Scriptbank the Novogratz, Galaxy Digital Holdings, submitted its financial report for the last 3 months of 2018, which shows a loss of $97 million Is $20.3 million more than the previous quarter net loss to $76,7 million Financial report was filed in Canada where the registered firm Galaxy Digital Holdings.
The sum of all losses of the Bank for the year 2018, amounted to $272,7 million a Significant portion of the loss associated with cryptocurrency trading at a lower price than it bought, which amounted to a loss of $104 million.
Following a huge loss of $75.5 million, due to depreciation of digital currencies, followed by losses from operating costs and investment losses of $88.4 million and $8.5 million, respectively.
Analysis of the causes of losses
Bitcoin (BTC), Ethereum (ETH), EOS and Monero (XMR) enter the number of coins that Galaxy Digital store for 2018. By year-end, the company had 9700 92 500 BTC and ETH, which indicates the increase in the portfolio of these cryptocurrencies, the volume of which in the first days of 2018 was 57000 5900 BTC and ETH.
During the period last year, sales of BTC brought huge losses in the beginning of the year, while ETH has remained unprofitable almost all year. Other coins that have expanded the level of losses due to the depreciation of the tokens in the cryptocurrency market have become Kin, EOS BlockV, which brought losses of $10.9 million, $5 million and $8.6 million, respectively.
The financial report indicated that Novogratz is the most significant risk factor, because:
“Galaxy is strongly dependent on Michael Novogratz (with 71% of shares), exposing shareholders to significant and unpredictable “key risk”. His interests may differ from the interests of shareholders, but he has every right to participate in the activities of Galaxy Digital Holdings or to pursue other activities”.
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Tags: Galaxy Digital Holdings