Galaxy Digital Announced Multi-Million Dollar Losses After 1st Quarter

Cryptocurrency Bank Galaxy Digital has published a financial report for the first quarter of this year. The brainchild of Mike Novogratz showed results that don`t appear bright since the bank lost $27.7 million in the first three months of 2020.

Crypto market crash in March

Starting from January 1, the bank’s total capital has been reduced by $26.7 million and as of March 31, this figure reached $328.4 million. The company says that March’s price fall and an increase in operating expenses could be the main reason.

Bitcoin funds remain profitable

Galaxy Digital employees did a press release where they informed that the company was betting on two bitcoin funds that were launched back in 2019: the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. These projects brought the company a profit of 9.26% for the first quarter.

BTC Investments and growth stock 

The company's total investment in BTC amounted to 13,338 BTC ($122.5 million) as of the end of the first quarter of 2020. The bank’s stock price showed a small but steady increase from $1.16 to $1.24 apiece over the same period of time.

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