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Galaxy Digital Sees Quarter-To-Date Loss Of $300M
The Mike Novogratz-led firm said it has a liquidity position of around $1.6 billion, split 50/50 between cash and net digital assets.
Muskaan T.
2:33 13th May, 2022
Markets

Cryptocurrency-focused financial services firm Galaxy Digital (GLXY) said it expects its quarter-to-date loss through Wednesday to be about $300 million.

The Mike Novogratz-led firm posted the update Friday, "in light of recent market conditions."

Galaxy specified that its treasury does not utilize algorithmic stablecoins. The collapse in value of algorithmic stablecoin terraUSD (UST) and its sister token LUNA has been at the center of the sharp downturn in the crypto asset market in recent days.

The company has a liquidity position of around $1.6 billion, split 50/50 between cash and net digital assets, "with the majority of net digital assets in non-algorithmic stablecoins."

"Net comprehensive income is expected to be a loss of approximately $300 million, bringing partners' capital to $2.2 billion, a decline of 12% versus March 31, 2022," Galaxy announced.

Galaxy published its first quarter earnings at the start of this week, reporting a $111.7 million loss compared to a gain of $858.2 million for the corresponding quarter a year ago.

Toronto-listed GLXY shares closed Thursday at $7.72, down 43% against their value prior to the first quarter earnings report.

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