The
publicly-listed cryptocurrency company founded by an American investor Michael
Novogratz, Galaxy Digital Holdings (TSX:GLXY) has published its full-year
results for 2022. Galaxy showed a massive net loss due to the prolonged crypto
winter dominating the previous year.
In Wednesday’s
press release, Galaxy announced the fourth quarter, the full year and
preliminary first quarter-to-date results. The company showed a massive net
loss of $1.0 billion for the year ended 31 December 2022, compared to a net income
of $1.7 billion for the same period a year earlier. In the meantime, the fourth
quarter ended with a net loss of $287.8 million compared to $521.3 million
reached in Q4 2021.
Galaxy
explains the poorer performance primarily by the 64% drop in the price of
Bitcoin (BTC) over 2022. In January, BTC cost $46,500, ending the year at
$16,500. Ethereum (ETH) also saw a similar depreciation, falling from $3,700 to
$1,200. The crypto winter negatively affected the performance of other
companies in the sector, including digital asset miners.
“2022
was a formative year for Galaxy, and while we and our industry faced
unprecedented macroeconomic events, we succeeded in staying the course and were
able to opportunistically take advantage of strategic opportunities to build
our operating businesses for the future. I have never been more confident in
our go-forward strategy, businesses, and team,” Michael…
