Crypto investment firm Galaxy Digital GLXY, +8.41%, which was founded by billionaire Michael Novogratz, saw its shares jump 20% Monday.
The firm reported a net comprehensive loss of $554.7 million in the second quarter, widening from a $182.9 million loss from a year earlier. The widening losses were mostly due to a decline in digital asset prices, partially offset by profitability in the company’s mining business, according to a statement Monday. Bitcoin BTCUSD, -1.15% is trading at around $24,143, down 65% from its peak in November, according to CoinDesk data. Galaxy filed a claim against bankrupt crypto hedge fund Three Arrows, while its exposure was hedged and small within the context of its balance sheet, Novogratz said in the earnings call Monday.