Michael Novogratz of the company Galaxy Digital Holdings, Ltd., has increased his investment in the company by $5 million. Novogratz invests five million towards cryptocurrency!
Novogratz purchases 7.5 million shares of his company for 7.42 million Canadian dollars ($4.8 million USD). The latest purchase increases his stake to about 79.3 percent of Galaxy, which trades on the Toronto Stock Exchange.
Galaxy’s stock jumped 21.36 percent when the news released on Wednesday, reaching 1.25 Canadian dollars. The stock fell 19% this time last year amidst a bear market for crypto investments.
In November, Galaxy reported a $76.65 million dollar net loss for the 3rd 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 remained optimistic about the industry. He also predicted an influx of money pouring into cryptocurrency in 2019.
What do you think? Do you agree with Novogratz? Was it a wise move for him to invest in Galaxy?
Big financial institutions know that this will come. That’s why they’re willing to spend money to invest in ways to access this market easier via ErisX. This is why exchanges like Bakkt are highly anticipated. Let us know what your plan of action is. Join us for a prosperous 2019 – this’ll be the best decision you’ve ever made. Let us know what you think on our Facebook page.