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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Galaxy Digital Loses $76 Million in Q3, Novogratz Remains Bullish

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read
Crypto

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The Mike Novogratz-led Galaxy Digital Holdings LP suffered $76 million in third-quarter losses, taking the company’s losses in 2018 so far to a grand total of $175 million.

Galaxy Digital Q3 Losses Total $76 Million As Bear Market Continues

Cryptocurrency merchant bank, Galaxy Digital, has released its quarterly earnings report, and the results from the third quarter of the year are looking grim. The firm has reported a net loss of $76.6 million in Q3 2018, bringing the company’s year-to-date losses to $175.6 million in the first nine months of the year.

The report also revealed that the Novogratz-led firm engages in “several trading strategies with respect to its digital assets, including cross-exchange arbitrage as well as market neutral trading strategies across a variety of crypto assets and exchanges.”

Part of Galaxy Digital’s strategy is to purchase cryptocurrencies “with the intent to resell in the near future, generating a profit from the fluctuations in prices or margins.” However, as the earnings report reveals, the practice hasn’t been very profitable for the crypto-focus company.

Related Reading: Novogratz Turns Bearish on Bitcoin in the Short Term

Galaxy Digital doesn’t just trade in cryptocurrencies, though, it also invests in blockchain startups and businesses, and holds other assets, including cash.

Total assets held by the firm equate to about $418.4 million according to the report, with $123 million being digital assets like Bitcoin – a number that is up significantly from the end of 2017, when Galaxy held just $22 million in digital assets.

It’s interesting to see Galaxy’s overall crypto holdings grow, despite the value of cryptocurrencies falling as much as 80-90% from the all-time highs painted back in December, when Galaxy held a much smaller portion of digital assets.

It’s also worth noting that the revenue report closes on September 30, 2018, so the total losses reflected for the year don’t include the recent 50% drop Bitcoin saw over the last couple weeks once critical support at $6K was broken, sending the market into a panic and Bitcoin to new lows around $3,500.

Battered Bull Novogratz Still Betting Big on Bitcoin

The continued investment in cryptocurrencies despite quarter-after-quarter losses and continued price decline shows just how bullish Novogratz is on cryptocurrencies like Bitcoin and Ethereum.

The revenue report closed on September 30, so Novogratz was well aware of the mounting losses his company was facing when he predicted Bitcoin would reach new all-time highs after the leading cryptocurrency by market cap is able to “take out $10,000” around the second quarter of 2019.

Related Reading: Novogratz, Fidelity, and Bakkt Are Banking On Institutional Crypto Investors

If Novogratz is right, and Bitcoin’s woes don’t start turning around until mid-way through 2019, Galaxy Digital will be looking at a couple more quarters of consecutive losses as the mass exodus of retail cryptocurrency investors continue to take prices to new lows.

Featured image from Shutterstock.
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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