The cryptocurrency trading bank, founded by former hedge fund manager and billionaire Mike Novogratz, lost over $ 130 million in the first three months of this year, writes Business Insider.
Mike Novogratz’s crypto bank lost over $ 130 million in the first quarter
The firm has recorded realized and unrealized losses of $ 134 million, which have been spread across a wide range of cryptocurrency and investment companies, according to an audited financial report released this Thursday ahead of its listing on the TSX Venture Exchange (TSX-V)..
Such indicators are typical not only for the Novogratz enterprise. Cryptocurrency hedge funds, some of which are in Last year recorded a capital gain of 25,000%, barely managed to stay afloat in first half years, not to mention the demonstration of profitability.
Novogratz, who invested $ 302 million of his own funds in his cryptocurrency company and raised another $ 242 million from investors, despite negative first quarter results remain optimistic.
“I am very proud of what we have achieved since the beginning of the year,” he said. “We have assembled a world-class team with deep institutional knowledge and skills, and have achieved significant success in developing our four core businesses. I have full confidence in my team’s ability to continue to grow the company and believe that it is strategically positioned to help institutionalize the industry in the future. digital assets and blockchain technologies “.
Earlier, Novogratz abandoned his last year’s forecast that this year the cryptocurrency market capitalization will reach $ 2 trillion, but recently said that over the next 12 months he expects to grow to $ 800 billion and return to January peaks. Before this can happen, the cryptocurrency market must have reliable solutions for holding institutional-grade assets that can be opened by companies such as Goldman Sachs, Novogratz said.
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