Galaxy Digital Suffers $560M Losses Due to Market Crash

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The cumulative loss of Michael Novogratz’s Galaxy Digital Holdings in Q2 2022 amounted to $554.7 million compared to $182.9 million in the same period last year.

The indicator includes net income and unrealized income.

According to the company, this is due to the drop in the capitalization of the crypto market and the negative revaluation of investments in startups that exceeded the profits of the mining business.

The company’s assets under management for April-June grew by 23%, reaching $1.8 billion, whereas affiliate trading volume was down 15% QoQ and 35% YoY.

The number of investment rounds in which Galaxy Digital took part reached 141. In total, the company has backed more than 100 startups.