Galaxy

Bitcoin

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  Neither the author, Ruholamin Haqshanas, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions. 
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<p class="has-drop-cap">Galaxy Digital reported a significantly narrower loss in Q2 2023, thanks to a strong comeback in cryptocurrency prices. According to the <a aria-label="earnings release (opens in a new tab)" href="https://investor.galaxy.com/news/news-details/2023/Galaxy-Announces-Second-Quarter-2023-Financial-Results/default.aspx" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">earnings release</a>, Galaxy’s net loss stood at $46 million in Q2, down from nearly $555 million a year ago.&nbsp;</p> 
<h3 id="galaxy-digital-trading-revenue-slipped-in-q2">Galaxy Digital Trading Revenue Slipped in Q2</h3> 
<p>Micahel Novogratz’s crypto firm Galaxy Digital reported earnings results for Q2 2023, which showed that the company’s loss narrowed compared to a year ago as cryptocurrency prices rebounded from a sharp 2022 downturn.</p> 
<p>Specifically, Galaxy reported a net loss of $46 million in the second quarter, or 14 cents per share. This compares to the $554.7 million loss, or $1.74, reported in the same quarter last year.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>“Galaxy’s operating businesses performed well in the second quarter against a backdrop of continued uncertainty and regulatory pressure.”</p> <cite>– Mike Novogratz, founder and CEO of Galaxy said in a statement.</cite> 
</blockquote> 
<p>Trading revenue was $59.5 million in the quarter, marking a 54% decrease from the previous quarter. Galaxy said the decline in counterparty trading volume came due to the industry-wide slowdown in crypto trading activity.&nbsp;</p> 
<p>The crypto services provider posted an asset management revenue of $33.8 million, 619% higher than in the previous quarter. The surge was primarily fueled by stronger net realized gains on investments from its venture platform.&nbsp;</p> 
<p>Mining revenue stood at $15.4 million in the three months, 51% higher than in Q1. The surge was due to “higher income from proprietary mining activities,” Galaxy said in the press release.&nbsp;</p> 
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<h3 id="crypto-market-2023-rebound">Crypto Market 2023 Rebound</h3> 
<p>Galaxy Digital’s ability to narrow its loss by more than $500 million year-over-year come in the wake of a remarkable rebound in crypto prices after one of the <a href="https://tokenist.com/over-12000-cryptocurrencies-have-one-month-of-no-trading-volume-in-2022/" rel="noopener noreferrer nofollow" class="deco-link">worst-ever market downturns</a>.</p> 
<p>The total crypto market cap recovered by roughly 50% since the start of the year, surging from about $760 billion on January 1 to $1.13 trillion as of Tuesday, <a aria-label="according to TradingView data (opens in a new tab)" href="https://www.tradingview.com/symbols/TOTAL/?exchange=CRYPTOCAP" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">pe</a><a href="https://www.tradingview.com/symbols/TOTAL/?exchange=CRYPTOCAP" target="_blank" aria-label="according to TradingView data (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">r</a><a aria-label="according to TradingView data (opens in a new tab)" href="https://www.tradingview.com/symbols/TOTAL/?exchange=CRYPTOCAP" target="_blank" rel="noopener noreferrer nofollow" class="deco-link"> TradingView data</a>. Naturally, the comeback was led by a resurgence in the price of Bitcoin, which gained more than 75% in 2023.&nbsp;</p> 
<p>The rally was partly driven by the <a href="https://tokenist.com/199m-flows-into-digital-asset-funds-in-a-week-after-blackrocks-bitcoin-etf-application/" rel="noopener noreferrer nofollow" class="deco-link">ongoing hype</a> around institutional crypto adoption, triggered by <a href="https://tokenist.com/how-blackrocks-etf-application-has-already-changed-the-crypto-market/" rel="noopener noreferrer nofollow" class="deco-link">BlackRock’s application</a> to file a spot Bitcoin exchange-traded fund (ETF) earlier this year. <a aria-label="Mike Novogratz said (opens in a new tab)" href="https://www.bloomberg.com/news/articles/2023-07-29/galaxy-s-mike-novogratz-talks-blackrock-bitcoin-btc-worldcoin-wld?in_source=embedded-checkout-banner" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">Mike Novogratz said</a> that the fact that Larry Fink, CEO of BlackRock, turned into a crypto believer from a non-believer is “the most important thing that happened this year in bitcoin.”&nbsp;</p> 
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<p><em><strong>Do you think cryptocurrency prices will continue upward toward the end of 2023? Let us know in the comments below. </strong></em></p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/galaxy-digital-reports-46m-loss-in-q2-down-from-q1s-554m/">Galaxy Digital Reports $46M Loss in Q2, Down from Q1’s $554M</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Galaxy Digital Reports $46M Loss in Q2, Down from Q1’s $554M

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