Mike Novogratz’s Crypto Bank Goes Public This Week

One of the world’s richest cryptocurrency owners, Mike Novogratz has reached a new milestone after confirming in a Bloomberg report that his crypto-focused merchant bank will be trading on a Canadian venture exchange from August 1.

Galaxy Digital LP, a merchant bank started by the billionaire in 2017 following the peak Bitcoin period will now trade on Toronto’s TSX Venture Exchange as Galaxy Digital Holdings Ltd under the GLXY ticker. The firm trades cryptocurrency, manage investment funds, invests in crypto-related companies and also provide investment advice for its clients.

Instead of being super happy for the landmark moment, Novogratz seemed to suggest in the interview that he would have waited a little longer to apply for the public listing.

Bitcoin market value and investor interest in cryptocurrencies have plunged since the firm applied to be listed on the exchange, and according to the owner, it would be “unrealistic” to expect that their shares would still sell for the same value it would have sold for in January (around $3.8 apiece).

“If I knew what I know now, (that is) knew the crypto markets were going to swoon as much, and it was going to take so long, I might have stayed private for another year or so and then gone public,” he told Bloomberg.

Looking forward, he alleged that the “listing” was not a mistake and has hopes that the Canadian capital market will bounce back.

Taking The Back Door

Novogratz reportedly settled for seeking a  public listing in Canada, since it would require a two-year record of “audited financials” as well as regulatory approval to achieve a listing on the US stock exchange. It has, however, taken the whole of eight months for Galaxy Digital LP to get listed in Toronto via a “reverse takeover” tactic involving a shell company.

The multi-billionaire now has sights set on making Galaxy Digital LP a “globally traded company” To move in this direction, Novogratz hopes to achieve a stock listing in Frankfurt, Hong Kong, and London in the near future while also expanding its offering to clients in Asia and Europe.

 

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