Mike Novogratz’s crypto trading desk lost $136M in 9 months

posted 18 days ago
Losses on digital assets at Galaxy Digital Holdings’ trading operation totaled $41 million in Q3, & $136 million for the year, according to company filings this week. The latest hit was caused in large part by losing bets on Bitcoin and others, Galaxy Digital said. “While we continue to improve and strengthen our trading business, lack of overall trading volume in cryptocurrencies has been a headwind,” the firm said in a filing. It said the fair value of its digital assets, net of short positions, stood at $90 million last month and that the assets cost $172 million.

The Bloomberg Galaxy Crypto Index tumbled 11% in Q3 as the market grappled with ongoing security and regulatory concerns and a dearth of institutional investment. It has since tumbled another 44%. As for Galaxy Digital’s shares, they’re trading at a record low after sinking 55% this month.
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