Galaxy Digital Holdings has lost $136 million in nine months, according to Bloomberg. However, that hasn’t dampened the spirit of founder Mike Novogratz who says he is “all-in” on crypto.
Novogratz, a former trader at Goldman Sachs and Fortress, says his strategy as head of the company hasn’t changed despite the market massacre. “We have a business that we think can break even next year, if not make money. We’re not nervous; we’re frustrated that our investors have lost money. We’ve got plenty of cash to run the business for a long time.”
Galaxy Digital is a merchant bank specializing in digital assets and blockchain. Services include digital asset management, trading, advisory services, and principal investments.
In the last nine months, the Galaxy Digital Holdings reported $136 million in losses, attributed to investments in XRP, bitcoin, and ethereum.
Novogratz points the finger at bitcoin cash for bitcoin’s latest drop below $6,000. He thought bitcoin “was going to hold at $6,200 […] but then bitcoin cash decided to fork again.”
Despite the ongoing bear market, Novogratz remains optimistic, affirming that bitcoin is “not going to zero.”