- Galaxy noted a net comprehensive income loss of nearly $175.8M.
- The year prior posted a net complete gain of $35.3 million
- Losses are reflected by the volatile swings of the crypto markets.
The cryptocurrency investment firm, Galaxy Digital, has posted second quarterly losses in the tens of millions, resulting from changing and volatile cryptocurrency prices.
Furthermore, according to a press release on Monday, Galaxy noted a net comprehensive income loss of nearly $175.8 million. The second quarter (Q2) results for the year prior posted a net complete gain of $35.3 million.
Henceforth, the bank, co-founded by the former hedge fund manager and billionaire Michael Novogratz, is assigning its losses to a 34% decline in crypto prices as well as a 41% decline in the price of bitcoin over April, May, and June.
Accordingly, losses reflected by the volatile swings of the crypto markets saw the price of bitcoin fall 54% from April through to July.
Novogratz noted, “While the second quarter included significant volatility and macro-related headwinds to near-term results, our core operating activities. Delivered another quarter of rapid growth consistent with the pace of adoption of the crypto economy”.
Galaxy Digital, also stated its trading division saw continued growth in volumes with a 90% increase from the first quarter. And a rise of over 560% year-on-year, regardless of volatile crypto assets prices.
More so, on July 31, Galaxy Digital reported preliminary assets under management of over $1.6 billion. Galaxy Digital is a merchant bank that facilitates cryptocurrency focuses services for institutional users. In May, the firm bought crypto custodian BitGo for a staggering$1.2 billion.