Galaxy Digital’s revenue soars with mining, fees at record levels

Galaxy Digital First Quarter Performance:

• Reported net income of $422 million, a 40% increase from the previous quarter.
• Mining operations generated record-breaking revenue of $31.5 million, with a 69% rise from the previous quarter.
• Mined 373 Bitcoin at an average cost of less than $19,500.
• Asset management saw record management and performance fees of $17.8 million, a 113% increase from the previous quarter.
• Trading operations reported revenue of $66 million, marking a 78% increase primarily fueled by derivatives gains and asset price movements.

Galaxy Digital Expansion and Financial Growth:

• Launched spot Bitcoin ETF in the U.S. with Invesco and expanded BTC and Ether offerings in Europe.
• Assets under management surged to approximately $7.8 billion, a 219% increase year-over-year.
• Equity capital rose to $2.2 billion, up 22% quarter-over-quarter.
• Raised $125 million in financing for infrastructure enhancement at Helios mining facility in West Texas.
• Granted approval to scale up to 800 megawatts at the Helios site.

Ethena's Stablecoin Model Risks:

• Magazine discusses real risks to Ethena's stablecoin model, highlighting unexpected vulnerabilities.