Galaxy Digital Have Tripled From A Year Earlier To $554 Million
Due to a decline in the price of crypto assets, Galaxy Digital recorded a loss of more than $554 million for the second quarter, up from a loss of $182.9 million in the same time the previous year.
The financial services company with a focus on digital assets claimed that the larger loss was due to unrealized losses on investments in its trading and main investments operations as well as losses on digital assets. Profitability in mining offset it in part.
Partners’ Capital declined from $2.5 billion to $1.8 billion, a reduction of 27% from one quarter to the next, as the market capitalization of all cryptocurrencies fell by around 56%.
The corporation maintained a $1.5 billion liquidity position, consisting of $1 billion in cash and $474.3 million in net digital assets, of which $256.2 million were non-algorithmic stablecoins.
Net digital assets3 as of June 30 were $474 million as opposed to $910 million as of March 31. The selling-out of some liquid positions to strengthen its cash position and general declines in digital asset prices were the main causes of the fall in net digital asset3 position.
Founder and CEO of Galaxy Digital
“We remain in [a] strong position to weather prolonged volatility, and to take advantage of strategic opportunities to grow Galaxy in a sustainable manner,” said Michael Novogratz.
Preliminary assets under management as of June 30 were estimated by Galaxy Digital Asset Management to be close to $1.7 billion, down 40% from the quarter ending March 31, 2022.
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