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  • Galaxy Digital incurred substantial losses in 2018.
  • The head of the bank believes that the worst is over.

Galaxy Digital, a merchant bank focused on digital assets and founded by Mike Novogratz, reported annual losses in 2018 to the tune of $273 million, The Block reports, citing its annual filings.  

The company had a tough year with $134 million of losses in the first quarter of 2018. Moreover, the severe crypto winter forced Galaxy Digital to close its ICO advisory business and Vancouver office.  

“Q4 in crypto felt a little bit like watching Game of Thrones last night. The [comapny]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,”  Novogratz said on a shareholder conference call Monday, as cited by The Block. He compared the market to a bloody war.

At the same time, Galaxy Digital CEO noted that the bank had been serving hundreds of clients, including institutions, while the revenue improved significantly from the last year.  

“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,” he added.