$5M Well Spent As Novogratz Buys Another 2.7% of His Galaxy Digital Crypto Fund

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

According to a press release on Wednesday, the CEO bought 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).

With the new shares bought, his total stake automatically increases to about 79.3 percent of Galaxy, which trades on the Toronto Stock Exchange’s TSX Venture Exchange.

It would be recalled that the company’s stocks fell 19 percent last year amid a bear market for crypto investments. In November, however, the firm reported a $76.65 million net loss for the third quarter of 2018.

Meanwhile, as at Press Time on Wednesday morning, Galaxy’s stock has gone up by 21.36 percent, reaching 1.25 Canadian dollars

Novogratz who had expressed sadness over the poor performance of stocks in 2018, saying it “sucks to build a business in a bear market,” however, expressed optimism about the industry and predicted an influx of institutional money into cryptocurrencies in 2019 — and a resulting bull run.

Recall that Galaxy went public in 2018, through a reverse merger with a listed pharmaceutical company.

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