Galaxy Digital reports $482 million loss as bitcoin slumps
By Steve Goldstein
Shares in the crypto company run by billionaire Michael Novogratz are down 5% in premarket trading Tuesday
Michael Novogratz is the founder and chief executive officer of Galaxy Digital Capital Management.
Galaxy Digital, the cryptocurrency company run by billionaire Michael Novogratz, on Tuesday reported a $482 million loss in the fourth quarter as the value of bitcoin and other digital assets fell.
The value of Galaxy's digital assets and investments slumped 22% from third-quarter levels, leading to a quarterly loss of $1.08 per share. Revenue fell to $10.22 billion, a 37% year-over-year drop.
Analysts polled by FactSet expected a loss of 91 cents a share on $12 billion in revenue.
The company also said its digital-trading volumes slumped 40% from third-quarter levels.
Galaxy (GLXY) fell 5% in premarket trading. Through Monday, the stock has dropped 39% from its October peak.
-Steve Goldstein
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(END) Dow Jones Newswires
02-03-26 0937ET
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