Mike Novogratz'due south crypto investment house, Galaxy Digital Holdings, has posted a second-quarter loss of $175.8 million.

The figure provides a stark dissimilarity to the house's start-quarter report, which booked $860 million in comprehensive net profit earlier this year.

Galaxy Digital posted its financial results as of June 30 on Monday, with the firm attributing the $175.eight-meg Q2 loss to asset toll declines later FUD-inducing narratives fueled the crypto downturn in May.

"During the quarter, our results were impacted by a 34% decline in overall digital asset prices and a 41% reject in the price of Bitcoin, relative to the cease of the first quarter," the report read.

In a conference call regarding the Q2 results, CEO and founder Novogratz was unfazed by the loss every bit he cited several key metrics that he'southward enthusiastic about, such equally counterparty trading volume, blue-chip partnerships in Goldman Sachs, strategic investments and employee acquisitions.

The CEO highlighted that the business firm remains "significantly profitable" in the beginning half of 2022 as cyberspace comprehensive income totaled $684 one thousand thousand.

Novogratz noted that market volatility and asset toll declines take been "offset past strong tailwinds of adoption across the whole ecosystem" as he pointed to Galaxy'south counterparty trading volumes gaining 90% in Q2 and 560% year-over-year. Galaxy Digital'south assets under direction gained 12% from Q1 to surpass $one.42 billion as of June 30:

"It's important to remember that when nosotros expect at the business organization, the long-term arc of adoption of digital assets in crypto matters far more than than the businesses nosotros are edifice."

"We view the adoption battle as a difficult ane, stickier, and more than financially impactful over fourth dimension than short-term toll moves," he added.

The Q2 report as well highlighted that gross counterparty loan originations grew more than 130% since Q1 to accomplish approximately $ane.56 billion.

Related: Galaxy Digital backs $50M funding round for crypto staking outfit Figment

Milky way'southward headcount saw a significant gain of 45% in Q2 to reach effectually 220 employees globally. The firm also noted the "key leadership hires" of Tim Grant, former CEO of Swiss Exchange SIX Group, who will serve as head of Europe; equally well every bit erstwhile BlackRock chief operating officeholder Jennifer Lee who volition go the chief people officer.

The company also reported an outlay of $52 1000000 of strategic majuscule into 14 unlike nonfungible token (NFT)-related companies with directly investments and through Galaxy Interactive Fund strategies. Novogratz stated he was "most excited" about the investments in Major League Baseball collectible platform Processed Digital, NFT game developer Mythical Games and NFT platform Fine art Blocks.