– Galaxy Digital Holdings could lose up to $300 million this quarter in net comprehensive income, given the recent performance of the crypto market.
– The comprehensive income of a company is usually a sum of its net income and the yet-to-be-realized gains or losses.
– Losing $300 million will reduce Partners Capital to $2.2 billion, a decline of 12% versus March 31, 2022, the statement read.
– The company stated that it currently has a liquidity position of $1.6 billion, including $800 million in cash and over $800 million in net digital assets.
– Galaxy Digital update is unsurprising given that the crypto market had lost about 40% of its value in the last seven days.
– Most publicly-traded crypto companies have also seen their stocks start to decline.
– To date, the majority of the top publicly traded crypto-related companies have lost more than 50% of their value year to date.
– This update comes just five days after it released its Q1 reports, where it reported $111.7 million in losses.