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This is how the company lost $134 million in the first quarter as bitcoin and other cryptocurrencies lost half their value.

The stock opened at 2.75 Canadian dollars on the Toronto’s TSX Venture Exchange under the ticker GLXY. Shares had fallen 20% in the first half hour of trading.

Former Goldman Sachs trader Michael Novogratz launched the company in November, just a month before bitcoin hit its all-time high near $20,000. The firm took a $134 million hit in the first quarter, according to its first-ever financial disclosure released in Canada last week. The Manhattan-based firm reported a net loss of $103.3 million on trading, with $13.5 million on digital assets and $85.5 million of unrealized losses on those assets.

Canadian regulators kept the company from listing for eight months. In the meantime, bitcoin lost roughly half its value. Since the company sold shares in a private placement in January, the price of bitcoin has fallen by roughly 50%.

Despite bitcoin’s price plunge, Novogratz said: “If I knew what I know now, knew the crypto markets were going to swoon as much, and it was going to take so long, I might have stayed private for another year or so and then gone public,” Novogratz said. “But I don’t think it’s a mistake.”

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