The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

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

3 min reading

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

Currency Exchange rate Buy cryptocurrency

The new DEFI platform enters the market! Earn passively - token sale 0.25 $

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.