Galaxy Digital posts $554.7 million loss as crypto market corrects

Galaxy Digital Holdings’ total loss for the second quarter составил $554.7 million, compared with $182.9 million in the same period last year.

The metric includes net income and unrealised gains.

The company attributed the result to a drop in crypto-market capitalisation and negative revaluations of investments in startups, which outweighed the profits from the mining business.

Assets under management for April–June rose by 23%, to $1.8 billion.

Trading volume on partner schemes fell 15% quarter-on-quarter and 35% year-on-year.

The number of funding rounds in which Galaxy Digital participated reached 141. The company has backed more than 100 startups.

“I am proud of Galaxy’s results in challenging market and macroeconomic conditions. […] We have managed to preserve liquidity of more than $1.5 billion, including more than $1 billion in cash,” — said Galaxy Digital CEO Майк Новограц.

The company confirmed its commitment to a plan to reorganize with incorporation in Delaware, USA. Subsequently, Galaxy Digital intends to list its shares on Nasdaq.

Earlier, Novogratz questioned в обвале биткоина до $13 000.

Earlier, Galaxy Digital CEO спрогнозировал продолжение рецессии на рынке криптовалют на протяжении 18 месяцев. По его мнению, первые признаки восстановления индустрия увидит после смягчения денежно-кредитной политики ФРС.

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