Novogratz’s Galaxy Digital loses $111 million due to fluctuations in crypto marketGalaxy Digital, a crypto investment company led by billionaire Michael Novogratz, posted a loss of $111.7 million in the first quarter of 2022. The loss is a significant decrease from its $858.2 million gain recorded in the previous years.
The net loss, as noted in the firm's quarterly finance report for the period January 2022 to March, was largely due to the continuous fluctuation in the crypto market.
However, mining and investment banking saw a 775% and 433% upsurge respectively. Capital from the firm’s partners tapped $2.6 billion, but dipped by 3%, as net long digital positions were hit with severe losses. Partners capital ended up closing at $2.5 billion in the first quarter – a 50% increase from its $1.7 billion close in 2021.
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