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News

Galaxy Digital Reveals $76.8 Million Exposure To FTX

November 9, 2022 - Around 1 mins mins to read
Michael Novogratz, a well-known investor, is the founder and CEO of the crypto-focused financial services company Galaxy Digital, which said on Wednesday that it owns around $76.8 million in cash and digital assets linked to the struggling cryptocurrency exchange FTX.
Galaxy Digital Reveals $76.8 Million Exposure To FTX
Galaxy Digital Reveals $76.8 Million Exposure To FTX 2

Galaxy announced that it is taking $47.5 million out of that total.

Damien Vanderwilt, co-President, will also leave his position in mid-January and join the board.

In the third quarter, the business reported a net loss of $68 million and assets under administration of approximately $2 billion, up 17% from the prior quarter.

Reduced values on some investments as a result of external market circumstances and increased operational costs for its mining operations as a result of asset impairments were the main contributors to the company’s losses. The firm had $1 billion in cash and $1.5 billion in liquid assets.

As Coincu reported, the company could lay off 15% to 20% of its workforce.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

FTX

Galaxy Digital

Michael Novogratz

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Galaxy Digital Reveals $76.8 Million Exposure To FTX

Michael Novogratz, a well-known investor, is the founder and CEO of the crypto-focused financial services company Galaxy Digital, which said on Wednesday that it owns around $76.8 million in cash and digital assets linked to the struggling cryptocurrency exchange FTX.
Galaxy Digital Reveals $76.8 Million Exposure To FTX
Galaxy Digital Reveals $76.8 Million Exposure To FTX 4

Galaxy announced that it is taking $47.5 million out of that total.

Damien Vanderwilt, co-President, will also leave his position in mid-January and join the board.

In the third quarter, the business reported a net loss of $68 million and assets under administration of approximately $2 billion, up 17% from the prior quarter.

Reduced values on some investments as a result of external market circumstances and increased operational costs for its mining operations as a result of asset impairments were the main contributors to the company’s losses. The firm had $1 billion in cash and $1.5 billion in liquid assets.

As Coincu reported, the company could lay off 15% to 20% of its workforce.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News