Mike Novogratz’s Galaxy Digital reports $273 million in losses amidst cryptocurrency bear market

Headed by Billionaire investor Mike Novogratz, Galaxy Digital reports $272.7 million in losses from the cryptocurrency bear market of 2018. The loss was reported in its annual financial reports filed with Canadian securities regulators.

The reports indicate that Galaxy Digital endured a loss of $97 million in the fourth quarter, while a loss of $72 million in the previous quarter. According to the report, majority of losses by Galaxy Digital were by off-loading a significant amount of crypto holding.

Additionally, the company also records $88 million as operating expense, $75.5 million in paper losses,  and $8.5 million in unrealized losses on investments in various startups.

“While 2018 was a challenging year for the industry, I am pleased with the ways in which our team navigated difficult market dynamics, and believe we are well positioned to scale our business strategically over time,” Novogratz said. “We have used our capitalized position to both identify and invest in a number of unique opportunities, while also continuing to build an institutional-quality platform.”

The firm’s current portfolio includes 9,724 Bitcoin valued at $36.4 million, 92,545 Ether worth $12.3 million, 2.4 million EOS worth $6 million, and 60,227 of Monero. The company also holds various other tokens.

Mike Novogratz, the billionaire founder of Galaxy Digital is still pro Bitcoin.

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