Michael Novogratz's crypto-focused Galaxy Digital investment bank has released third quarter 2019 financial results according to which, total equity increased by $77.0 million during the nine-month period to $382.7 million as of September 30, 2019.
However, Galaxy Digital's net comprehensive loss is $68.2 million. The merchant bank states the loss was primarily on the Partnership's holdings of Bitcoin (EXANTE: Bitcoin) and Ethereum (ETH), whose prices fell during the three months ended September 30, 2019.
In addition to that, the Galaxy Digital's investments stood at $156.5 million as of September 30, 2019, a decrease of $22.9 million from December 31, 2018. The decrease was reportedly a result of the partial sale of Block.one shares.
In the meantime, Galaxy Digital CEO Michael Novogratz believes that bitcoin could continue its steady growth thanks to the global financial instability.