😟 Galaxy Digital saw $272.6M loss in 2018

According to a filing, Michael Novogratz's Galaxy Digital lost $273 million in 2018. In Q1 2018, the firm had realized losses of $13.5 million relating to its trading business and $88.5 million in paper losses from crypto related holdings. Over the year, the investment portfolio dropped 36%, still good enough to beat the market average. In a shareholder conference call, Novogratz compared Q4 2018 to a Game of Thrones-esque bloodbath: “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.”