here, it’s worth noting that the company mined 373 bitcoins at an average cost of less than $19,500 per Bitcoin, highlighting its efficiency in its mining processes.“Our first-quarter results underscore the strength and resilience of our business model.
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