In a week that saw Binance targeted by US regulators, signs that the crypto winter is fading away are on the horizon.
Galaxy Digital, the digital asset investment firm founded by billionaire Mike Novogratz,after a net loss of $1 billion in 2022, with a preliminary pre-tax income of $150 million from Jan. 1, 2023, to March 24, 2023, according to the company. Novogratz says the results are from strategic moves “opportunistically” taken during the past months and Bitcoin’s price recovery. Similarly to other companies operating in the crypto space, Galaxy found 2022 to be a challenging year.
Later in November, the firm disclosed $77 million of exposure to bankrupt cryptocurrency exchange FTX, with $48 million likely locked in withdrawals.The metaverse is on its way out, at least for Disney. A restructuring planby $5.5 billion and lay off 7,000 employees over two months led the entertainment giant to ditch its metaverse division.
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