The Biggest Crypto Firm On Wall Street Just Took A $134 Million Loss On Bitcoin's Plunge
Former Wall Street macro trader Mike Novogratz's Galaxy Digital took a $134 million hit in the first quarter. In the firm's first-ever financial disclosure released to Canadian regulators this week, Galaxy said it lost $13.5 million lost on digital assets and had $85.5 million of unrealized losses on those assets. Novogratz launched the firm in November, a month before bitcoin hit its high near $20,000 and despite the loss, says the firm is "strategically positioned to help further institutionalize the digital assets and blockchain industry." Bitcoin (BTC) is down 3.45% over the past 24 hours and is currently trading at $7,912.79 on Coinbase. BTC dominance is at 46.9% and the total cryptocurrency market cap is down 4.30% and is currently sitting at $289 Billion.