Mike Novogratz calls 2022 a 'formative year' as Galaxy Digital reports $1 billion loss
Canadian-listed crypto investment firm Galaxy Digital missed analyst expectations with the release of its fourth-quarter results. The company, which trades in Toronto under the ticker GLXY, reported a net loss of $1 billion for 2022 compared with $1.7 billion in profit achieved in the prior year. It also reported a $288 million loss for the fourth quarter. The company attributed the loss to unrealized marks to market on its investments portfolio.
The firm's 2022 financial results are reflective of the turbulent year faced by the crypto industry, which witnessed the collapse of leading industry players and a decline in crypto asset prices alongside a challenging macro environment with rising interest rates and surging inflation. The firm revealed last quarter that it had $76.8 million exposure to failed crypto exchange FTX and experienced a net loss in its mining business, which is typically profitable, due to increased expenses. Analysts estimated that Galaxy would report an average net revenue of 674 million Canadian dollars ($492 million) for the financial year and CA$43 million ($31 million) for the quarter.
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