{"id":6399,"date":"2019-01-02T20:12:55","date_gmt":"2019-01-02T20:12:55","guid":{"rendered":"https:\/\/forklog.media\/?p=6399"},"modified":"2019-01-03T08:16:14","modified_gmt":"2019-01-03T08:16:14","slug":"bitcoin-bull-mike-novogratz-increases-stake-in-galaxy-digital","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-bull-mike-novogratz-increases-stake-in-galaxy-digital\/","title":{"rendered":"Bitcoin Bull Mike Novogratz Increases Stake in Galaxy Digital"},"content":{"rendered":"<p>Former Goldman Sachs\u2019 partner Mike Novogratz has invested nearly $5 million more in his crypto-focused merchant bank, Galaxy Digital Holdings, Ltd., increasing his shares in the venture to almost 80%.<!--more--><\/p>\n<p>Novogratz, who also serves as CEO of the bank, purchased 7.5 million ordinary shares of the company, or 2.7 percent of total shares outstanding, for 7.42 million Canadian dollars ($4.8 million), according to a <a href=\"https:\/\/www.sedar.com\/GetFile.do?lang=EN&amp;docClass=8&amp;issuerNo=00023367&amp;issuerType=03&amp;projectNo=02861637&amp;docId=4444224\" target=\"_blank\" rel=\"noopener\">press release<\/a> published on Wednesday, January 2.<\/p>\n<p>The purchase increased his total stake to about 79.3% of Galaxy Digital, which trades on the Toronto Stock Exchange\u2019s TSX Venture Exchange.<\/p>\n<p>Previously, Novogratz \u201cbeneficially owned 213.7 million Class B limited partnership units, representing about 76.6% of ordinary shares assuming conversion.\u201d<\/p>\n<p>Markets responded positively to news of the founder\u2019s increased stake, with shares reportedly rising 7.8% to C$1.43 as of 02:15 PM EST. The stock fell 19 percent last year amid a bear market for crypto investments.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6400\" src=\"http:\/\/forklog.media\/wp-content\/uploads\/2019\/01\/galaxy-stock.png\" alt=\"Bitcoin Bull Mike Novogratz Increases Stake in Galaxy Digital\" width=\"702\" height=\"447\" srcset=\"https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/01\/galaxy-stock.png 702w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/01\/galaxy-stock-300x191.png 300w, https:\/\/forklog.com\/en\/wp-content\/uploads\/2019\/01\/galaxy-stock-470x299.png 470w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/p>\n<p>Galaxy Digital <a href=\"http:\/\/forklog.media\/mike-novogratzs-cryptobank-to-debut-on-canadas-tsx-venture-exchange\/\" target=\"_blank\" rel=\"noopener\">went public<\/a> in August last year through a reverse merger with a listed pharmaceutical company.<\/p>\n<p>In November 2018, Galaxy reported a $76.65 million net loss for the third quarter of 2018. Mike Novogratz commented on the results at the time by saying that it \u201csucks to build a business in a bear market,\u201d but still expressed optimism about the industry and predicted an influx of institutional money into cryptocurrencies in 2019 \u2014 and a resulting bull run.<\/p>\n<p>The same month, Mike Novogratz\u2019s crypto investment bank, <a href=\"http:\/\/forklog.media\/mike-novogratzs-galaxy-digital-refocuses-advisory-services-to-institutional-clients\/\" target=\"_blank\" rel=\"noopener\">Galaxy Digital Capital Management<\/a>, has announced it was repositioning its advisory business from focusing on small ICO advisory and blockchain consulting to instead serve larger, more institutional clients in the space.<\/p>\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>Former Goldman Sachs\u2019 partner Mike Novogratz has invested nearly $5 million more in his crypto-focused merchant bank, Galaxy Digital Holdings, Ltd., increasing his shares in the venture to almost 80%.<\/p>\n","protected":false},"author":1,"featured_media":6409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[770,52,769],"class_list":["post-6399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-galaxy-digital","tag-investments","tag-mike-movogratz"],"aioseo_notices":[],"amp_enabled":true,"views":"372","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/6399","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=6399"}],"version-history":[{"count":3,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/6399\/revisions"}],"predecessor-version":[{"id":6403,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/6399\/revisions\/6403"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/6409"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=6399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=6399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=6399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}