Ex-Goldman Sachs partner, crypto bull and founder of Galaxy Digital, Mike Novogratz steps up his crypto game by buying up 80% of shares from his crypto firm, Galaxy Digital.
Upon leaving the Wall Street giant, Fortress Investments in 2015, Novogratz found Bitcoin (BTC) and has been heavily supporting the nascent asset class ever since. The experienced investor became head over heels for Bitcoin and crypto, which led to the launch of his own crypto-centric company, Galaxy Digital Holdings Ltd.
Galaxy Digital is a multi-service merchant bank dedicated to the digital assets and blockchain technology industry. Its services include asset management, principal investments, trading, and advisory services for digital assets and blockchain technology.
The crypto firm is headquartered in New York but listed on the Toronto Stock Exchange as GLXY.TSXV. Previously reported by Bloomberg, Novogratz recently bought 7.5 million ordinary shares of the TSX Venture Exchange registered company for $7.42 million Canadian Dollars or about $5.5 million U.S. Dollars.
The purchase represents about 2.7% of the outstanding ordinary shares and now leaves Novogratz with 221.2 million ordinary shares, which equates to 80% of GLXY stock. The Bitcoin bull can now influence his company in a big way and raises his already substantial investment in the crypto industry.
As the markets woke up to this news, GLXY stock surged going up 40% on the day, and is now valued at $1.32 CAD. However, as noted by Bloomberg, the companies stock had fallen 19% throughout 2018 as a result of the cryptocurrency bear market.
Despite the cryptocurrency bear market which resulted in Novogratz’s trading desk experiencing losses exceeding $175 million in 9 months, the Bitcoin bull investor remains convinced that prices will come back.
In an exclusive interview with Bloomberg, Novogratz jokingly admitted that he was once the pretty face of crypto with multiple good calls and is now the ugly face as he’s made multiple bad calls.
But despite his newfound classification as “ugly face,” Novogratz explained that he still believes in Bitcoin, blockchain technology, and digital assets.
He proclaimed that revolutions don’t happen overnight and that’s exactly what Bitcoin and blockchain technology will eventually accomplish.
Furthermore, when asked if crypto should be viewed as a commodity, Novogratz explained:
I do believe Bitcoin is going to be digital gold. That means it’s the only one of the coins out there that gets to be a legal pyramid scheme. Just like gold is… The fact that David Swensen [Yale University’s chief investment officer] put an investment into Bitcoin, with his reputation on the line, his endowment on the line, tells you something. Some of the smartest people in the investing world think it’s a store of value.
Do you believe in Bitcoin as strongly as Novogratz? Is Novogratz still a reputable person to be listening to? Let us know what you think in the comment section below.
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