Even billionaire and former hedge fund manager Mike Novogratz can guess wrong sometimes.
Net realized and unrealized losses on digital assets at Novogratz’s Galaxy Digital Holdings’ cryptocurrency trading operation totaled about $41 million in the third quarter, bringing losses for the first nine months of the year to $136 million, according to company filings this week, Bloomberg reported.
The hit was caused in large part by losing bets on ether (ETH), bitcoin (BTC) and ripple (XRP), Galaxy Digital said. It also blamed its poor third-quarter trading results on tepid trading volumes and increased competition for arbitrage opportunities. Read more here.