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Mike Novogratz’s crypto-focused merchant bank Galaxy Digital released its first quarter report for 2018, posting a $134 million loss as cryptocurrency markets slumped, according to Bloomberg July 26.
Galaxy Digital lost $13.5 million in its trading business, with $85.5 million of unrealized loss on digital assets, $1.1 million in paper losses on investments, and $22.9 million in paper loss on investments in its principal investing business. As of March 31, Galaxy digital had $281.7 million in assets, of which $225.8 million were digital assets and investments.
Novogratz, who founded Galaxy Digital last year, wants to build an institutional-level merchant bank for the blockchain and cryptocurrency industries. In order to list the company on Canada’s TSX Venture Exchange, Canadian regulators require that the companies release financial statements.
More, https://cointelegraph.com/news/crypto-merchant-bank-galaxy-digital-lost-134-million-in-the-first-quarter-of-2018