Galaxy Digital Holdings Ltd., the crypto financial services firm founded by Michael Novogratz, said its second-quarter loss narrowed while cryptocurrency prices stabilized.
(Bloomberg) — Galaxy Digital Holdings Ltd., the crypto financial services firm founded by Michael Novogratz, said its second-quarter loss narrowed while cryptocurrency prices stabilized.
The New York-based firm reported net loss of $46 million, or 14 cents a share, compared with a loss of $554.7 million a year ago, or $1.74, a year earlier.
“Galaxy’s operating businesses performed well in the second quarter against a backdrop of continued uncertainty and regulatory pressure,”Novogratz, Galaxy’s founder and chief executive officer, said in a statement.
Galaxy, which offers businesses ranging from crypto trading and asset management to mining, reported trading revenue of $59.5 million in the quarter, a 54% decrease from the first quarter. The company said its counterparty trading volume was impacted by the industry-wide slowdown in crypto trading activity.
Its asset management revenue was $33.8 million in the quarter, a 619% increase from a quarter ago, driven primarily by higher net realized gains on investments from venture platform.
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