The post Galaxy Digital posts $177 Million net loss in Q2 amid market turbulence appeared on BitcoinEthereumNews.com.

Galaxy Digital reported a net loss of $177 million for the second quarter, compared to a net profit of $1.6 million during the same period last year. Meanwhile, the firm’s net revenue for the second quarter stood at $53.7 million, down from $108.7 million in the same quarter last year. The firm largely attributed the loss to downturns in the crypto market during the period. It faced significant challenges with net losses on digital assets and investments, marking a sharp contrast to its previous financial performance. Despite the overall net loss, Galaxy managed to generate revenue across its various business segments, including Global Markets, Asset Management, and Digital Infrastructure Solutions. The company continues to focus on strategic initiatives to drive future growth and stabilize its financial performance amid market volatility. Q2 results Galaxy Digital’s equity capital stood at $2.1 billion as of June 30, reflecting a 3% decrease from the previous quarter. The company’s liquidity position also weakened, dropping 11% to $1.33 billion. Despite these declines, Galaxy managed to boost its cash and net stablecoins by 150% to $409 million, demonstrating a robust cash management strategy amid market volatility. The firm recorded a dramatic increase in assets under stake (AUS), which surged to $3.3 billion by July 18 — up from $486 million at the end of March. The growth was driven primarily by the acquisition of CryptoManufaktur, a blockchain node operator. Galaxy Global Markets experienced a significant drop in counterparty trading revenue, which fell to $24 million in Q2 2024, a 64% decline from the previous quarter. The decrease was mainly due to lower trading volumes and adverse asset price movements. Despite the decline, the trading business managed to generate approximately $90 million in revenue year-to-date through June, representing a nearly 80% increase compared to the first half of…

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Filed under: News - @ August 2, 2024 12:12 am