Cryptocurrency investment firm Galaxy Digital has closed second quarter of 2022 with a net comprehensive loss of $554.7 million. The firm revealed in a press release that it has nearly tripled loses from the same period last year ($182.9 million) due to the market downturn and failed investment strategies.
However, despite the massive loss, Galaxy Digital Founder and CEO, Mike Novogratz, emphasized that the firm outperformed during a challenging market and macroeconomic environment. He continued:
"Prudent risk management, along with our commitment to exacting credit standards, allowed us to maintain over $1.5 billion in liquidity, including over $1.0 billion in cash."
And yet, Galaxy Digital decreased its investments spree by over $252 million to nearly $754 million over "valuations on certain investments due to external market conditions, partially offset by prudent realizations of certain investments."
