The larger loss was mainly the result of the crypto market downturn and investments in Galaxy’s trading business, the firm said on Monday. The firm reported a loss of $182.9 million for the second quarter of last year.
Shrugging off the backward-looking loss, Galaxy’s Toronto-listed shares are surging over 20% in Monday’s trading session after gains in cryptocurrencies over the weekend. Bitcoin (BTC) is up about 4.4% to over $24,000 while Ethereum (ETH) gains 5.6% to about $1,799.
As of June 30, the firm had a liquidity position of $1.5 billion, while partners capital at the end of the quarter was $1.8 billion, up 23% from $1.5 billion from the year-ago level.
The firm’s reported preliminary assets under management stood at nearly $1.7 billion at the end of the second quarter, up modestly from a year ago, but down 40% from three months earlier.
Mining business revenue in Q2 was $10.9 million and the segment’s comprehensive net income tripled from a year ago.
Investments stood at $753.9…