Galaxy Digital saw $272.6M loss in 2018


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Galaxy Digital an over the counter crypto trading business and investment business has just posted their annual income statement, as they are a publicy listed company on the Toronto stock exchange this was a requirement. Interested to look at the full breakdown of their income statement, and a stern reminder of how brutal 2018 has been for some crypto businesses.

  • Net realized gain (loss) on digital assets: $101,394,823

  • Net unrealized gain (loss) on digital assets: $75,494,453

  • Income (loss) for the period: $272,641,948

Ouch. I am surprised they are still operating.

“Q4 in crypto felt a little bit like watching Game of Thrones last night, “Galaxy CEO Novogratz said on a shareholder update conference call Monday, comparing the market to a bloody war. “The [comapny] results on the year weren’t great by any means…But it’s a little deceiving because for me what matters is the operating loss is and what our cash book does.”

Bear market is casually saying hi!

The real part I found a little shocking is the CEO Novogratz has announced they are still onboarding new customers?

The investment portfolio is down around 36%, but Novogratz says they “outperformed the market,” and businesses were “doing better across the board” since the market pick-up in recent months. He noted that they were still onboarding around 100 new customers, few of whom were institutional, but noted revenues were far improved from last year

Well whoever is convincing those investors knows how to sell!

Full article here: