Novogratz’s Crypto Firm Posted $272.7 Million Loss in 2018 By Olga Kharif April 29, 2019, 10:50 AM EDT About $133 million deployed in 35 investments last year Galaxy currently has no exposure to Bitfinex or Tether Galaxy Digital Holding Ltd., billionaire Michael Novogratz’s crypto investment firm, lost $272.7 million during its first year of operations as prices of digital assets collapsed. Galaxy had $249.1 million in digital assets and investments as of Dec. 31, down from $323 million at the end of September, the New York-based company said in a statement Monday. The fourth-quarter decrease was primarily a result of $48.7 million of net realized losses on digital assets and $25.0 million of unrealized loss on investments. "While 2018 was a challenging year for the industry, I am pleased with the ways in which our team navigated difficult market dynamics, and believe we are well positioned to scale our business strategically over time," Novogratz said in the release. "The first few months of 2019 have yielded a notable increase in activity across our business lines." Mike Novogratz Photographer: Victor J. Blue/Bloomberg
Novogratz in 2005, "We're going to be bigger than Goldman" Sells FIG for $8 a share. Now this debacle.
Not any more! Wealth as the result of an arbitrary share allocation. How about the guy at FIG whom they paid $300MM to retain? Made A-Rod look like a bargain.