- Galaxy Digital reports a total loss of $32.9 million for the final quarter of 2019.
- CEO Mike Novogratz reassured investors after a rapid decline in the cryptocurrency market.
- Fall of the price in shares by 65% from the maximum in June 2019
Galaxy Digital company has reported a net loss of $ 32.9 million in its fourth-quarter financial report for 2019. Galaxy Digital, founded by Michael Novogratz, is a cryptocurrency company dedicated to the blockchain technology industry.
Mike Novogratz, the company CEO, found trying to reassure the investor confidence after the period of hasty decline in the cryptocurrency market was experienced in March this year.
However, Novogratz sounded confident in one of the comments to the Block, made a statement that he does not think that the fall would discredit Bitcoin. He was sure about the growth of the Bitcoin by the end of this year.
The reflection of the financial results of the company existed only until December 30, 2019, with the exclusion of the activities for 2020, in the published report.
Bitcoin Price Drop Affected Galaxy Digital
The lesser loss in the 4th quarter in comparison with the drop in the 3rd quarter has observed. The total loss of all divisions of the company reported to amount to $68.2.
In the year 2019, the total net profit of the company had reached $25.8 million; however, in the year 2018, the total loss had amounted to $ 272.7 million.
The trading price of shares of the company on the Toronto Stock Exchange reported to have fallen by 65% from the maximum of 2019 in June. When Novogratz questioned about the poor performance of the stock, he said that the Galaxy Digital shares are cheap in comparison with the actual performance of the company. He further added that there has never been a “strong appetite” in history for cryptocurrency companies in the Canadian stock market.