$136 million down in nine months: Mike Novogratz

28 Nov, 2018 | Updated: 28 Nov, 2018
by Alberto Arnaldo
$136 million down in nine months: Mike Novogratz

It has not been a good year for the former Goldman Sachs partner and hedge fund manager, Mike Novogratz. One of the most celebrated entries in the crypto space coming from traditional finance, his incursion in digital assets has been unsuccessful this far.

$136 million down, and counting. The numbers do not even include the latest selloff, as they correspond only to the first three quarters of 2018. However, they already paint a daunting picture for Galaxy Digital Holdings, the trading operation run by Novogratz.

As reported by Bloomberg, the losses on the third quarter amounted to $41 million. According to firm filings, their digital assets are currently worth $90.6 million, down from the $172.7 million that Galaxy Digital fronted up to acquire them.

Company shares have also taken a beating over the last month, as they went down by 55%.

Novogratz has been one of the most outspoken bulls regarding Bitcoin, stating just a few months ago that by the end of 2018 we would see a 30% increase from $6,500 m, which he called a trend bottom. Another of his recent predictions mentions Bitcoin hitting again the $20,000 mark by 2019.

Read more: Novogratz's Galaxy Digital hires former Goldman banker to head blockchain unit; Mike Novogratz predicts the crypto market will "flip next year"

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