Novogratz’s Galaxy Digital Quarterly Loss More Than Doubles on Crypto Collapse

Galaxy Digital Holdings Ltd., the crypto financial services firm founded by billionaire Michael Novogratz, said its second-quarter loss more than doubled against a backdrop of digital asset price declines.

The net comprehensive loss was $554.7 million, compared with $182.9 million in the year-ago period, primarily due to unrealized losses on digital assets and on investments in its trading and principal investments businesses. That was partially offset by profitability in its mining business, the company said in a statement Monday.