Investment funds cryptocurrency Billionaire Mike Novogratz's famous Galaxy Digital reported a loss for the second quarter of 2022 of more than half a billion dollars.
However, Galaxy Digital asserts that this number belongs to the unrealized loss on the asset crypto. The company also said it is maintaining a strong liquidity position at around $1.5 billion. An unrealized loss is the loss of money due to an asset that has declined in price but has not yet been sold.
Compared to the same period last year, Galaxy Digital only lost 182.9 million USD. Mr. Mike Novogratz shared a loss of $554.7 million in this quarter partly due to the severe decline of Bitcoin. Even so, the billionaire still stands by his company's latest results.
“I am proud of Galaxy Digital's success in a challenging market and deteriorating macroeconomic environment.
We maintain prudent risk management, coupled with our commitment to credit standards, allowing the company to maintain more than $1.5 billion in liquidity, including over $1 billion in cash. face."
Billionaire Mike Novogratz is a "crazy" fan Bitcoin and blockchain Terra. The support was so great that he got a tattoo LUNA up his arm. In spite of Terra completely collapsed in May 2022, resulting in billions of dollars in losses for investors, but Mike Novogratz revealed Galaxy Digital had a plan to take profits gradually. LUNA before the incident, so the loss suffered by the fund is considered to be negligible.
Besides, he also "offered" 1 million USD to quell criticism Bitcoin by Peter Schiff. Specifically, Mike Novogratz bets that the price Bitcoin will be trading above $35,000 at the time of this announcement in a year, meaning on January 23, 2023, Mike Novogratz is confident BTC will not be less than $35,000. If wrong, he will donate 1 million USD to charity.
For related developments, Tesla also officially "stop loss", selling 936 million USD of Bitcoin in the second quarter of 2022, while MicroStrategy recorded a huge loss of up to 918 million USD and Michael Saylor will leave the CEO position in the near future.