RATE Group | Novgratz-Led Cryptocurrency Bank Lost More than $130 Million in Q1
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Novgratz-Led Cryptocurrency Bank Lost More than $130 Million in Q1

26 Jul Novgratz-Led Cryptocurrency Bank Lost More than $130 Million in Q1

Posted at 19:05h in Cryptocurrency News by

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Mike Novogratz Bitcoin price

To say that Galaxy Digital, the cryptocurrency merchant bank founded by billionaire hedge fund manager Mike Novogratz, had a disappointing first quarter would be an understatement.

The firm, billed as the “Goldman Sachs of Crypto,” lost more than $130 million during the first three months of the year, a product of a bear market that wiped hundreds of billions of dollars off the nominal value of the cryptocurrency industry.

According to Galaxy Digital’s audited financial statements, released on Thursday as a requirement of its planned public listing on the Toronto-based TSX Venture Exchange (TSX-V), the firm posted realized and unrealized net losses totaling $134 million, losses which were spread across its range of cryptocurrency and equity investments.

Such dismal returns are not isolated to Novogratz’s venture. Cryptocurrency hedge funds, some of whom raked in profits in excess of 25,000 percent in 2017, struggled just to stay afloat during the first few months of…

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