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Author Topic: [2018-07-28] Giant Bitcoin Merchant Bank Posts Losses Over $130 Million  (Read 82 times)
maarx
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July 28, 2018, 09:11:29 AM
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Galaxy Digital, one of the earliest and largest cryptocurrency merchant banks in the space, founded by billionaire Mike Novogratz, posted first quarter earnings. Published accounts suggest the firm has lost $134 million due to a combination of an extended bear market and the usual course of starting a large company. Many analysts wonder aloud what this means for the fate of institutional investment in crypto.

https://news.bitcoin.com/giant-bitcoin-merchant-bank-posts-losses-over-130-million/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

Crypto Merchant Bank Galaxy Digital Posts Q1 Losses of Over $130 Million

“I am very proud of the progress that we have made since the beginning of the year,” Galazy Digital CEO and founder, billionaire Mike Novogratz explained at a first quarter earnings call to investors. “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.”

Wish they revenue from Q3 and Q4 and compensate the loss. Possible?

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July 28, 2018, 11:37:39 AM
 #2

They lost over $100 million trading? Why didn't they simply quit trading and wait for things to look up again? Blimey. I'd rather be paying my staff to play video games for a year or two rather than chase those losses until there's nothing left.

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July 31, 2018, 09:58:39 AM
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They lost over $100 million trading? Why didn't they simply quit trading and wait for things to look up again? Blimey. I'd rather be paying my staff to play video games for a year or two rather than chase those losses until there's nothing left.

this loss could be and probably is the result of their global portfolio price drop
since all of the cryptocurrencies took a nosedive,they were bound to have losses
unless they simply been shorting all the time Smiley but if they invested heavily into coins,they may get a good revenue come end of the year
which I hope is happening along with the price rise

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July 31, 2018, 11:09:26 AM
 #4

this loss could be and probably is the result of their global portfolio price drop
since all of the cryptocurrencies took a nosedive,they were bound to have losses
unless they simply been shorting all the time Smiley but if they invested heavily into coins,they may get a good revenue come end of the year
which I hope is happening along with the price rise


It's specifically says 100 mil was lost trading. The rest are unrealised losses which I presume means stuff they hold that went down in price. I don't know what an acceptable figure is for losses. That may be totally normal or better than average.

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July 31, 2018, 12:46:40 PM
 #5

And it might be the reason why Mike Novogratz was very bullish about bitcoin and making bold predictions. He wanted to stir investors so that he and the company can re-coup the losses since the market has been struggling as of late. And perhaps Mike is still positive in the next quarters and can salvage or even breaks even in the bulls started to make a run. As for the company's lost, will that's huge, even what angle you look at it, something went wrong for a company to lost that big amount.

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July 31, 2018, 03:12:34 PM
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And it might be the reason why Mike Novogratz was very bullish about bitcoin and making bold predictions. He wanted to stir investors so that he and the company can re-coup the losses since the market has been struggling as of late. And perhaps Mike is still positive in the next quarters and can salvage or even breaks even in the bulls started to make a run. As for the company's lost, will that's huge, even what angle you look at it, something went wrong for a company to lost that big amount.

I think he has all the rights to be bullish
there could be growth similar to the last year's:July last year the price was about 2500$
by September it doubled and we all know what happened December-January
the same scenario could repeat this year,ETF or no ETF

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July 31, 2018, 06:46:08 PM
 #7

And it might be the reason why Mike Novogratz was very bullish about bitcoin and making bold predictions. He wanted to stir investors so that he and the company can re-coup the losses since the market has been struggling as of late. And perhaps Mike is still positive in the next quarters and can salvage or even breaks even in the bulls started to make a run. As for the company's lost, will that's huge, even what angle you look at it, something went wrong for a company to lost that big amount.

I think he has all the rights to be bullish
there could be growth similar to the last year's:July last year the price was about 2500$
by September it doubled and we all know what happened December-January
the same scenario could repeat this year,ETF or no ETF
There would be always an anticipation regarding on that the same scenario which do happen on previous years or in the part of the history of bitcoins price movements regarding into those months specially when 4th Quarter of each year.
As we do talk about the topic those traditional investors did get really upset of the results of Q1 of this year event though they do have the best team or company but this very volatile market wont really recognize even no matter how good the team is but somehow they decision they do made on jumping in crypto is good yet they do only involve on Bitcoin then theres always a possibility of a comeback when the market hit bulls again.

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odolvlobo
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July 31, 2018, 08:33:08 PM
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They lost over $100 million trading? Why didn't they simply quit trading and wait for things to look up again? Blimey. I'd rather be paying my staff to play video games for a year or two rather than chase those losses until there's nothing left.

The article said there were $103 million in "trading" losses, but that $85 million of that were unrealized, which means only $18 million were actually due to trading, and $85 million were due to losses in the value of the bitcoins they hold. Those unrealized losses are real -- they directly affect the value of the company, but they are not a surprise and not necessarily an indication of poor management. Anyone who has held bitcoins since the beginning of the year has had similar results.

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July 31, 2018, 11:09:03 PM
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I think he has all the rights to be bullish
there could be growth similar to the last year's:July last year the price was about 2500$
by September it doubled and we all know what happened December-January
the same scenario could repeat this year,ETF or no ETF
Technically it's possible, but it's highly unlikely considering that bull runs that significant never follow each other up that quickly. The market needs to get rid of the circulating supply before it can properly recover.

The power of last year's mega increase was that no one expected it and for that reason were forced to fomo all the way up. Currently that's completely different with how people are ready for it.

People being ready means that they are ready to sell if we go up high enough reaching their target price. Reaching the $10,000 mark will be the main target this year, which requires a great deal of momentum.

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August 01, 2018, 02:36:52 AM
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It's part of any business. And they should not really be afraid because they can make more than what they lost in the next few years. Every company goes through ups and downs and they are not an exception. Bitcoins investors is still very limited so it's another challenge that they struggle.

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August 01, 2018, 05:29:15 AM
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$130 million loss in the first quarter to me is not something to be worried about because already we have completed the second quarter and its expected that they would have made some recovery based on the activities in the market that even individual traders can attest to having adjusted to the sharp surge between the high point of the last quarter of last year and low point in the fist quarter. The issue again is that, the loss they are reporting might not have been generated from trading but other overhead that the business incurs in running the enterprise such as the high bonuses, rent, finance cost and other overheads which the margin of trading needs to be high enough to cover but that is not possible as the market was generally down in the first quarter of the year.

They lost over $100 million trading? Why didn't they simply quit trading and wait for things to look up again? Blimey. I'd rather be paying my staff to play video games for a year or two rather than chase those losses until there's nothing left.

There is no way they would have known that's how its going to be until they are preparing the report, and the moment the traders are not trading, its leads to boredom just like an accountant going to work to watch TV? Its just not going to work. If they had known, I would suggest, they declare vacation for everyone except the core guys.
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August 04, 2018, 01:57:39 PM
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Galaxy Digital, one of the earliest and largest cryptocurrency merchant banks in the space, founded by billionaire Mike Novogratz, posted first quarter earnings. Published accounts suggest the firm has lost $134 million due to a combination of an extended bear market and the usual course of starting a large company. Many analysts wonder aloud what this means for the fate of institutional investment in crypto.

https://news.bitcoin.com/giant-bitcoin-merchant-bank-posts-losses-over-130-million/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

Crypto Merchant Bank Galaxy Digital Posts Q1 Losses of Over $130 Million

“I am very proud of the progress that we have made since the beginning of the year,” Galazy Digital CEO and founder, billionaire Mike Novogratz explained at a first quarter earnings call to investors. “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.”

Wish they revenue from Q3 and Q4 and compensate the loss. Possible?

The high level of trading losses is very scary. It looks like the bank isn't too concerned about risk controls and is looking for a cowboy trading mentality. This will not be something that attracts institutional investors. This also shows how challenging it will be for banks and institutions to manage crypto assets.
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August 05, 2018, 11:29:24 PM
 #13

The article said there were $103 million in "trading" losses, but that $85 million of that were unrealized, which means only $18 million were actually due to trading, and $85 million were due to losses in the value of the bitcoins they hold. Those unrealized losses are real -- they directly affect the value of the company, but they are not a surprise and not necessarily an indication of poor management. Anyone who has held bitcoins since the beginning of the year has had similar results.

Only bitcoins, or other coins as well? Remaining bullish on altcoins through Q1 and not cutting losses earlier might earn these guys the label of "poor management." Smiley

Now I'm curious to see the Q2 results, since BTC closed both quarters at similar prices. That might give some hints about their portfolio. Seems like nothing but losses and setbacks for them so far. Hopefully things turn around for them.

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