Galaxy Digital, billionaire Mike Novogratz’s crypto merchant bank, has posted its quarterly results on Wednesday, showing a net loss of $32.9 million for the last quarter of 2019.
The troubling numbers were posted for the quarter in which the price of Bitcoin was recovering from the losses it endured since its peak in 2017 and was immune to the recent COVID-19 drop.
The figures are, however, better from the previous quarter for which the merchant bank recorded a loss of $68.2 million.
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.
“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,” Mike Novogratz, CEO of Galaxy Digital, said.
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Despite the losses, the billionaire is still bullish on Bitcoin and recently revealed that he is still buying Bitcoin, showing concerns with the monetary regulators’ decision of printing more money.
“Money is growing on trees right now. I learned when I was a little kid that money really doesn’t grow on trees. We have a global, money-printing orgy going on … at one point that comes home to roost,” says @novogratz on why he is buying hard assets like gold, #btc #bitcoin pic.twitter.com/TvWiQdntmt
— Squawk Box (@SquawkCNBC) April 7, 2020
Notably, the stocks of the Canada-listed company also went down by 65 percent since its peak last June.
The merchant bank also spent $1.14 million last year in share repurchases and is aiming to up this figure to $3.56 million for this year.
Meanwhile, Galaxy Digital earlier this year slashed 15 percent of its staff.