The loss is almost four times as wide as that of the corresponding quarter a year ago.

The company cited declines in digital asset markets for the result. Bitcoin fell 12% in the second quarter.

Digital asset financial services company Galaxy Digital (GLXY) posted a second-quarter net loss of $177 million, almost four times as wide as the year-earlier period, after crypto markets retreated.

Galaxy saw net realized losses of $161.7 million on its digital asset holdings. Bitcoin slumped 12% in the quarter after surging almost 70% in the previous three months, according to Coinglass data.

For the first half, the New York-based company posted net income of nearly $245 million, an increase of more than 175% on first-half 2023.

Galaxy’s Toronto-traded shares fell 10% on the day to C$14.89 as of 15:07 UTC.

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