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Mike Novogratz Increases Stake in Galaxy Digital to 80%

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The former partner of Goldman Sachs Mike Novogratz has boosted his shares of Galaxy Digital, the crypto-focused merchant bank he established, according to a report on Bloomberg.

Novogratz, who also functions as CEO of the bank, now supposedly owns 221.2 million ordinary shares which marks an estimated 79.3% of ordinary shares.

Initially, he “beneficially owned 213.7 million Class B limited partnership units, representing about 76.6% of ordinary shares assuming conversion.”

A statement made earlier in the week indicated that the CEO purchased his 7.5 million new shares — which make for 2.7 percent of those issued and outstanding — at a price of C$7.42 million or $4.8 million.

Galaxy Digital Holdings Ltd. has been documented on Canada’s TSX Venture Exchange with trading of the firm’s shares getting off to a sluggish start. Markets responded well to the development of the founder’s raised stake, with shares rising 7.8 percent to C$1.11 earlier in the day. Bloomberg cited that shares in the bank had dropped roughly 19 percent over 2018 in the middle of the protracted cryptocurrency bear market.

With the market still on shaky ground, Novogratz has continued to wax optimism about crypto markets, specifically about Bitcoin (BTC), exclaiming that he does not think the coin’s price would tumble any further.

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