Other Investments and ICOs
Galaxy Digital was not only investing in digital assets, but also into startups and other funds. Novogratz’s fund posted large net losses from its investment in the Pantera ICO Fund, a $14.1 million mistake, $11.3 million on its gamble on the Hut 8 Mining Corp, and $11.1 million on Xapo, a crypto wallet startup.
Not all investments turned out to be a disaster; Galaxy Digital invested $41.9 million into Block.One, and $23.8 million into Ripple Labs, which partly offset the net loss produced by Hut 8 and Pantera ICO. Other notable investments include Bitfury, BitGo, Bakkt, and one in particular, Cryptology Asset Group, which turned out to be a clear winner.