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A diversified financial services firm dedicated to the digital asset, Galaxy Digital (GLXY), announced its financial results for the first quarter ended March, with a significant financial loss.
The company recorded a net loss of $111.7 million due to unrealised losses in digital assets and investments in its trading and investing businesses.
In the same period, in 2021, it generated a profit of $858.2 million.
Last week, the Federal Reserve raised interest rates by 50 basis points, the largest rate increase in 20 years. There has been a sell-off panic in both the cryptocurrency and stock markets.
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But CEO Michael Novogratz said during Galaxy’s earnings call on Monday that he wasn’t nervous or panicked, noting that cryptocurrencies are now serving as a tech game savings driver.
The company currently manages about $2.7 billion in assets, down 5 % from the previous quarter, according to financial data.
In May, the company announced its $1.2 billion acquisition of BitGo, which will help transform such exchanges.
BitGo, an independently regulated digital asset custodian, will provide Galaxy with a critical piece of infrastructure, making it a one-stop crypto-shop for institutional investors. BitGo will provide a cross-selling opportunity for Galaxy, which has a combined customer base of 700 institutions.
A few days ago, Galaxy Digital also partnered with CI Global Asset Management (“CI GAM”), a major Canadian asset management firm, to launch ETFs focused on blockchain technology and Metaverse.
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