The bad year for traders at Mike Novogratz’s cryptocurrency merchant bank got even worse in the third quarter -- and that was before the market fell out of bed this month.
Net realized and unrealized losses on digital assets at Galaxy Digital Holdings LP’s 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. The latest hit was caused in large part by losing bets on Ether, Bitcoin and XRP, Galaxy Digital said.