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Novogratz Raises $250 Million For Brand New Crypto Investment Venture

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Billionaire Mike Novogratz is on the comeback trail and has reportedly raised $250 million for a cryptocurrency investment venture called Galaxy Digital.

According to a report published in Bloomberg, the private placement would allow Novogratz’s new company to trade and manage cryptocurrency assets and provide consultancy services to blockchain firms.

The 53-year old Novogratz was able to raise money even as prices for bitcoin, ether and other cryptocurrencies were collapsing from record highs in December.

Additionally, a report published in Taiwan’s media outlet, Economic Daily News, stated that Terry Gou, founder and CEO of Foxconn (HCM), is one of the participating investors with an $18 million placement in the round.

The reports also say that investors are in fact purchasing Galaxy Digital’s shares through a shell pharmaceutical company, which would allow Novogratz’s company to be listed on a Canadian stock exchange without disclosing its financials.

The news comes as a remarkable return for the high profile Wall Street trader, who departed Fortress Investment Group in 2015 after the firm shut down his $2 billion macro fund.

The former Goldman Sachs Group Inc. partner has since reinvented himself as a cryptocurrency investor and champion for blockchain technology.

It also comes a month after the Novogratz formally revealed the plan of launching Galaxy Digital on January 9.

Yet the venture announced at the time that it would not offer any services to U.S. residents.

Novogratz has become a prominent figure in the cryptocurrency market as he had been insistently bullish about the price of bitcoin as early as 2014.

More recently, he also didn’t waver in his belief in October 2017 that bitcoin would end the year at $10,000.

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