For 2022, Galaxy Digital founder Mike Novogratz’s net loss amounted to $1 billion, compared with $1.7 billion of profit in the same period last year. As stated in a press release.
For the fourth quarter, the loss was $287.8 million, compared with a net income of $521.3 million in the fourth quarter of 2021. The release attributed the results to “unrealised market markdowns on the investment portfolio.”
“2022 was Galaxy’s year of maturation, and, although we and our industry faced unprecedented macroeconomic events, we managed to stay on course, and we were able to capitalise on strategic opportunities to build our ongoing business for the future,” said Novogratz.
According to preliminary data, from January 1 to March 24, 2023 the company posted pre-tax revenue of $150 million.
Galaxy Digital was one of the investors in Terraform Labs, the company behind the Terra ecosystem. The company also was among the creditors of Three Arrows Capital.
In August 2022, Galaxy Digital withdrew from the purchase of BitGo, citing the provider’s protracted financial reporting process. The $1.2 billion deal was announced a year earlier.
In September BitGo filed a lawsuit against the cryptocurrency trading bank over the refusal to merge, and linked its decision to enormous losses and unforeseen difficulties with the SEC.
In November there were reports of job cuts at Galaxy{{ACLO SSE_7}}.
At year-end, Novogratz’s firm won an auction to buy GK8, the custody platform, from the bankrupt Celsius Network.