Galaxy Digital LP, Mike Novogratz’ crypto merchant bank, recently published a report revealing a $134 million loss that took place in its first quarter.

The firm’s first quarter, from January 1 to March 31 of this year, had the unhappy fate of coinciding with a months-long crypto market drop of epic proportions. The largest chunk of lost capital, $85.5 million, was described in the report as a “net unrealized loss” on crypto assets. $24 million was lost on investments, and an additional $11 million was spent on operating costs. $13.5 million was lost from the bank’s income.

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The bank has yet to publish a report on its second quarter.

Mike Novogratz is Still “Proud”

The report also confirmed a plan to merge Galaxy Digital with two Canadian companies, Bradmer Pharmaceuticals Inc. and First Coin Capital Corp. “The resulting firm will have over 70 employees with deep institutional experience spanning across technology, investing, advisory, and trading,” the report explained.

Galaxy Digital has also partnered with Bloomberg to launch the Bloomberg Galaxy Crypto Index. The bank’s trading business has opened offices in Tokyo.

Bloomberg has also recently reported that Galaxy Digital is working toward having its shares listed on a Canadian stock exchange, although the process has been delayed by additional demands from regulators.

Despite the losses and the delay, Novogratz declared in an official statement that he is “proud” of the progress Galaxy Digital has made throughout 2018.

”A Herd of Institutional Investors” are Coming to Crypto Markets

One reason I am spending my time and money in crypto is my belief that Web 3.0 will offer us a chance to build a more distributed world, a less corrupt world, and a fairer world.

— Michael Novogratz (@novogratz) July 21, 2018

Novogratz also seems to have faith that the crypto markets will recover in spades. “[A] herd of institutional investors” is coming straight for the crypto markets, he said in a keynote speech last week at Blockchain Week Korea.

Galaxy Digital was also recently revealed to have been the leading investor in a $52.5 million fundraising round for BlockFi, a crypto lending platform.