Crypto-Follow logo Crypto-Follow logo
Seeking Alpha 2022-05-13 21:26:12

Galaxy Digital sees QTD net loss of $300M amid uncertainty in crypto space

Cryptocurrency merchant bank Galaxy Digital (OTCPK:BRPHF) is expecting quarter-to-date net comprehensive loss of $300M, as uncertainty of cryptocurrencies takes hold, according to a company update Friday. Mike Novogratz's Galaxy Digital (OTCPK:BRPHF) has a liquidity position of approximately $1.6B, including $800M in cash and more than $800M in net digital assets, the majority of which are in non-algorithmic stablecoins, i.e., not TerraUST (UST-USD), the release said. Recall Galaxy Digital's (OTCPK:BRPHF) Q1 net loss was $111.68M compared with a gain of $858.2M in the year-ago period. Shares of BRPHF wrapped up Friday's session higher by +14.5% as crypto stocks climbed more broadly, but down -29.8% over the past week and -62.6% YTD. Earlier this week, (May 11) Galaxy Digital had planned to buy back 10% of its shares.

#
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