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Just like the cryptocurrency market saw a significant rise in the recent past, the value for various cryptocurrencies has started going down, and this very event was confirmed by the loss of $134 Million for Galaxy Digital, a Crypto Investment Bank. This staggering loss started around 2018’s first quarter, bitcoin latest news today and the same was announced by the company during the reporting for quarterly earnings on Wednesday.
The company, Galaxy Digital is a domain managed by the billionaire investor named Michael Novogratz. He confirmed that the company saw $85.5 million overall loss on the digital assets while there was a further loss on the investments boiling down to $24 million. The cumulative loss here came up to a total of $109.6 million during the first-ever report for quarterly earnings. Further, the firm spent about $11 million in expense operation which brought close to $13.5 million setbacks for the company. This roughly set the total loss at $134 million during 2018’s first quarter.
The results for loss were reported only for the dates between 1st January and 31st March and the results from 2nd quarters are yet to be revealed. The reports also confirmed that Novogratz has been planning a total merger with the Canadian companies named Bradmer Pharmaceuticals Inc. and First Coin Capital Corp. the company is currently undergoing the process to list its shares over the Canadian Stock Exchange Market as confirmed by Bloomberg.
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The regulators of the company have issued some additional demands destined for this merger which has resulted in the delay of getting the shares listed over the Stock Exchange Market. Despite the loss and the delay in listing, Novogratz added in his statement that it was a proud moment for him to observe the progress of the company in the year 2018.
He further added that the company has brought together a team with in-depth knowledge as well as expertise in the field to bring about a significant change in the scaling of the business. Bitcoin latest news Novogratz said that his confidence in the team should never decline with hope for continued growth for the company to be placed in a strategically correct position. This will surely help with the institutionalization of the company’s digital assets as well as the industry for blockchain technology.
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During a conference held earlier in July, Novogratz went on to predict that the mass adoption for blockchain as well as cryptocurrency is at least 5 to 6 years away from the present day. The major issue that has been preventing a widespread adoption for these two domains is the rising cost for the technical talent along with the doubts that hover over the conventional investors given the fact that there hasn’t been a clear precedent from the digital currency sector for the dominating financial industry. Galaxy Digital came into existence last year with a hope to become the institutional-level bank dedicated for cryptocurrency industries and blockchain technology to tread in high positions in the market.