Galaxy Digital Holdings continued to operate at a loss last quarter as the cryptocurrency market cooled—but an executive shrugged off the news in an earnings call Thursday, citing the potentially massive impact that the incoming Trump presidency could have on its business. And CEO Mike Novogratz described Trump’s reelection as a massive moment for crypto.

The crypto firm reported a net loss of $54 million in the third quarter, marking its second straight quarter operating in the red. The company’s lackluster quarter came amid a steady decline in Ethereum‘s price and falling spot digital asset trading volumes, though the firm noted a rise in revenue despite those market hurdles.

Galaxy’s back-to-back losses—worth a combined $231 million—dragged down its year-to-date net income. Galaxy notched a $422 million profit in the first quarter of 2024 amid a broader crypto market rally that included a then-peak price for Bitcoin in March.

The firm’s net income currently stands at $191 million for the year, as of September 30.

Galaxy Digital Head of Investor Relations Johnathan Goldowski minimized the impact of the losses in a call with investors on Thursday.

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Author: Liz Napolitano