According to the results of the IV quarter of 2019, the crypto bank of billionaire Mike Novogratz Galaxy Digital received a loss of $32.9 million. The company disclosed financial indicators in a press release.
Related: $58 million: 3 quarters profit of Mike Novogratz crypto bank
In the framework of the conference call, after the publication of the reports, the head of the company, Mike Novogratz, tried to strengthen the shaken investor confidence, which led to a decrease in Galaxy Digital's capitalization by two-thirds from the 2019 peaks.
Novogratz assured the shareholders he doesn’t think that Black Thursday has refuted the essence of bitcoin, he's sure that by the end of the year its rate will be higher.
Galaxy Digital CEO noted that the bank’s shares are “cheap” in the light of its fundamental indicators and the historically high appetite of Canadian investors for cryptocurrency companies.
The current quarterly report reflects the situation only at the end of last year. The loss of $32.9 million was primarily due to losses of $16.7 million from trading operations, as well as a negative financial result of $8.4 million due to unsuccessful investments made at the expense of our own funds.
Recall that last year the net cumulative income of Galaxy Digital, the cryptocurrency trading bank for the first nine months of this year, was $58.4 million, despite a net loss of $68.2 million in the III quarter. The most problematic enterprise for the bank was the OTC platform. You can read more about this in our article.