Galaxy Digital, a leading digital asset management firm, has announced a remarkable performance in the first quarter of 2024, with net income climbing 40% to $422 million. This impressive growth was driven by record-breaking revenue from mining operations and management fees. The company's mining operations generated a staggering $31.5 million in revenue, a 69% increase from the previous quarter, while management and performance fees reached a record $17.8 million, a 113% increase.

The company's expansion of mining capacity played a significant role in its success, with its hash rate under management (HUM) reaching 5.7 exahash per second (EH/s). During the quarter, Galaxy mined 373 Bitcoin (BTC) at an average cost of less than $19,500. Asset management was also a strong performer, with assets under management surging to approximately $7.8 billion as of March 31, 2024, a 219% increase year-over-year and 50% jump from the previous quarter.

Galaxy's trading operations reported revenue of $66 million, a 78% increase primarily fueled by gains from derivatives and positive movements in asset prices. The average size of its loan book grew to $664 million, and equity capital rose to $2.2 billion, up 22% quarter-over-quarter. Assets under stake grew by 100% in the first quarter, reaching $1.5 billion, as Galaxy moves to become the second-largest validator on the Solana network.

In April, the company raised approximately $125 million in financing, which will be used to enhance the infrastructure of its Helios mining facility located in West Texas. The current infrastructure at Helios can support 180 megawatts, while Galaxy was granted approval to scale up to 800 megawatts at the site.

Galaxy Digital's impressive performance in Q1 2024 demonstrates the company's commitment to growth and innovation in the digital asset space. With its strong mining and management fee revenue, Galaxy is well-positioned to continue its success in the future.