Cryptocurrency-focused financial services firm Galaxy Digital (GLXY) said it expects its quarter-to-date loss through Wednesday to be about $300 million.
- The Mike Novogratz-led firm posted the update Friday, "in light of recent market conditions."
- The company has a liquidity position of around $1.6 billion, split 50/50 between cash and net digital assets, "with the majority of net digital assets in non-algorithmic stablecoins."
- "Net comprehensive income is expected to be a loss of approximately $300 million, bringing partners' capital to $2.2 billion, a decline of 12% versus March 31, 2022," Galaxy announced.
- Galaxy published its first quarter earnings at the start of this week, reporting a $111.7 million loss compared to a gain of $858.2 million for the corresponding quarter a year ago.
- Toronto-listed GLXY shares closed Thursday at $7.72, down 43% against their value prior to the first quarter earnings report.
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