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Novogratz’s Crypto Firm Posted $272.7 Million Loss in 2018

  • About $133 million deployed in 35 investments last year
  • Galaxy currently has no exposure to Bitfinex or Tether

Galaxy Digital Holding Ltd., billionaire Michael Novogratz’s crypto investment firm, lost $272.7 million during its first year of operations as prices of digital assets collapsed.

Galaxy had $249.1 million in digital assets and investments as of Dec. 31, down from $323 million at the end of September, the New York-based company said in a statement Monday. The fourth-quarter decrease was primarily a result of $48.7 million of net realized losses on digital assets and $25.0 million of unrealized loss on investments.