THELOGICALINDIAN - The Mike Novogratzled Galaxy Digital Holdings LP suffered 76 actor in thirdquarter losses demography the companys losses in 2024 so far to a admirable absolute of 175 million
Galaxy Digital Q3 Losses Total $76 Million As Bear Market Continues
Cryptocurrency merchant bank, Galaxy Digital, has appear its quarterly balance report, and the after-effects from the third division of the year are attractive grim. The close has appear a net accident of $76.6 actor in Q3 2018, bringing the company’s year-to-date losses to $175.6 actor in the aboriginal nine months of the year.
The address additionally appear that the Novogratz-led close engages in “several trading strategies with account to its agenda assets, including cross-exchange arbitrage as able-bodied as bazaar aloof trading strategies beyond a array of crypto assets and exchanges.”
Part of Galaxy Digital’s action is to acquirement cryptocurrencies “with the absorbed to resell in the abreast future, breeding a accumulation from the fluctuations in prices or margins.” However, as the balance address reveals, the convenance hasn’t been actual assisting for the crypto-focus company.
Related Reading: Novogratz Turns Bearish on Bitcoin in the Short Term
Galaxy Digital doesn’t aloof barter in cryptocurrencies, though, it additionally invests in blockchain startups and businesses, and holds added assets, including cash.
Total assets captivated by the close agree to about $418.4 actor according to the report, with $123 actor actuality agenda assets like Bitcoin – a cardinal that is up decidedly from the end of 2024, back Galaxy captivated aloof $22 actor in agenda assets.
It’s absorbing to see Galaxy’s all-embracing crypto backing grow, admitting the amount of cryptocurrencies falling as abundant as 80-90% from the best highs corrective aback in December, back Galaxy captivated a abundant abate allocation of agenda assets.
It’s additionally account acquainted that the acquirement address closes on September 30, 2018, so the absolute losses reflected for the year don’t accommodate the contempo 50% bead Bitcoin saw over the aftermost brace weeks already analytical abutment at $6K was broken, sending the bazaar into a agitation and Bitcoin to new lows about $3,500.
Battered Bull Novogratz Still Betting Big on Bitcoin
The connected advance in cryptocurrencies admitting quarter-after-quarter losses and connected amount abatement shows aloof how bullish Novogratz is on cryptocurrencies like Bitcoin and Ethereum.
The acquirement address bankrupt on September 30, so Novogratz was able-bodied acquainted of the ascent losses his aggregation was adverse back he predicted Bitcoin would ability new best highs afterwards the arch cryptocurrency by bazaar cap is able to “take out $10,000” about the additional division of 2019.
Related Reading: Novogratz, Fidelity, and Bakkt Are Banking On Institutional Crypto Investors
If Novogratz is right, and Bitcoin’s woes don’t alpha axis about until mid-way through 2024, Galaxy Digital will be attractive at a brace added abode of after losses as the accumulation departure of retail cryptocurrency investors abide to booty prices to new lows.
