Crypto-bank Mike Novogratz has suffered losses of $ 136 million since the beginning of the year The difficult situation in which the cryptocurrency trading bank of the former Goldman Sachs partner and hedge fund manager Mike Novogratz got worse in the third quarter. Net realized and unrealized losses of Galaxy Digital Holdings LP from trading for the specified period amounted to $ 41 million, and since the beginning of the year - $ 136 million. Bloomberg writes about this with reference to the company's documents published this week.

Crypto-bank Mike Novogratz suffered losses of $ 136 million since the beginning of the year

The difficult situation in which the cryptocurrency trading bank of former Goldman Sachs partner and hedge fund manager Mike Novogratz found itself only worsened in the third quarter. Galaxy Digital Holdings LP's net realized and unrealized losses from trading for the specified period amounted to $ 41 million, and from the beginning of the year - $ 136 million. About writes this Bloomberg with reference to published on this week company documents.

Galaxy Digital suffered the largest losses due to unsuccessful investments in bitcoin, Ethereum and XRP. Novogratz's company is listed on the Toronto Stock Exchange due to than she is required to disclose detailed financial statements. TSX suspended trading yesterday securities Galaxy Digital, after as their rate fell by 18% in a few hours and by 55% since the beginning of the month.

Galaxy Digital blames low trading volumes and increased competition for arbitrage opportunities for its negative performance.

“As we continue to improve and strengthen our trading business, the lack of total trading volume in cryptocurrencies has played a limiting factor,” the documents say. According to Galaxy Digital, the real value of its crypto assets, excluding short positions, as of the end of September was $ 90.6 million, and the total value was $ 172.7 million..

Galaxy Digital recently announced that it will continue to focus on working with institutional clients, reducing resources in the direction of ICO and blockchain consulting..

UPD: As journalist Mike Dudas notes, yesterday's events on Stock exchange Toronto unfolded before Galaxy Digital released the latest news.

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