Crypto-bank Mike Novogratz Galaxy Digital suffered losses of $ 273 …

Crypto bank of Mike Novogratz Galaxy Digital suffered losses of $ 273 million in 2018

Cryptocurrency trade Galaxy Digital bank suffered losses of $ 273 million in 2018, writes The Block with reference to the annual accounts of the company.

Last year it became known, that in the first quarter the trading subdivision Galaxy actually lost $ 13.5 million, then time as unrealized losses of the company from investments in cryptocurrencies amounted to $ 88.5 million. Besides Togo, Galaxy caught the attention of American regulators and was later forced to close consulting business in the field of ICO, says The Block.

“The fourth quarter was like watching Game of Thrones last night, – stated CEO Galaxy Mike Novogratz during a conference call for shareholders on Monday. – Results of the company in the past year were far away from ideal. But the data presented may mislead, because for the operating losses and the data recorded in our operating log matter “.

Galaxy’s investment portfolio shrank 36%, but Novogratz says they have succeeded “get around market “, but business company let’s go better in the last months. is he also reported, that Galaxy still has about 100 clients, several of which are institutional, noting at this, that the company’s profits have increased significantly compared to 2018.

Crypto-bank Mike Novogratz Galaxy Digital suffered losses of $ 273 ...

“Our goal for the current year – to break even on operating expenses. We got a good start in the first few months. I’m in tune more optimistic than 4 months ago. First has come winter, and now spring is coming. I feel like we already laid the pipes, but water does not flow through them yet, “he added.

Crypto-bank Mike Novogratz Galaxy Digital suffered losses of $ 273 ...

At the beginning of the year, Novogratz acquired 7.5 million shares of Galaxy, together with than him share the company approached 80%.