Galaxy Digital, a digital asset financial services company, announced a net profit of $296 million for the full year of 2023. This marks a significant change compared to the loss of $1 billion in the same period last year, indicating that the "crypto winter" is over.

Investment bank Stifel (SF) stated in a research report on Wednesday that Galaxy Digital should be a core holding for stock investors looking to enter the digital asset ecosystem. Stifel has given a buy rating with a target price of 20 Canadian dollars. Galaxy fell 4.7% to close at 13.11 Canadian dollars on Thursday. Analysts Bill Papanastasiou and Suthan Sukumar stated that "the company has asymmetric return characteristics, significant principled risk exposures compared to Bitcoin and Ethereum, and diversified revenue streams in trading, investment banking, and asset management. Through its infrastructure solutions division, it has long-term potential for massive growth."

Michael Novogratz, CEO of Galaxy Digital, said that the price of Bitcoin should "rise within six months" as investors sell their shares in the Grayscale Bitcoin Trust (GBTC) and move towards trading other exchange-traded funds (ETFs). Novogratz added that the current market anxiety will dissipate, and only about 30% of the outflow of funds from GBTC has gone to newly established ETFs, thus pushing up the valuation of Bitcoin in the next six months.

On December 31, according to Nansen 2 data, the following is the 24-hour fund inflow tracking list of Smart Money on the Ethereum network:<br>GALA: about $3 million, currently priced at $0.03077, with a 24-hour increase of 0.42%;<br>LINK: about $1.32 million, currently priced at $15.026, with a 24-hour decrease of 1.75%;<br>MAGIC: about $720,000, currently priced at $1.092, with a 24-hour increase of 0.37%.

According to The Data Nerd monitoring, an address related to Galaxy withdrew 500 BTC from Deribit 1 hour ago.

Galaxy Digital CEO Michael Novogratz recently interviewed by CNBC expressed confidence in the US SEC's imminent approval of Bitcoin spot ETF. Novogratz said: "We will see this ETF before January 10, 2024. This is Gensler's deadline before getting involved with Grayscale and litigation." It is currently unclear whether Novogratz specifically refers to Grayscale's application to convert GBTC to Bitcoin ETF or other Bitcoin spot ETF applications submitted by other financial institutions. Meanwhile, Grayscale CEO Michael Sonnenshein said that the SEC needs to approve various Bitcoin ETF applications at the same time to avoid giving any issuer a first-mover advantage.

Galaxy Digital is seeking to help more bankrupt digital asset companies sell their assets. Galaxy Digital stated that it had previously helped FTX sell, hedge, and pledge bitcoin, ethereum, and other digital assets, as well as Grayscale Bitcoin Trust assets, increasing its asset management scale to $5.3 billion. Steve Kurz, global head of asset management at Galaxy Digital, said that Galaxy Digital is interested in acquiring assets from other bankrupt companies.

According to Bloomberg, Galaxy Digital Holdings, Michael Novogratz's cryptocurrency financial services company, reported a net loss of $94 million in the third quarter, compared to a net loss of approximately $68 million in the same period last year. The company had a loss of approximately $46 million in the second quarter. It is widely predicted that Galaxy's losses will stabilize at around $44 million.

Mike Novogratz, the founder of Galaxy Digital, stated that he expects the United States to not approve any regulatory system related to cryptocurrency until 2024.

Mike Novogratz, CEO of Galaxy Digital, said in an interview with CNBC that a Bitcoin ETF based on spot prices may be approved within the next three months. He said, "After talking to everyone else, it feels like the conversation with the SEC is moving in the right direction. When you get into the comment period and understand what they're asking, everything seems more specific than vague."