News Explorer — Galaxy Digital Losses Narrow Thanks to Bitcoin Revival

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Aug 9, 2:10 pm

Decrypt

Galaxy Digital Losses Narrow Thanks to Bitcoin Revival

Galaxy Digital, led by billionaire investor Michael Novogratz, reported a net loss of $46 million for the second quarter, a significant improvement from the $555 million loss recorded a year ago. The company's trading revenue decreased by 54% compared to the previous quarter, while asset management revenue surged by 619%. Galaxy's Bitcoin mining revenue also saw a notable increase of 51%. Novogratz stated that the company is managing to meet the evolving needs of its clients amidst regulatory pressure.

Galaxy Digital, led by billionaire investor Michael Novogratz, reported a net loss of $46 million for the second quarter, a significant improvement from the $555 million loss recorded a year ago. The company's trading revenue decreased by 54% compared to the previous quarter, while asset management revenue surged by 619%. Galaxy's Bitcoin mining revenue also saw a notable increase of 51%. Novogratz stated that the company is managing to meet the evolving needs of its clients amidst regulatory pressure.

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