Crypto investment bank Galaxy Digital lost $134 million in the first quarter of 2018, largely due to declining cryptocurrency prices, the company announced in a quarterly earnings report Wednesday.

Galaxy Digital, chaired by billionaire investor Michael Novogratz, said it saw a “net unrealized loss” of $85.5 million on digital assets, and a further $24 million loss on investments, totaling $109.6 million overall in its first-ever quarterly earnings report. The firm also spent $11 million in operating expenses and saw a $13.5 million loss from its income, resulting in roughly $134 million lost in the first quarter, according to the report.

The company only reported the results between January 1 and March 31, and has yet to reveal what its second quarter looked like.

The report confirmed Novogratz’s plan to complete a merger with Canadian companies First Coin Capital Corp. and Bradmer Pharmaceuticals Inc. Galaxy Digital is also still undergoing a process to have its shares listed on a Canadian stock exchange, Bloomberg reported.

Regulators have issued additional demands for the merger, resulting in a delay in getting its shares listed, Bloomberg wrote.

Despite the delay, Novogratz said in a statement that he was “proud” of the progress Galaxy Digital made so far in 2018.

He added:

“We have assembled a world-class team with deep institutional knowledge and expertise and have also made significant strides in scaling our four core business lines. I have complete confidence in our team’s ability to continue driving growth and believe the Company is strategically positioned to help further institutionalize the digital assets and blockchain technology industry.”

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