Business
Galaxy Digital Reports $177 Million Loss in Q2 Amid Crypto Market Downturn
Galaxy Digital has reported a staggering $177 million loss in Q2, reflecting the challenges faced during the recent downturn in the crypto market. Explore the factors contributing to this financial setback and its implications for the cryptocurrency industry.
Galaxy Digital Reports Significant Loss in Second Quarter Amid Crypto Market Decline
Galaxy Digital, a prominent financial services firm specializing in digital assets, has announced a staggering net loss of $177 million for the second quarter of the year. This loss is nearly four times greater than the loss reported for the same period last year, highlighting the challenges faced by the company as crypto markets experienced a notable retreat.
During this quarter, Galaxy experienced net realized losses amounting to $161.7 million on its digital asset holdings. The downturn was largely influenced by Bitcoin, which plummeted by 12% in value during the quarter, following a remarkable surge of almost 70% in the previous three months, as indicated by data from Coinglass.
Despite the setbacks in the second quarter, Galaxy Digital reported a net income of nearly $245 million for the first half of the year, representing an impressive increase of over 175% compared to the first half of 2023. This indicates a strong recovery and resilience within the company even amidst the current market volatility.
As a result of the disappointing quarterly results, shares of Galaxy Digital traded on the Toronto Stock Exchange saw a decline of 10% on the reporting day, closing at C$14.89 as of 15:07 UTC.