Mike Novogratz Doubles-Down on Struggling Galaxy Digital

via ‘Furama’ / Fox

Former Goldman Sachs Partner Michael Novogratz has reportedly doubled down on his initial investment in the cryptocurrency-focused merchant bank Galaxy Digital LP (GLXY).

According to a recent report by Bloomberg, Novogratz, who founded Galaxy Digital and currently serves as its CEO, now owns 221.2 million ordinary shares, representing 79.3% of the company. As revealed in a recent filing, Novogratz acquired 7.5 million ordinary shares of the company for $4.8 million, representing about 2.7% of issued and outstanding ordinary shares.

The market has responded well to the news and shares finished Wednesday up 40% to $1.40 CAD. However, Galaxy is still down around 39% since it conducted the reverse merger with a TSX-listed shell company and went public on August 1.

Novogratz previously described the difficulties building a crypto company during the ongoing bear market, and recent company filings show¬†Galaxy Digital’s net realized and unrealized losses on its trading operation totaled roughly $41 million in the third quarter, bringing losses for the first nine months of the year to $136 million.

More: Novogratz Increases Stake in Galaxy Digital in Wake of Meltdown

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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