Cryptocurrency investment Bank Galaxy Digital lost $ 134 million in the first quarter of 2018 due to the fall in the price of the cryptocurrency.
Galaxy Digital Bank loss, which is headed by billionaire investor Michael Novogratz, account for 85,5 million dollars by digital assets and $ 24 million of investments. In addition, the company also spent about $ 11 million for operating costs and lost 13.5 million dollars of his own income.
The above losses are for the first quarter of the current year (January 1 ― March 31). Looks like the financial report of Galaxy Digital for the second quarter, so far unknown. However, the Bank still plans to complete its merger with canadian companies Bradmer Pharmaceuticals Inc and First Coin Capital Corp, as its shares are still listed on the stock exchange of Canada. At the same time, regulators brought additional requirements to the procedure, thus delaying the transfer of shares of the Bank.
Despite all this, Michael Novogratz said that he was proud of the achievements his company in 2018. According to the head of Digital Galaxy, his team has a deep institutional knowledge and skills, through which four main business areas of the organization have received serious development. In addition, Novogratz is confident that the Galaxy Digital will contribute to the further institutionalization of the industry of digital assets and blockchain technology.