Galaxy Digital Holdings saw significant revenue and profit increases in the first quarter, driven largely by record performance in its mining operations amid a rise in cryptocurrency prices.

The digital assets-focused financial services firm reported on Monday that its net income for the three-month period ending in March reached $421.7 million, or $1.23 per share.

This marks a roughly 214% increase compared to the same quarter last year, as disclosed in its latest financial statement.

The surge in net income followed a substantial rise in the company’s revenue, which grew to $259.7 million from $146.7 million year-over-year. These strong results signify a recovery for Galaxy Digital after posting a net loss of $1 billion in 2022.

Breaking down the performance by business segments, Galaxy’s mining operation generated $31.5 million in revenue, contributing significantly to the firm’s overall revenue growth in the first quarter. The mining division’s revenue boost was driven by a record hashrate of 5.7 exahashes per second for mining transactions.

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