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.

Nov 10, 2022 at 12:48 p.m. UTC

Updated Nov 10, 2022 at 4:03 p.m. UTC

CDCROP: Galaxy Digital CEO Mike Novogratz talks to Bloomberg's Haslinda Amin at the Token 2049 conference in Singapore. Sept. 2022 (Sam Reynolds/CoinDesk) — (Sam Reynolds/CoinDesk)

Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.

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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.

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.

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