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Novogratz Buys Another 2.7% of His Galaxy Digital Crypto Fund for $5 Million

Novogratz Buys Another 2.7% of His Galaxy Digital Crypto Fund for $5 Million
By: coindesk.com Posted On: January 02, 2019 View: 15

Novogratz Buys Another 2.7% of His Galaxy Digital Crypto Fund for $5 Million

Michael Novogratz has invested nearly $5 million more in his cryptocurrency venture fund, Galaxy Digital Holdings, Ltd.

The Galaxy CEO 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 press release Wednesday. The purchase increased his total stake to about 79.3 percent of Galaxy, which trades on the Toronto Stock Exchange’s TSX Venture Exchange.

The company’s stock jumped 21.36 percent on the news Wednesday morning, reaching 1.25 Canadian dollars at press time. The stock fell 19 percent last year amid a bear market for crypto investments.

In November, Galaxy reported a $76.65 million net loss for the third quarter of 2018. Novogratz commented on the results at the time by saying that it “sucks to build a business in a bear market,” but still expressed optimism about the industry and predicted an influx of institutional money into cryptocurrencies in 2019 — and a resulting bull run.

Galaxy went public last year through a reverse merger with a listed pharmaceutical company.

Mike Novogratz at Consensus: Invest 2017, image via Shutterstock

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