{"id":444406,"date":"2022-05-09T20:00:00","date_gmt":"2022-05-09T17:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/galaxy-digital-reports-112m-q1-loss-citing-crypto-price-volatility\/"},"modified":"2022-05-09T20:00:00","modified_gmt":"2022-05-09T17:00:00","slug":"galaxy-digital-reports-112m-q1-loss-citing-crypto-price-volatility","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/galaxy-digital-reports-112m-q1-loss-citing-crypto-price-volatility\/","title":{"rendered":"# Galaxy Digital reports $112M Q1 loss, citing crypto price volatility"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35816c1809a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35816c1809a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/galaxy-digital-reports-112m-q1-loss-citing-crypto-price-volatility\/#%E2%80%9D_Galaxy_Digital_reports_112M_Q1_loss_citing_crypto_price_volatility_%E2%80%9C\" >&#8221; Galaxy Digital reports $112M Q1 loss, citing crypto price volatility   &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Galaxy_Digital_reports_112M_Q1_loss_citing_crypto_price_volatility_%E2%80%9C\"><\/span>&#8221; Galaxy Digital reports $112M Q1 loss, citing crypto price volatility   &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvOTVkZGM3MmYtOWE1ZS00YzFkLWE0NjctZDIyZDliYWFlZmRmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Cryptocurrency investment manager Galaxy Digital Holdings reported a sharp loss in the first quarter due to unrealized losses in its digital asset portfolio, underscoring heightened volatility in the digital asset sector in 2022.\u00a0<\/p>\n<p>Galaxy Digital reported a net comprehensive loss of $111.7 million in the quarter ending March 31, compared to a gain of $858.2 million in the same quarter of 2021, the company announced Monday. In addition to unrealized losses in its digital asset portfolio, Galaxy\u2019s overall losses were also attributed to investments in its trading and investment businesses. <\/p>\n<p>The firm did report aggregate profitability for its asset management, investment banking and mining operations. Investment banking and mining posted record revenue and net comprehensive income during the quarter. <\/p>\n<p>Assets under management held by Galaxy Digital Asset Management declined 5% during the quarter to $2.7 billion. <\/p>\n<p>Galaxy\u2019s declining profitability in the first quarter reflected extreme volatility in the digital asset market as Bitcoin (BTC) and altcoins experienced multiple large drawdowns. The market <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be entering a capitulation phase in May due to Bitcoin\u2019s strong correlation with other risk-on assets. <\/p>\n<p>Risk assets, including crypto, have nosedived ever since the United States Federal Reserve and other central banks decided to aggressively pursue rate hikes to combat soaring inflation. Last week, the Fed hiked interest rates by 50 basis points, marking the largest upward adjustment in over two decades. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>VC Roundup: Gaming, crypto fintech and blockchain infrastructure dominate venture capital rounds<\/em><\/strong><\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Galaxy Digital, a crypto investment manager, founded by Mike Novogratz, is set to acquire institutional custodian service and wallet operator BitGo for $1.2 billion. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/QinaTE3PRE\">https:\/\/t.co\/QinaTE3PRE<\/a><\/p>\n<p>\u2014 Cointelegraph (@Cointelegraph) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Cointelegraph\/status\/1389924088970420226?ref_src=twsrc%5Etfw\">May 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Despite market volatility, crypto fund managers and venture capitalists continue to make large, strategic investments in the space. Galaxy plans to finalize its aquisition of BitGo later this year after first announcing its intent to buy the digital asset custodian in May 2021. Meanwhile, venture capital funding in crypto and blockchain projects reached a record high in the first quarter. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/galaxy-digital-reports-112m-q1-loss-citing-crypto-price-volatility\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Galaxy Digital reports $112M Q1 loss, citing crypto price volatility &#8220; Cryptocurrency investment manager Galaxy Digital Holdings reported a sharp loss in the first quarter due to unrealized losses in its digital asset portfolio, underscoring heightened volatility in the digital asset sector in 2022.\u00a0 Galaxy Digital reported a net comprehensive loss of $111.7 million&#8230;<\/p>\n","protected":false},"author":1,"featured_media":444407,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvOTVkZGM3MmYtOWE1ZS00YzFkLWE0NjctZDIyZDliYWFlZmRmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[86524,76582,76962,117],"class_list":["post-444406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-asset-management","tag-digital-asset-management","tag-mike-novogratz","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/444406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=444406"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/444406\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/444407"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=444406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=444406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=444406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}