Mike Novogratz's Galaxy Digital fund took a $46 million loss in Q2

Mike Novogratz's Galaxy Digital fund has posted a $46 million loss for the second quarter of 2023

The company's mining revenue for the April-June period totaled $15.4 million, up 51%

Mike Novogratz's Galaxy Digital fund made a $46 million net loss in the second quarter of 2023, compared to a profit of $134.2 million in the previous quarter, the company said in a report.

Meanwhile, mining revenue totaled $15.4 million in the period, up 51%. In particular, revenue from its own cryptocurrency mining operations increased, the report specifies.

Galaxy Digital ended the second quarter with a hash rate of about 3.7 EH/s, up more than 20% from the previous period, the company said.

The fund generated $33.8 million in asset management revenue in the second quarter of this year, up 619% from the first quarter. The Galaxy Asset Management unit's assets under management (AUM) reached about $2.5 billion, with about $1.4 billion in venture strategies and 217 companies in the fund's portfolio.

In April, Novogratz said that Bitcoin could reach $40,000 after the Fed cuts rates. The head of Galaxy Digital believes that long positions in gold, euro, bitcoin, and Ethereum have been and will remain better deals than investments in other assets.