Mike Novogratz, the Ex-Goldman Sachs partner has raised the shares of the Galaxy Digital, a crypto-focused merchant bank founded by him, as per reports on Jan 2.
He is the founder and the CEO of the Galaxy Digital Holdings Ltd.; currently owns 221.2 million ordinary shares, which depicts around 79.3% of ordinary shares based on their conversion. Earlier, he owned 213.7 million Class B limited partnership units, showing around 76.6% of ordinary shares assuming conversion.
As per the statement released by Bloomberg, Novogratz has purchased 7.5 million ordinary shares, which shows around 2.7% of issued and outstanding ordinary shares at a price of C$7.42 million ($5.5 million). He has purchased shares from TSX Venture Exchange registered company.
As per reports, Galaxy Digital Holdings Ltd. has been added to Canada's TSX Venture Exchange as of August 2018, including the trading of the company's shares reaching new heights. Markets remained positive after the acquisition of a new stake by founder, with shares increasing about 7.8% to C$1.11. According to Bloomberg, shares of the banks are decreased about 19% in entire 2018 due to long cryptocurrency bear market.
It took 8 months for CEO to list his bank on the TSX Venture Exchange. As the firm doesn't have the audited financials of the last two years which are needed for a United States initial stock exchange, Novogratz planned to list his bank by following a reverse approach, which is to merge his fledgling bank with an already listed TSX-listed shell company.
Even when crypto-markets is continuously falling down, Novogratz has mostly expressed optimism this winter about the markets, especially about Bitcoin saying that he doesn't expect the coin's price to fall much further in 2019. In the first three quarters of 2018, Galaxy Digital has knowingly and unknowingly reported losses of $136million.