CEO of the cryptocurrency merchant bank, Galaxy Digital, Mike Novogratz has recently talked about his 2018 losses which forced him to close his Vancouver office.
With losses reaching USD 273 million he has declared the sold called Crypto Winter as finally drawing to a close, comparing aspects of it to a bloody war and Q4 to an episode of a popular TV series:
“Q4 in crypto felt a little bit like watching Game of Thrones last night. The [company] results on the year weren’t great by any means… But it’s a little deceiving because for me what matters is the operating loss is and what our cash book does.”
Despite the downturn in the crypto market, he expressed a positive view for the future hoping that cryptocurrency moves into a more positive seasonal change; hopefully “Spring.” He explained that Galaxy Digital was continuing with its strong customer base including much-needed institutional clients:
“Our goal this year is to get our operating business as close to breaking even as possible…We’re off to a good start in the first few months. I’m more optimistic than I was 4 months ago; Winter came and Spring is just about here.”
Unperturbed by Galaxy Digital‘s 19% loss in share value over 2018, early this year Novogratz reportedly purchased an additional 7.5 million ordinary shares in the company worth around USD 4.8 million. This represents 2.7% of the aggregate shares in the company, bringing his total stake in the stock to 79.3%.
Novogratz has said in the past that he prays every night that established players join the “custody game” to push the crypto industry forward, always claiming that, “The institutional herd is on the move.”
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