Last year was a rough one not only for those, who bought bitcoin at $19K, but also for those, who got in the stormy crypto-related business.
Michael Novogratz seems to be hard to crack since his crypto investment bank called Galaxy Digital which had lost over $270 million in 2018 due to the bear market.
The bank had a net loss of $272.7 million in 2018, states the official press release.
Novogratz says even though the year of 2018 was a "challenging" one, he is pleased with the ways in which his team navigated difficult market dynamics, and believes Galaxy Digital is well positioned to scale its business strategically over time.
"We have used our capitalized position to both identify and invest in a number of unique opportunities, while also continuing to build an institutional-quality platform," Novogratz added.
Thus, Galaxy Digital's investent portfolio has lost 36%.
Earlier, in January, Galaxy Digital was raising $250 million for a crypto-focused credit fund.
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