Cryptocurrency-focused financial services firm Galaxy Digital (GLXY) reported second quarter net loss of $554.7 million, which is more than triple the amount it reported for the same period last year.
The massive jump in losses was mainly due to the crypto market downturn and on investments in their trading business, the firm said on Monday. The firm reported a loss of $182.9 million during the same period last year.
As of June 30, the firm had a liquidity position of $1.5 billion, while partner's capital at the end of the quarter was $1.8 billion, up 23% from $1.5 billion in the prior year period.
Galaxy Digital's Toronto-listed shares were down over 1% at $7.49 on Friday.