On March 28, Canadian investment firm Galaxy Digital, operated by blockchain personality Mike Novogratz, disclosed that it had achieved a preliminary pre-tax income of $150 million from Jan. 1, 2023, to March 24, 2023.
The results followed a $1 billion net loss in 2022, which was largely attributed to a $659 million unrealized loss on digital assets and a $496 million unrealized loss on investments. As told by Novogratz:
On May 19, 2022, Novogratz claimed that he was "permanently humbled" by the collapse of the $40 billion Terra Luna ecosystem and reiterated the crypto industry "looks stronger than ever and wouldn't be going away any time soon." A year earlier, on Feb. 3, 2021, Cointelegraph reported Galaxy Digital invested $25 million into the Terra Luna protocol. Galaxy Digital reported a net income of $1.7 billion in 2021 during the height of the crypto bull market.
#Bitcoin is a report card on monetary policy and financial stability. In other words, it was built for these times. On a risk-adjusted basis, BTC is the best-performing asset of the year, outpacing growth stocks, banks, and major stock benchmarks. pic.twitter.com/RZ0xZcgsLT
In August 2022, Galaxy Digital reportedly dropped its plans to go public in the U.S. after terminating a $100 million deal to acquire digital asset custodian BitGo. Later in November, the firm disclosed a $77 million exposure to bankrupt cryptocurrency exchange FTX with $48 million likely locked in withdrawals.
By the end of 2022, partner capital in the firm declined from $2.6 billion to $1.4 billion year-over-year. Despite setbacks, Novogratz says the firm has a strong liquidity position of $957 million. Among other items, the company projects its subsidiary Galaxy Mining will grow its
Read more on cointelegraph.com