Jim Makos / jimmakos.com/photography / Flickr
AltDex

Michael Novogratz, the CEO of cryptocurrency-focused merchant bank Galaxy Digital LP (GLXY), opened up last week about how much it “sucks” building a business in a bear market.

Recent company filings have revealed just how much it really sucks, as Galaxy Digital’s net realized and unrealized losses on its trading operation totaled roughly $41 million in the third quarter, bringing losses for the first nine months of the year to $136 million.

The latest hit was caused in large part by losing bets on Ether (ETH), Bitcoin (BTC) and XRP, according to the filing. In September, the fair value of the company’s digital assets, net of short positions was $90.6 million and the assets cost $172.7 million. This differential is likely to increase in Q4 earnings given the massive downturn in October and November.

GLYX via TradingView

As a result, shares of GLXY are now down over 56% since conducting the reverse merger with an established TSX-listed shell company to publicly list in August. Trading was halted on Tuesday as a result of the downward price action following the earnings release but shares recovered Wednesday, gaining 11% to finish the day at $1.00.

More: Mike Novogratz’s Crypto Trading Desk Lost $136 Million in Nine Months
Related: Mike Novogratz: Building a Business “Sucks” in the Crypto Bear Market
Photo: Jim Makos / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.