RATE Group | The biggest crypto firm on Wall Street just took a $134 million loss on bitcoin’s plunge…
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The biggest crypto firm on Wall Street just took a $134 million loss on bitcoin’s plunge…

27 Jul The biggest crypto firm on Wall Street just took a $134 million loss on bitcoin’s plunge…

Posted at 05:12h in Bitcoin News by

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Crypto merchant bank Galaxy Digital took a $134 million hit in the first quarter as bitcoin lost half its value and other cryptocurrencies struggled to break out of a bear market.

In its first-ever financial disclosure released this week, the New York-based firm reported a net loss of $103.3 million on trading, with $13.5 million on digital assets and another $85.5 million of unrealized losses on those assets. Former Goldman Sachs macro trader Michael Novogratz launched the company in November, a month before bitcoin hit its high near $20,000.

“I am very proud of the progress that we have made since the beginning of the year,” Galaxy CEO Novogratz said in a statement, which was published on a Canadian financial regulator’s website. Despite the loss, Novogratz, who was formerly chief investment officer of Fortress Investment Group’s macro fund, said…

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