Billionaire cryptocurrency investor and owner of Galaxy Digital, Mike Novogratz, has reported company losses totaling $134 million in Galaxy Digital’s quarterly disclosure. The report details $85.5 million in unrealized losses on digital assets and $13.5 million lost in the company’s trading business.

Novogratz, who just yesterday announced a successful $50 million fundraising round for New York-based crypto-lender BlockFi, appeared unfazed by Galaxy Digital’s disappointing report.

“I am very proud of the progress that we have made since the beginning of the year,” said Novogratz. “We have assembled a world-class team with deep institutional knowledge and expertise and have also made significant strides in scaling our four core business lines. I have complete confidence in our team’s ability to continue driving growth and believe the Company is strategically positioned to help further institutionalize the digital assets and blockchain technology industry.”

Galaxy Digital serves as a multi-service merchant bank for the cryptocurrency and blockchain industry. The company was founded in November of last year by Novogratz who personally invested $302 million in crypto assets for capital funding. Galaxy Digital raised an additional $242 million form external investors in a private placement offer and has received additional funding through bridge financing totaling hundreds of millions of dollars.

Novogratz has arguably been one of the most bullish supporters of cryptocurrency. He has continued to express long-term optimism for the future of digital currency and blockchain, regularly stating that the next crypto boom will arrive following major financial institutions inevitably entering into the space.

“I think institutional investors are slowly coming to the realization that blockchain will be Internet or Web 3.0 and they’ll want to participate just like they want to participate in the Web,” said Novogratz in an interview earlier this week.

Galaxy Digital has invested $86.8 million in eleven different digital investments and has made an additional six add-on acquisitions since the beginning of 2018. The company has over 70 employees and is continuing to expand.

In addition to being the perennial Bitcoin bull, Novogratz has also expressed public praise for the EOS blockchain and his passion for utility tokens. He concluded an interview with CNBC’s Crypto Trader earlier this week, stating,

“I love utility tokens. I think the cooler projects are all utility tokens. I think you will see a lot of the utility tokens being sold in the future operating under some regulatory framework. You’re not going to be able to come up with some half-baked white paper and pump people up… It’s not the way things are going to work in the future. [Utility tokens] are far more exciting to me than security tokens.”

The post Mike Novogratz’s Galaxy Digital Posts Multi-Million Dollar Losses in Q1 of 2018 appeared first on UNHASHED.

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