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Michael Novogratz Tells CNBC He Does Not Expect to Recover $77M Exposure Linked to FTX

The comments come a day after the firm revealed the exposure in its quarterly earnings.

Updated May 9, 2023, 4:02 a.m. Published Nov 10, 2022, 12:48 p.m.

Michael Novogratz, the CEO of crypto-focused financial-services firm Galaxy Digital (GLXY), told CNBC that he does not think they will be able to recover the $77 million exposure linked to troubled crypto exchange FTX.

His comments come a day after the firm revealed the exposure in its third quarter earnings.

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Galaxy Digital also reported a third-quarter net loss of $68.1 million, compared with a $517.9 million profit in the same period last year, and said Damien Vanderwilt will step down as co-president in January.

Share of Galaxy Digital were down 15.7% at $3.92 as of yesterday's close.

Galaxy Digital FTX

Parikshit Mishra

Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.