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Mike Novogratz not affected by Galaxy Digital’s $175.8M loss in Q2

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Mike Novogratz, Galaxy Digital's CEO and creator, appeared  unaffected by the company's $175.8 million loss, while emphasising the significance of digital asset adoption. Galaxy Digital Holdings, Novogratz's crypto investment venture, lost $175.8 million in the second quarter.

Mike Novogratz CEO and founder of Galaxy Digital seemed unaffected by the firm’s $175.8 million loss as he focused on the importance of digital asset adoption. Novogratz’s crypto investment firm Galaxy Digital holdings posted a second-quarter loss of $175.8 million.

The figure gave a huge difference to the firm’s first-quarter report that booked $860 million in comprehensive net profit later this year. Galaxy Digital mentioned its financial results as of June 30 on Monday, with the firm adding the $175.8 million Q2 loss to asset price declines after FUD-inducing attributes fuelled the crypto downturn in May. “During the quarter, our results were impacted by a 34% decline in overall digital asset prices and a 41% decline in the price of Bitcoin, relative to the end of the first quarter,” the report stated. 

During a meeting related to the Q2 results, CEO and founder Novogratz was unaffected by the loss as he mentioned several key metrics that he is excited about such as counterparty trading volume, blue-chip partnerships in Goldman Sachs, strategic investments and employee acquisitions. The CEO also emphasised the point that the firm remains “significantly profitable” during the first half of 2021 as net comprehensive income totalled $684 million. Novogratz mentioned that market volatility and asset price declines have been “offset by strong tailwinds of adoption across the whole ecosystem” as he highlighted Galaxy’s counterparty trading volumes gained 90% in Q2 and 560% every year Galaxy Digital’s assets under Management (AUM) achieved 12% from Q1 exceeded $1.42 billion as of June 30.

“It’s important to remember that when we look at the business, the long-term arc of adoption of digital assets in crypto matters far more than the businesses we are building. We view the adoption battle as a hard one, stickier, and more financially impactful over time than short-term price moves,” he said. Galaxy’s headcount saw a gain of 45% in Q2 to reach 220 employees all around the world. Tim Grant, CEO of Swiss Exchange SIX Group who will act as the Head of Europe as well as former BlackRock COO Jennifer Lee will become the Chief People Officer

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