Crypto investment bank Galaxy Digital had a net loss of $272.7 million in 2018, the company announced in a news release on April 29.According to The Block, CEO Michael Novogratz said the final quarter of the year for the crypto industry "Felt a little bit like watching Game of Thrones last night" - alluding to the show's reputation for bloody, violent storylines.
"The 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."
Novogratz added that Galaxy Digital's goal "Is to get our operating business as close to breaking even as possible" - and said good progress has been made so far in 2019.Unveiling the results, he said the start of the year "Yielded a notable increase in activity across our business lines," and said the year-to-date rally in digital asset markets had helped Galaxy Digital's bottom line.
At the end of November, the company had confirmed it had lost $136 million in the first nine months of last year, meaning these financial results show the losses effectively doubled in the space of three months.
Novogratz has been bullish about bitcoin's long-term potential.
In February, he predicted the cryptocurrency will become digital gold and said $8,000 was a feasible medium-term price point.
In January, the former Goldman Sachs partner increased his shares of Galaxy Digital to 79.3%..
Galaxy Digital Posts Net Loss of $272.7 Million for 2018
Publicado en Apr 29, 2019
by Cointele | Publicado en Coinage
Coinage
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.