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Michael Novogratz has invested almost $ 5 million more in his cryptocurrency venture fund, Galaxy Digital Holdings, Ltd.
The Galaxy CEO purchased 7.5 million of the company's ordinary shares, or 2.7 percent of the total outstanding shares, for $ 7.42 million ($ 4.8 million), according to a press release on Wednesday. The acquisition increased its total stake to approximately 79.3% of the Galaxy, which operates on the TSX Venture Exchange of the Toronto Stock Exchange.
On Wednesday morning, the company's shares increased by 21.36%, reaching 1.25 Canadian dollars at the time of the press. The stock fell 19 percent last year in a downward market for cryptic investments.
In November, Galaxy reported a net loss of $ 76.65 million for the third quarter of 2018. Novogratz commented on the results at the time saying that "it sucks to build a business in a bear market", but has nevertheless expressed optimism regarding the industry and has foreseen an inflow of institutional money in cryptocurrencies in 2019 and a consequent upward trend.
Galaxy became public last year through a reverse merger with a publicly traded pharmaceutical company.
Mike Novogratz on Consensus: Invest 2017, image via Shutterstock
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