Michael Novogratz crypto bank Galaxy Digital Loses $134 mln. in Q1 2018

Crypto investment bank Galaxy Digital lost $134 million in the first quarter of 2018, largely due to declining cryptocurrency prices.

Galaxy Digital, chaired by billionaire investor Michael Novogratz, said it saw a "net unrealized loss" of $85.5 million on digital assets, and a further $24 million loss on investments, totaling $109.6 million overall in its first-ever quarterly earnings report. The firm also spent $11 million in operating expenses and saw a $13.5 million loss from its income, resulting in roughly $134 million lost in the first quarter, according to the report.

Now we understand why Michael Novogratz is trying to push cryptocurrency ahead in every interview ))