Mike Novogratz crypto bank Galaxy Digital lost $134 million in Q1 of 2018
A fair amount of excitement was generated during Bitcoin’s incredible bull run in late 2018. One of those particularly pumped was Mike Novogratz, a former Goldman Sachs trader that’s been a very vocal proponent of the cryptocurrency. He started Galaxy Digital, a virtual currency merchant bank, last November. However, the firm has lost quite a bit of money since then due to the fall in the price of Bitcoin this year.
In a financial report detailing the first quarter of 2018, Mike Novogratz said that Galaxy Digital lost $134 million during that time. This news isn’t at all a durprise given the price of BTC fell from its all-time high of nearly $20,000 to less than $7,000 by the end of March.
The complete breakdown of the financial hit for Galaxy Digital includes a net loss of $103.3 million on trading. This includes $13.5 million on digital assets and $85.5 million on unrealized losses on those assets.
Lets hope this is not the end of Mike crypto bank, or crypto, for that matter.