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Galaxy Digital loses $68M in Q3 of 2019: Blames Libra

Zurger

Galaxy Digital has announced its quarterly report with the firm losing over 68 million dollars in the third quarter of 2019.

Galaxy Digital quarterly report

Fortunately, Galaxy Digital is capable of withstanding such results as it has flourished across the previous six months. The assets under its management are close to half a billion dollars, and the company still has a net profit of 58 million dollars across the nine months. The company’s founder Mike Novogratz noted that the quarter’s result was bad but remained optimistic about the future.

He stated that the period was also challenging for many other firms as it affected the markets broadly. The price of Bitcoin has dropped by nearly 30% from where it was at the end of the second quarter. He added that the company would continue to persevere in the industry. He claimed that the company would invest “new capital” in the sectors that the company believes the potential to gain value in the markets.

The company’s OTC desk saw a loss of 43 million dollars; regardless, it on-boarded close to 50 percent more parties than the previous quarter. Mike stated that while the company saw a loss of capital in the funds, it gained experience. He explained that the company had leveraged its relationships and insights to establish a better standing in digital assets.

Is Facebook’s Libra to blame?

Galaxy Digital also took a jab at Facebook’s Libra, claiming that the project’s announcement created a storm of trouble for the crypto industry. The company suggested that Facebook’s Libra had a negative effect on market sentiment and damaged the ecosystem. Mike admitted that reduced market activity could be attributed to several factors “stemming from Libra” along with several other elements.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

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