Galaxy Digital reveals FTX exposure in Q3 earnings report
Mike Novogratz’s firm revealed a $76.8 million exposure to FTX, $47.5 million of which is “in the withdrawal process.”Galaxy Digital has a $76.8 million exposure to FTX, of which $47.5 million is currently"in the withdrawal process," the company said in its third quarter earnings report.
The company reported a net loss of $68 million in the third quarter, and assets under management of nearly $2 billion, up 17% from the previous period. The results come on the heals of Binance's expected purchase of FTX following the collapse of its native token FTT, and amid the year-long slump in crypto assets, as well as traditional ones.
Losses had been offset by the profitability of the firm's mining business in previously quarters. However, mining incurred a net comprehensive loss of $34.9 million in the quarter, largely due to non-cash operating impairments of mining assets that increased expenses, against the backdrop of its largest third-party hosting provider reducing capacity due to market conditions, rising energy prices and constrained access to capital markets.
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