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Wall Street’s Largest Crypto Company Just Suffered a $134 Million Hit on BTC Decline

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Yesterday, Wall Street’s largest cryptocurrency company revealed a $134 million financial hit on the Bitcoin decline in 2018. Merchant bank, Galaxy Digital, is a crypto-focused merchant processing company. It boasts the distinction of largest crypto company in the financial center of New York City.

This week the New York-headquartered Galaxy disclosed its first time financials. The firm reported a total net loss of over $103 million in trading operations. Of this, $13.5 million came from crypto assets while $85.5 million were unrealized losses based on these digital assets.

Michael Novogratz, one-time Goldman Sachs macro trader, founded the largest crypto company on Wall Street in November 2017. The timing looked fortuitous as this was one month before BTC touched the almost $20,000 all-time high.

Galaxy’s CEO issued a statement that a Canadian financial regulator online shared. He said, “I am very proud of the progress that we have made since the beginning of the year.”

Novogratz, the one-time Fortress Investment Group macro fund chief investment officer, claimed he maintains “complete confidence” in his team’s ability. Galaxy is “strategically positioned to help further institutionalize the digital assets and blockchain industry.”

Novogratz Will List Galaxy on the Canadian TSX Venture Exchange

Galaxy and Novogratz have not quit despite their punishing financial loss for this first quarter of 2018. They plan to take the digital merchant bank on to the Canadian TSX Venture Exchange. The company will soon employ over 70 individuals after they complete an acquisition of crypto startup firm Coin Capital.

They will also transform the size of this new Galaxy Digital by performing a reverse takeover of Canada’s Bradmer Pharmaceuticals. Galaxy poured $86.6 million into six acquisitions and 11 other blockchain-related investments.

Bitcoin and the altcoins are struggling to recover from the losses of 2018. The greatest cryptocurrency in the world rallied as high as $8,434 this week so far. It is still down over 40% from January 2018, per CoinDesk data. The cryptocurrency total market cap similarly plunged 51% for 2018, per CoinMarketCap.com.

 

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