Galaxy Digital Holdings Ltd., led by Michael Novogratz, appears to have confronted a turbulent market, reporting a ‘widening’ of its quarterly losses amid a period marked by declining crypto prices and low volatility in the digital asset market.
The firm, known for its range of crypto services, faces the headwinds of a challenging quarter, even as it lays the groundwork for future ventures, including a bid for a Bitcoin exchange-traded fund (ETF).
Financial Fluctuations Amid Expansion And Optimism
In the latest financial disclosures, Galaxy Digital revealed a net loss of $94 million for the third quarter, a notable increase from the $68 million loss reported during the same period last year.
This figure also represents a jump from the $46 million loss recorded in the second quarter, defying consensus estimates that had projected the company’s losses to remain relatively stable at around $44 million.
Despite the losses, Galaxy’s diverse operations — spanning trading, asset man
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