Galaxy Digital loses $111.7 million in the first quarter due to the collapse of cryptocurrency markets.

The company recorded a net loss of $111.7 million due to unrealised losses in digital assets and investments in its trading and investing businesses.

Galaxy Digital currently manages about $2.7 billion in assets, down 5% from the previous quarter, according to financial data.

In May, the company announced its $1.2 billion acquisition of BitGo, an independently regulated digital asset custodian.

(Read More) Source blockchain.news