Galaxy Digital CEO Novogratz: Institutions increasingly engaging in crypto
Marco Bello
Traditional institutional investors "have come back some" in cryptocurrency markets "in the intermediate term," Galaxy Digital (OTCPK:BRPHF) Founder and CEO Mike Novogratz said Tuesday during the crypto financial services firm's Q2 earnings conference call.

"They've come back in futures, they've come back in some of these stocks. but, importantly, they're coming back in structural ways," he added, pointing to PayPal Holdings' (PYPL) launch of a dollar-pegged stablecoin on Monday and Deutsche Bank's application for becoming a crypto custodian as examples.
His remarks come after New York-based Galaxy Digital (OTCPK:BRPHF) turned in a narrower second-quarter loss vs. a year ago. The company logged EPS of -$0.14 compared with -$1.74 in the year-earlier period. 
âGalaxyâs operating businesses performed well in the second quarter against a backdrop of continued uncertainty and regulatory pressure," Novogratz said in a statement. 
Q2 trading revenue of $59.5M dropped 54% from the prior quarter, as counterparty trading volume suffered from an industry-wide slowdown in digital asset trading activity. 
Still, asset management revenue for Q2 came in at $33.8M, up 619% from Q1, driven mostly by higher net realized gains on investments from its venture platform.
Even with crypto prices and other crypto-exposed stocks driving up during the session, BRPHF dipped 4%. 

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