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Mike Novogratz Ups in game in Galaxy Digital to own almost 80% of the shares

Ex-Goldman Sachs' associate, Mike Novogratz, has increased his shares of Galaxy Digital, the merchant bank focused on cryptography he founded, Bloomberg reports on January 2nd.

Novogratz, which also holds the position of managing director of the bank, now owns 221.2 million ordinary shares – representing approximately 79.3% of ordinary shares assuming their conversion.

Previously, as reported, "it owned 213.7 million units of limited partnerships of category B 21.7 million, which represent approximately 76.6% of ordinary shares assuming the conversion".

According to a statement released on Wednesday and reported by Bloomberg, the CEO has purchased its 7.5 million new shares – which represent 2.7% of those issued and in circulation – with a cost of 7.42 million of dollars (4.8 million dollars).

As reported, Galaxy Digital Holdings Ltd. has been listed on the TSX Venture Exchange in Canada since early August, with the company's shares trading beginning to burst. The markets responded positively to the news on the increase of the founder's share, with shares that rose by 7.8% to 1.19 C $ at 10:09 am. As noted by Bloomberg, the bank's shares had declined by about 19% compared to 2018 during the protracted cryptocurrant bear market.

The route to the Galaxy listing on TSX took about eight months. In the absence of the two years of auditing required for an initial US public offering (IPO), Novogratz opted to sell a list for its bank via a so-called "reverse inversion" – joining its bank to first TSX quotations already listed shell companies.

While the markets continue to slow down, Novogratz has nevertheless repeatedly expressed optimism in the winter on the cryptocurrency markets, in particular on Bitcoin (BTC), stating that it does not expect the price of money to continue to fall further. In the first three quarters of 2018, the realized and unrealized losses of Galaxy Digital amounted to $ 136 million.

At the time of printing, the Bitcoin is trading at $ 3.96, almost 5% of the day, according to Cointelegraph's bitcoin price index.

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