Mike Novogratz-owned Galaxy Digital's net losses at the end of last year amounted to $1 billion, compared to the $1.7 billion profit recorded during the same period last year.
According to the press release shared by the company, during the fourth quarter, losses stood at $287.8 million, while in October-December 2021 the company posted a net profit of $521.3 million.
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According to the report:
"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."
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According to preliminary data, between January 1 and March 24, 2023, the company received pre-tax income of $150 million.
Cryptocurrency bank Galaxy Digital was one of Terraform Labs' investors and also appeared on Three Arrows Capital's list of creditors.