Cryptocommercial bank Galaxy Digital's latest earnings report: Q4 2019 loss of 32.9 million US dollars, stock price fell 65%

Speed ​​reading:

  • Galaxy Digital disclosed its financial position for the fourth quarter of 2019 on Wednesday's earnings conference call
  • This cryptocurrency commercial bank has a net loss of $ 32.9 million during this period
  • Its share price also fell 65% from its June 2019 high.

Cryptocurrency Galaxy Digital's latest earnings report: Q4 2019 loss of 32.9 million US dollars, stock price fell 65%

Image source: Pixabay

According to the latest financial report, Galaxy Digital Holding, a cryptocurrency commercial bank founded by former Wall Street trader and billionaire Michael Novogratz, had a net loss of $ 32.9 million in the fourth quarter of 2019.

At the time of the news disclosure, the company's stock price has continued to fall since it hit a high in June 2019.

In the fourth quarter earnings conference call on Wednesday morning, the company listed on the Canadian TSX Venture Exchange disclosed its 2019 financial position. Company CEO Michael Novogratz tried to increase investor confidence after a period of turmoil in the crypto market, and mentioned the collapse of the cryptocurrency market, including in the so-called "Black Thursday".

Novogratz said on the earnings call: "I don't think" Black Thursday "will invalidate my opinion about Bitcoin."

He later added:

"I am really confident that [bitcoin] will rise by the end of this year."

Despite Novogratz's confidence in the entire Bitcoin market, Galaxy Digital still has trouble in the last quarter of 2019. Its trading department's net realized losses exceeded US $ 32 million, of which total net losses (including unrealized gains and losses from different assets) income was approximately US $ 16.7 million. Its main investment department also suffered a net loss of $ 8.4 million.

The financial data disclosed is the latest data as of December 30, 2019, so it does not include detailed performance information for 2020 and of course does not include March.

Screen-Shot-2020-04-08-at-3.25.32-PM

Source: Galaxy Digital

Compared with the third quarter of 2019, Galaxy Digital suffered relatively few losses in the fourth quarter, when the total net loss of all departments in the third quarter was $ 68.2 million. Its consolidated net income in 2019 reached US $ 25.8 million, while its loss in 2018 was US $ 272.7 million.

Since the June 2019 high, the company's stock price has fallen 65%. When asked about the stock ’s poor performance, Novogratz said that Galaxy Digital ’s stock was “cheap” compared to the company ’s actual performance, noting that the Canadian stock market has historically had little demand for cryptocurrency-related companies.

image

As The Block reported last week, in recent months, Galaxy Digital has successively resigned from several executives, including its head of trading strategy, Josh Lim. In addition, the company also underwent major layoffs in mid-February, with a layoff ratio of 15%.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

ChainNode Live Room | Derivatives track has become an industry consensus. Bitcoin will be up to $ 20,000 in the year?

Since the beginning of this year, the trading platform has frequently acted, causing one after another "destruct...

Blockchain

Indian crypto exchange lifts ban: trading volume soars 6-fold, is it global buy?

Text | Li Zheweng Sources | PANews The Indian exchange Koinex, which failed to survive the cold winter, fell in the h...

Blockchain

Being shot, being controlled, and being exiled globally, is the founder of the exchange the most dangerous occupation in the currency circle?

A week ago, Tobias Niemiro, the co-owner of Bitmarket, Poland's second-largest cryptocurrency exchange, was shot...

Blockchain

Three major domestic virtual currency exchanges focus on compliance business and actively engage with local governments and state-owned enterprises

China Times (www.chinatimes.net.cn) reporter Ran Xuedong trainee reporter An Lingfei Beijing reports The currency cir...

Blockchain

The undead black swan: from ICO to IEO

If you want to discuss the biggest hot spot in the currency this year, many people will say that it is IEO. The curre...

Blockchain

A picture proves that there are a large number of cleaning transactions on the exchange

In order to more accurately depict trading activity, the "Real 10" indicator only considers the volume of t...