Novogratz’s Galaxy Posts Wider-Than-Expected Loss During Crypto Crash

Billionaire Michael Novogratz said he remains optimistic even after Galaxy Digital Inc. posted a wider-than-expected loss of almost $500 million during the crypto market’s fourth-quarter crash.

“Do we find seller exhaustion at one point and what are the catalysts to turn it around?” Novogratz, the founder and chief executive officer of Galaxy, said during an conference call. “I do think we are at the lower end of the range. What I would say is we have been here before, anyone who has been in crypto for more than five years realizes that part of the ethos of this whole industry is pain.”