Cryptocurrency trading bank Galaxy Digital suffered a loss of $ 273 million in 2018, writes The Block with reference to the company's annual reporting.
Last year, it became known that in the first quarter, the Galaxy trading unit actually lost $ 13.5 million, while the company's unrealized losses from investments in cryptocurrency were $ 88.5 million. In addition, Galaxy attracted the attention of American regulators and was later forced to close the ICO consulting business, says The Block.
Q4 in crypto felt a little bit like watching Game of Thrones last night. The [comapny] results on the year weren’t great by any means…But it’s a little deceiving because for me what matters is the operating loss is and what our cash book does.
Galaxy's investment portfolio lost 36%, but Novogratz said that they had managed to “outperform the market”, and the company’s business had gone better in recent months. He also said that Galaxy still has about 100 customers, several of which are institutional, while noting that the company's profits have increased significantly compared to 2018.
Our goal this year is to get our operating business as close to breaking even as possible…We’re off to a good start in the first few months. I’m more optimistic than I was 4 months ago; Winter came and Spring is just about here.
At the beginning of the year Novogratz acquired 7.5 million shares of Galaxy, with which its share in the company approached 80%.