- Galaxy Digital ( OTCPK:BRPHF ) shares soared 17.2% in Monday morning trading despite posting a significantly worse Q2 loss vs. a year ago amid a slump in digital asset prices.
- The company, founded by billionaire Michael Novogratz, turned in a net comprehensive loss of $554.7M compared with $182.9M in Q2 of last year, mostly reflecting unrealized losses on digital assets and on investments in its trading and principal investments businesses.
- That was somewhat offset by profitability in its mining business, which saw record revenue of $10.9M at the end of June, up from $2.2M at June 30, 2021.
- Net digital assets position for Q2 dropped to $474.3M from $910.5M in Q1, driven by selling-out of certain liquid positions to boost its cash pile, and overall decreases in digital asset prices.
- The company's asset management unit saw preliminary assets under management of $1.7B at June 30, a slump of 40% from March 31.
- Earlier, Galaxy Digital GAAP EPS of -$1.74 .
For further details see:
Galaxy Digital stock jumps even after Q2 loss widens on crypto downturn