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Mike Novogratz's Crypto Firm Lost $134 Million in the First Quarter

  • Crypto-focused merchant bank releases first financial results
  • Quarterly losses led by trading digital assets, investments
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Galaxy Digital LP, the crypto-focused merchant bank founded by Mike Novogratz, posted a $134 million loss in its first quarter, when the value of Bitcoin and other cryptocurrencies plunged.

Galaxy Digital’s trading business had $13.5 million of losses and an additional $85.5 million of unrealized losses on digital assets, plus a $1.1 million paper loss on investments, the New York-based firm said July 25 in its first quarterly disclosure. The eight-month-old firm also posted $22.9 million paper losses on investments in its principal investing business.