Galaxy reports losing $175 million during the last quarter in recent earnings call

Galaxy Digital, a crypto-friendly investment manager headed by Mike Novogratz, announced Monday that it lost $175.8 million in the last quarter while citing growth in trading activity and managed assets.

“While the second quarter included significant volatility and macro-related headwinds to near-term results, our core operating activities including providing liquidity and execution services for clients and counterparties, and our strategic investment portfolio, delivered another quarter of rapid growth consistent with the pace of adoption of the crypto economy,” said Galaxy Digital CEO Michael Novogratz in a release. 

Galaxy is now estimated to have earned a net of $35.3 million in the last year. Galaxy Digital Asset Management reported their assets under management surpassed $1.6 billion — an increase of 12% in the quarter — as of July 31, 2021. 

The firm also reports pouring $52 million of venture capital into 14 NFT-related companies. In addition, counterparty trading volumes grew more than 90% in Q2. 

Galaxy’s recent hires include Tim Grant, former CEO of Switzerland’s SIX Digital Exchange, as head of Europe, and Jennifer Lee as the firm’s chief people officer. Galaxy is one of many crypto firms that are increasing its headcount.