Galaxy Digital Holdings Founded By Novogratz Lost $272.7 Million In 2018

The popular hedge fund manager Michael Novogratz, who is also a big crypto popularity, seems to have lost millions with his cryptocurrency hedge fund, Galaxy Digital Holdings. As reported in the coming altcoin news, Novogratz’s hedge fund lost $272.7 million in 2018.

The crypto merchant bank founded by Novogratz lost $97 million in the fourth quarter of 2018 alone, according to the financials which were disclosed on Monday. The net loss was at $76.7 in the third quarter of 2018 – coming from only $100,000 a year earlier according to the filing. Galaxy Digital Holdings has in total lost $272.7 million in 2018 which was its first full year of operation.

The majority of the reds came in 2018 – reported at $101.4 million – mainly coming from selling digital assets at a loss. Galaxy Digital Holdings also recorded $75.5 million in paper losses in the cryptocurrency that it held which declined in price, $8.5 million in unrealized losses on investments and $88.4 million in operating expenses, as the latest cryptocurrency news show.

As reported in the filing, the coins owned by Galaxy Digital Holdings included 9,724 bitcoin ($36.4 million), 92,545 ether ($12.3 million), 2.4 million EOS ($6 million) and 60,227 of monero ($2.8 million) at the end of 2018. The firm increased the investments in Bitcoin and Ethereum from the beginning of the year when it held 5,902 BTC and 57,000 ETH.

What’s interesting is the fact that the Galaxy Digital crypto fund held large amounts of Wax (at $50.2 million and BlockV tokens ($17.4 million) which both disappeared from the top ranks of the investments at the end of the year.

The report, which went viral on many best cryptocurrency news sites, shows that Galaxy lost money selling Bitcoin ($70.3 million) and Ethereum ($64.4 million) and was offset by the $54.3 million earned by selling cryptocurrencies short (although it is not specified which ones). Galaxy Digital Holdings mostly bled from Bitcoin which was the biggest source of losses at the beginning of 2018.

While everyone could agree that 2018 was a bad year for cryptocurrencies, there were also a number of companies and investment funds in Galaxy Digital’s portfolio which declined in value. Some of these names include the common stock Block.one, Ripple Labs, Bitfury Group, Pantera ICO Fund LP Shares, Bakkt Holdings and other names.

Galaxy Digital Holdings also invested $26 million in mining businesses and many other investments which are featured in the filing that is everywhere in the altcoin news section.