Galaxy Digital Widens Losses In Q2 2022 As ‘Crypto Winter’ Bites Harder

Galaxy Digital Holdings Ltd. (TSX: GLXY) released today its Q2 2022 financial results, which saw the company posting a net comprehensive loss of US$554.7 million. This is a decline from Q1 2022’s net loss of US$111.7 million and Q2 2021’s net income of US$22.1 million.

The company attributes the widening losses to net realized and unrealized losses on digital assets, which are US$231.1 million and US$233.4 million, respectively. Net unrealized loss on investments also contributed to the redder bottomline with a US$258.9 million loss.

Conversely, following the earnings release, the company’s shares rallied as much as 20% when the market opened Monday.

The bottomline figure for the quarter translates to US$1.74 loss per diluted share.

Looking at the financials, the company ended the quarter with US$875.1 million in digital assets from a balance of US$2.42 billion at the start of the year. The firm also had a cash balance of US$1.01 billion at the end of the three-month period, putting the company’s current assets balance at US$2.42 billion. Meanwhile, current liabilities ended at US$1.12 billion.

The crypto firm also held around US$1.7 billion in assets under management at the end of the quarter, “a 40% decrease against the 56% decrease of total cryptocurrency market capitalization” from the previous quarter. The firm meanwhile saw a rebound in AUM during the month of July.

Galaxy Digital Holdings Ltd. last traded at $7.49 on the TSX.


Information for this briefing was found via Sedar and Galaxy Digital. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Galaxy Digital: BMO Anticipates Contagion From FTX To Impact Firm

As crypto is facing its own Leman Brothers’ moment, with the third largest exchange stopping...

Sunday, November 13, 2022, 05:27:00 PM

Galaxy Digital Sees AUM Drop At Least 15% During Month Of June

Galaxy Digital (TSX: GLXY) appears to be weathering the current downturn in the crypto markets...

Friday, July 8, 2022, 08:12:09 AM

Bitfarms Receives $100 Million Credit Facility From Galaxy Digital

Bitfarms Ltd (TSXV: BITF) is looking to expand its operations in a hurry through non-dilutive...

Friday, December 31, 2021, 08:09:56 AM

Galaxy Digital Sees Assets Under Management Fall Nearly 19% In January

Galaxy Digital (TSX: GLXY) continues to struggle when it comes to its assets under management....

Friday, February 4, 2022, 07:45:06 AM

Galaxy Digital Announces US$500 Million Senior Notes Offering

Galaxy Digital (TSX: GLXY) is looking to raise $500 million. The firm this morning announced...

Monday, November 29, 2021, 09:18:00 AM