Galaxy Digital (GLXY), a digital asset, and blockchain leader reported a loss of more than $554 million in the second quarter which is triple of the previous year for same period. The major reason is due to the crypto market downturn, said the firm. GLXY Facing a Massive Jump in Losses Galaxy Digital revealed that it has faced a loss of $554 million for the second quarter in comparison to the loss of $182.9 million during the same period last year due to a downfall in crypto asset prices. The heavier loss this quarter is a result of the crypto market downturn and the investments the firm made for trading and principal investment businesses. It was a result of unrealized declines in digital assets. Moreover, the company has maintained a liquidity position of $1.5 billion, comprising $1 billion in cash and net digital assets of $474.3 million along with $256.2 million of that net digital asset position under non-algorithmic stablecoins. Michael Novogratz, founder and CEO of Galaxy Digital stated, “We remain in a strong position to weather prolonged volatility, and to take advantage of strategic opportunities to grow Galaxy in a sustainable manner,” Till June 30, the total value of the digital assets of GLXY was $474 million and $910 million as of March 31. The fall in the net digital position was mainly due to selling out of certain liquid positions in order to raise the cash position leading to a decrease in the prices of the d...
