Crypto-Follow logo Crypto-Follow logo
Seeking Alpha 2022-05-09 12:58:44

Galaxy Digital Q1 net loss reflects unrealized crypto losses

Galaxy Digital (OTCPK:BRPHF) Q1 earnings reflected an overall net loss driven by unrealized losses on digital assets as well as investments in its Trading and Principal Investment businesses. On a Y/Y basis, net comprehensive loss of $111.68M in Q1 dropped from a gain of $858.2M. Q1 advisory and management fees were $11.9M, up from $1.9M in Q1 a year ago. Interest income of $14.64M at the end of March compared with $8.5M in Q1 of last year. Cryptocurrencies held on its balance sheet totaled $2.27B in the first quarter. Partners' capital of $2.5B jumped from $1.7B in the year-ago quarter. Galaxy Digital Asset Managements' preliminary assets under management fell 5% to $2.7B in Q1 over the previous quarter. Also, investments of $1.0B at March 31 fell from $1.07B in Q4 2021, primarily due to partially exiting highly appreciated investments during this quarter. Meanwhile, bitcoin (BTC-USD -4.9%) is dropping to $33K in

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer