Galaxy Digital losses widen, but shares up 20%

Crypto investment firm Galaxy Digital, which was founded by billionaire Michael Novogratz, saw its shares jump 20% on August 8.

The company reported an overall net loss of $554.7 million in the second quarter, widening from losses of $182.9 million a year earlier.

The widening of losses was mainly due to a fall in digital asset prices, partially offset by the profitability of the company’s mining business, according to a statement.

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Bitcoin is trading around $24,143, down 65% from its peak in November, according to CoinDesk data.

Galaxy filed a claim against bankrupt crypto hedge fund Three Arrows, while its exposure was hedged and small in the context of its balance sheet, Novogratz said on an Aug. 8 earnings call.

This article was published by MarketWatcha stock of the Dow Jones Group


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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!