Billionaire Mike Novogratz Unmoved By Galaxy Digital’s $175.8M Q2 Loss – Cryptovibes.com – Daily Cryptocurrency and FX News

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Market analysis suggests that Galaxy Digital Holdings, a crypto investment firm, has made an approximately $175.8 million loss during the second quarter of this year.

Despite Galaxy Digital recording poor performance over the Q2 2021 period, founder and CEO Mike Novogratz seemed relaxed while he continues insisting on the importance of adopting digital assets.

The turnover result for Q2 draws a big contrast from the firm’s first-quarter report that booked over $860 million in total net profit earlier this year.

In the August 16 Q2 2021 financial results, Galaxy Digital confirmed making a $175.8 million loss as of June 30. The company attributed the loss to assets price declines after FUD-inducing narratives fueled the crypto market downturn in May:

“During the second quarter, our results were impacted by a 34% decline in overall digital asset prices and a 41% decline in the price of Bitcoin, relative to the end of the first quarter.”

While speaking in a conference call about the Q2 results, Mike Novogratz appeared unfazed despite this unpleasing performance. However, he cited several key metrics his firm has already embraced, including counterparty trading volume, blue-chip partnerships in Goldman Sachs, strategic investments, and employee acquisitions.

Nonetheless, Novogratz maintained that the firm remains “significantly profitable” in the first half of 2021, with the firm already made a net comprehensive income of $684 million. Additionally, Novogratz asserted that the market volatility and asset declines had been offset by strong tailwinds of adoption across the whole ecosystem.

In the same context, Novogratz pointed out Galaxy counterparty trading volumes which saw a 90% gain in Q2 and 560% year-over-year (YoY). Remarkably, Galaxy Digital’s assets under management (AUM) also gained roughly 12% from initial Q1 to surpass $1.42 billion as of June 30:

 “It’s important to remember that when we look at the business, the long-term arc of adoption of digital assets in crypto matters far more than the businesses we are building.”

 “We view the adoption battle as a hard one, stickier, and more financially impactful over time than short-term price moves.”

Base on data acquired from the Q2 report, gross counterparty loan revenues grew more than 130% since Q1 to reach approximately $1.56 billion.

In related developments, Galaxy Digital reportedly saw a considerable gain of 45% in human resources in Q2, with the firm reaching around 220 employees globally as of June 30.

In that context, the firm has made “key leadership hires” such as Tim Grant, a former CEO of Swiss Exchange SIX Group who now serves as Head of Europe markets. Furthermore, Galaxy Digital ushered in Jennifer Lee, a former COO at BlackRock, who now serves as the Chief People Officer.

In addition, Galaxy Digital has successfully injected a total of $52 million out of strategic capital in 14 different NFT-related companies, with the firm making direct investments through Galaxy Interactive Fund strategies.

Interestingly, Novogratz acknowledged some of these achievements stating he was “most excited” about the successful investments in Major League Baseball collectible platform Candy Digital, NFT game developer Mythical Games, and NFT platform Art Blocks.

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