The Canada-listed digital asset (crypto) merchant bank, Galaxy Digital, has reported its financial results for the last quarter of 2019. The company experienced a net loss of $32.9 million, which is down from the previous quarter, in which the bank posted a loss of $68.2 million.
The bank’s founder, Mike Novogratz commented that: “Galaxy Digital entered 2020 with significant operational momentum in our three operating businesses of Trading, Asset Management, and Advisory Services, and I am proud of how our dedicated team is now navigating the unprecedented global economic dislocation driven by COVID-19.” The losses posted for 4Q 2019 were not a result of the Covid-19 outbreak and were attributed to a time when the price of Bitcoin was recovering from the losses it endured since its peak in 2017.
For the quarter, the comprehensive loss at the trading desk of the company went over $34.1 million while principal investments recorded $876,412 in the realized loss for digital assets and $160,116 for other investments.
The net loss from the trading desks almost touched $16.7 million, the highest among all divisions, followed by principal investment at $8.45 million in net losses.