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Galaxy Digital crypto investment bank recorded a net loss of $ 272.7 million in 2018, the company said in a press release issued on April 29.
According to The Block, CEO Michael Novogratz said the last quarter of the crypto industry "looked a bit like watching Game of Thrones last night," hinting at the series' reputation for bloody and violent stories.
At a teleconference, he reportedly told shareholders:
"The results of the year have not been excellent, far from it … But it's a little disappointing because for me what matters is the operating loss and what our cash book does . "
Novogratz added that the goal of Galaxy Digital "is to make our business operations as close as possible to the financial equilibrium" – and said that good progress had been made so far in 2019.
In unveiling the results, he said that the beginning of the year "has resulted in a significant increase in activity in all our sectors of activity", and that the recovery since the beginning of the year in the markets digital assets had contributed to the profitability of Galaxy Digital.
By the end of November, the company had confirmed that it had lost $ 136 million in the first nine months of last year, which means that these financial results show that losses have actually doubled in the past year. 39, space of three months.
Nevertheless, Novogratz is optimistic about the long-term potential of Bitcoin (BTC). In February, he predicted that cryptocurrency would become digital gold and that $ 8,000 was a feasible price in the medium term.
In January, the former Goldman Sachs partner increased its stake in Galaxy Digital to 79.3%.
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