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Novogratz company Galaxy Digital power 141 million USD loss

Novogratz company Galaxy Digital power 141 million USD loss in Q1-Q3 2018

Home News Novogratz company Galaxy Digital power 141 million USD loss in Q1-Q3 2018

Of
Marcus Misiak –
29.11.2018

Not only investors, but also crypto-firms are suffering from since the beginning of the year to be held in the bear market. As is known now, made Galaxy Digital Holdings LP, the of the well-known crypto-Investor Mike Novogratz founded the crypto-currency-trading Bank, so far this year losses in the amount of 136 million U.S. dollars, originated of which 41 million in the third quarter of 2018.

Novogratz, a former Partner and a renowned Hedge-Fund Manager at Goldman Sachs, jumped on the crypto train, as the prices of crypto currencies increased in the last few years. His company will have to submit detailed annual financial statements, giving a rare insight into the impact of low and falling prices, the show of the whole year to stop.

As reported by Bloomberg, were the losses caused mainly by the loss of positions in Bitcoin (BTC), Ethereum (ETH), and XRP. It is noteworthy, therefore, that the significant losses of the last few weeks (Q4) are not yet taken into account, and probably much greater losses mean. More precisely, the realized losses in the third quarter of 2018, interestingly, mainly from Ether-sales, in contrast to the relatively low losses due to BTC and XRP positions. Interestingly, as a reaction to the Hype around Ethereum Classic, the company held a small Position in the ETC, making it even managed to achieve a profit of 1.9 million dollars over the Ethereum Alternative.

Galaxy Digital was founded by his poor trading results in the third quarter, with the low trading volumes in the market and increased competition for arbitrage opportunities.

While we improve our trading business and strengths, was the Lack of a General volume of trade in crypto-currencies, against the wind,

a company representative said. He said that the market value of the assets, net of Short positions, at the end of September, at 90.6 million dollars was, and that the assets 172.7 million Dollar cost.

Recently, Mike Novogratz, the Financial Times said that his company is struggling to 2018 strong:

2017 only fun, it was almost stupid. But this year was a challenge. It sucks that a company in a bear market. In most of the traditional shops, such as Goldman Sachs, do not Worry. There is no existential threat to these companies out there.

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