(Bloomberg) — Galaxy Digital Holdings Ltd., the cryptocurrency firm controlled by billionaire Michael Novogratz, posted a loss in the first quarter against a backdrop of large digital asset price declines.
The net comprehensive loss was $111.7 million, compared to a gain of $858.2 million in the year-ago period, primarily due to unrealized losses on digital assets and investments in its trading and principal investment businesses. That was partially offset by profitability in investment banking and mining units. The company had warned of a loss of $110 million to $130 million in the first quarter through March 28, citing market volatility.
Galaxy, which offers businesses ranging from crypto trading and asset management to mining, said it was managing $2.7 billion assets as of March 31, a 5% decline from end of last year.
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