Galaxy Digital Holdings saw significant growth in both revenue and profits in the first quarter, thanks to its mining operation's impressive performance. This growth coincided with a rise in cryptocurrency prices . The financial services firm, which focuses on digital assets, reported a net income of $421.7 million ($1.23 per share) for the three months ending in March.

This marks a substantial 214% increase from the previous year's quarter, according to the company's latest financial statement .The revenue surge, which reached $259.7 million, contributed to the increase in net income. This revenue figure is up from $146.7 million during the same period last year, indicating a notable improvement . These strong results suggest that Galaxy is recovering well after experiencing a net loss of $1 billion in 2022.

When examining the company's different business segments, it becomes clear that the mining operation played a significant role in driving overall revenue growth during the first quarter.

The mining division generated $31.5 million in revenue, contributing substantially to the company's growth.This revenue boost was made possible by the operation's record hashrate of 5.7 exahash per second for mining transactions.

Notably, the growth in revenue was not limited to the mining sector; the company's Global Markets and Asset Management divisions also experienced significant revenue increases during the first quarter . In April, Galaxy raised $125 million, which will be used to expand its trading operations and further develop its mining infrastructure.