According to reports, Galaxy Digital suffered a massive loss of nearly $176 Million in this year’s second quarter. Despite all the setbacks, the CEO of Galaxy Digital, Mike Novogratz, is still optimistic about the future of the company, as the crypto market starts to recover from the not so long-ago market correction.
Reasons for the Loss
Reports also highlight that the company did not manage to meet the expectations in quarter two compared to the last quarter. Statistical reports for quarter 1 revealed that the company had managed to make nearly $860Million in profits, but the latest financial reports, published in June, disappointed many. Following the massive crash that led Bitcoin to drop from $60,000 to nearly a low of $28,000, almost all firms and companies working on cryptocurrencies suffered major losses in profits. The reason why Galaxy Digital got hit so hard was because of the 34% drop in crypto prices and the major 41% loss of Bitcoin price mentioned above.
During a recent conference call, Mike Novogratz showed optimism instead of mourning about the massive loss that his company had to suffer. Mike mostly talked about the numbers that benefited the company and what made him feel good. According to Mike, the company had managed to gain impressive trading volume numbers while also managing to join hands with one of America’s biggest banks, Goldman Sachs, in the form of blue-chip partnerships.
Mike also mentioned that the employees of Galaxy Digital managed to complete their acquisitions and that strategic investments had been successfully implemented. It is clear that Mike isn’t ready to just give up yet. He still has complete faith in his company and thinks that major profit is on the way. With the unstoppable increase in crypto adoption rates and trading volumes, Mike is certain that a lot of glories is still yet to be achieved.
Galaxy Digital Expansion
The company’s plans to expand its growth is going really well. Compared to quarter 1, the company has managed to increase its workforce by nearly 45%, with the company now having around 220 employees working around the globe. Galaxy Digital is also looking to hire many more strategists who can develop profitable strategies for the company. The company has also managed to contribute nearly $52Million to 14 firms working with NFTs, which is certainly plenty of investments to carry with.