Galaxy Digital Q2 Loss Quadruples to $177 Million Amid Crypto Market Downturn

IconCryptoNewsTerminal Staff01 Aug, 2024

cryptonews.jpg

Galaxy Digital Q2 Loss Quadruples to $177 Million Amid Crypto Market Downturn

Galaxy Digital, a prominent crypto investment firm, has reported a staggering $177 million net loss for the second quarter of 2023. This represents a significant four-fold increase compared to the $44 million loss recorded in the same period last year. The primary factor behind this substantial loss is the decline in the value of Galaxy Digital's investment portfolio. The firm's assets under management fell by approximately 20% during Q2, primarily due to the downturn in the broader cryptocurrency market. Bitcoin, the leading cryptocurrency, experienced a 12% drop in value over the same period. Despite the Q2 loss, Galaxy Digital's financial performance for the first half of the year remains positive. Combining Q1 and Q2 results, the firm has generated net income of $245 million, a notable 175% increase compared to the first half of 2022. This indicates that Galaxy Digital's long-term strategy and diversified portfolio have provided some resilience amidst market volatility.

Related News