The first cryptocurrency-powered financial institution Galaxy Digital reported a loss of $ 134 million in Q1 of 2018, mainly due to the devaluation of crypto assets.
The crypto bank chaired by billionaire entrepreneur Michael Novogratz has published on Wednesday the report on Galaxy Digital’s financial operations for the first quarter of 2018.
According to the report, the company recorded a “net unrealized loss” of $ 85.5 million on virtual currencies plus $ 24 million loss on investments, amounting $ 109.6 million loss overall. In addition, the bank recorded losses of $ 11 million in operating expenses plus $ 13.5 million in income in Q1.
The report contains the analysis of operations starting from 1 January and ending on 31 March. The second report is set to be published soon. As stated, Novogratz intends to team up with Canadian business First Coin Capital Corp. and Bradmer Pharmaceuticals Inc. Moreover, the bank is currently in the process of negotiating the listing of its shares on a Canadian stock trading platform.
The delay regarding the listing of the financial institution’s shares was influenced by the merger applications issued by regulatory bodies. Even so, the chairman of Galaxy Digital claimed he was “proud” of the bank’s evolution for 2018.
“We have assembled a world-class team with deep institutional knowledge and expertise and have also made significant strides in scaling our four core business lines. I have complete confidence in our team’s ability to continue driving growth and believe the Company is strategically positioned to help further institutionalize the digital assets and blockchain technology industry.”