Crypto Merchant Bank Galaxy Digital Posts Q1 Losses of Over $130 Million
“I am very proud of the progress that we have made since the beginning of the year,” Galazy Digital CEO and founder, billionaire Mike Novogratz explained at a first quarter earnings call to investors.
From January through March of this year, however, the bank appears to have lost around $134 million.
Still Bullish
The loss breakdown for Galaxy is believed to be as follows: $103 million lost in crypto trading, $13.5 million in realized loss, and another $85.5 in unrealized losses.
The merchant bank also spent nearly $11 million on operating expenses.
Close to a dozen investments totaling $86 million also might be an indication of the merchant bank’s overall optimism.
Galaxy Digital, one of the earliest and largest cryptocurrency merchant banks in the space, founded by billionaire Mike Novogratz, posted first quarter earnings. Published accounts suggest the firm has lost $134 million due to a combination of an extended bear market and the usual course of starting a large company.
Researchers from the CBRC – Li Wenhong and Jiang Zeshen – published the working paper on Wednesday entitled “The Study of Development and Regulations on Distributed Ledger Accounts, Blockchain and Digital Currency.