{"id":4916,"date":"2018-07-30T20:09:23","date_gmt":"2018-07-30T17:09:23","guid":{"rendered":"https:\/\/forklog.media\/?p=4916"},"modified":"2018-08-02T10:31:52","modified_gmt":"2018-08-02T07:31:52","slug":"mike-novogratzs-cryptobank-to-debut-on-canadas-tsx-venture-exchange","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/mike-novogratzs-cryptobank-to-debut-on-canadas-tsx-venture-exchange\/","title":{"rendered":"Mike Novogratz\u2019s Cryptobank to Debut on Canada\u2019s TSX Venture Exchange"},"content":{"rendered":"<p>In a move that can be considered a major milestone for Bitcoin industry, billionaire Mike Novogratz\u2019 crypto-focused merchant bank, Galaxy Digital LP, is set to begin trading on Toronto\u2019s TSX Venture Exchange on August 1, reports <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-07-30\/novogratz-s-crypto-bank-makes-belated-debut-after-bitcoin-plunge\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">Bloomberg<\/span><\/a>.<!--more--><\/p>\n<p>Novogratz is a former Wall Street macro trader who made hundreds of millions of dollars buying and selling Bitcoin and Ether. He became one of crypto\u2019s most prominent champions and decided in late 2017 to turn the business he\u2019d started in his family office into a full-service merchant bank for the blockchain and crypto community. It would trade virtual currencies, invest in related companies, manage investment funds and advise clients on deals.<\/p>\n<p>Galaxy sold shares at C$5 apiece in a private placement in January, weeks after Bitcoin peaked. The firm, which is based in New York, is finally set to start trading Aug. 1 on the TSX Venture Exchange through a separate vehicle, Galaxy Digital Holdings Ltd., under the GLXY ticker. Novogratz said eventually he intends to seek stock listings in Frankfurt, London and Hong Kong.<\/p>\n<blockquote><p><strong>\u201cWe\u2019re going to be a global company; we want to be globally traded,&#8221;<\/strong> he said.<\/p><\/blockquote>\n<p>In addition to building out his four businesses, Mike Novogratz plans for Galaxy include expanding in Asia and Europe and raising money for a fund based on the Bloomberg Galaxy Crypto Index. Novogratz said he hopes the firm will be cash-flow positive by year-end and predicted it will be profitable on a net-income basis by the second quarter of 2019.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.bloomberg.com\/api\/embed\/iframe?id=8e260fa4-3587-4c9e-8553-99ce5f1d1369\" width=\"560\" height=\"300\" frameborder=\"0\"><\/iframe><\/p>\n<p>The next few weeks may not be smooth sailing though. According to Novogratz, investors could have a tough time putting a value on Galaxy\u2019s illiquid assets and it\u2019s \u201cunrealistic\u201d to expect that the shares will trade at the January price now that Bitcoin has plunged about 40 percent since then and demand for crypto investments has softened.<\/p>\n<p>Hive Blockchain Technologies Ltd. is a case in point. The Vancouver-based crypto miner has plunged 83 percent from its November peak, after it listed last year on the junior bourse via a reverse takeover.<\/p>\n<blockquote><p><strong>\u201cUnfortunately, the Canadian capital markets aren\u2019t roaring anymore,&#8221;<\/strong> Novogratz said.<strong> \u201cI have faith that they will come back.&#8221;<\/strong><\/p><\/blockquote>\n<p>However, Mike Novogratz reflects on the &#8220;frustrating&#8221; demands of Canadian regulators that dragged out Galaxy\u2019s listing for months and trapped his investors as Bitcoin collapsed and crypto fever cooled.<\/p>\n<blockquote><p><strong>\u201cIf I knew what I know now, 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,&#8221; <\/strong>Novogratz added<strong>. \u201cBut I don\u2019t think it\u2019s a mistake.&#8221;<\/strong><\/p><\/blockquote>\n<p>Follow ForkLog on <span style=\"text-decoration: underline;\"><a href=\" https:\/\/twitter.com\/forklog_en\/\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a><\/span> and <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.facebook.com\/forklogen\/\" target=\"_blank\" rel=\"nofollow noopener\"> Facebook<\/a><\/span>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a move that can be considered a major milestone for Bitcoin industry, billionaire Mike Novogratz\u2019 crypto-focused merchant bank, Galaxy Digital LP, is set to begin trading on Toronto\u2019s TSX Venture Exchange on August 1, reports Bloomberg.<\/p>\n","protected":false},"author":1,"featured_media":4917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[771,770,52,769,735],"class_list":["post-4916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-canada","tag-galaxy-digital","tag-investments","tag-mike-movogratz","tag-stock-exchange"],"aioseo_notices":[],"amp_enabled":true,"views":"182","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=4916"}],"version-history":[{"count":4,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4916\/revisions"}],"predecessor-version":[{"id":4921,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4916\/revisions\/4921"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/4917"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=4916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=4916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=4916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}