Cryptocurrency investment Bank Galaxy Digital lost $134 million in the first quarter of 2018, mainly due to the reduction of cryptocurrency prices. The company said Wednesday in its quarterly earnings report.
Company Galaxy Digital, headed by investor billionaire Michael Novogratz (Michael Novogratz), said on the «net unrealized loss» of $85.5 million on digital assets and a loss of $24 million of investments. According to the report, the firm also spent $11 million on operating expenses and lost $13.5 million of their income. Total losses amounted to $134 million
The Galaxy Digital report provided the results of its operations for the period from 1 January to 31 March. Information about the second quarter the company has not yet provided.
In addition, the report confirmed the plans to merge Galaxy Digital with canadian companies First Coin Capital Corp. and Bradmer Pharmaceuticals Inc. According to Bloomberg, now Galaxy Digital is in the process of approval of the listing on the Canadian stock exchange. Regulators have brought additional requirements to the merger that has delayed the listing of the shares of the company. Despite this, Novogratz said that he was «proud» of the success of Galaxy Digital in 2018. He added:
«We have assembled a world-class team with deep institutional knowledge and experience and has made significant progress in expanding our four core lines of business. I am fully confident in the ability of our team to continue to stimulate growth and believe that the company occupied an excellent strategic position to help further the institutionalization of digital assets and industry technology of the blockchain».