Galaxy Digital Q2 financial report: loss narrowed to US$46 million, asset management revenue increased by 619% month-on-month

Odaily Planet Daily News Galaxy Digital Holdings Ltd. said that while the price of cryptocurrencies stabilized, its losses narrowed in the second quarter. The company reported a net loss of $46 million, or $0.14 per share, in the second quarter, compared with a loss of $554.7 million, or $1.74 per share, a year earlier. "Galaxy Digital's operating business performed well in the second quarter against a backdrop of continued uncertainty and regulatory pressure," company founder and CEO Michael Novogratz said in a statement. The company reported transaction revenue of $59.5 million for the quarter, down 54% from the first quarter. The firm said its counterparty volumes were impacted by a slowdown in crypto trading activity across the industry. The firm's asset management revenue for the quarter was $33.8 million, up 619% from the previous quarter, driven primarily by higher net realized gains on venture capital platform investments. (Bloomberg)