The Latest in the Cryptocurrency Market: Mike Novogratz’s Galaxy Digital Holdings Is Pre-IPO
The BitGo acquisition is expected to be closed by the end of 2022, as Galaxy Digital initiated the deal in May. Galaxy Digital Holdings, Mike Novogratz’s cryptocurrency investment management firm, is not going public in the United States in late 2021 because it is pre-IPO.
According to Galaxy Digital’s CEO, Novogratz, the company has postponed plans for a United States listing in favor of going public in the first quarter of 2022.
He said he looked forward to the U.S. listing and the completion of the BitGo acquisition, which he expects will take place in the first quarter of 2022.
A U.S. Securities and Exchange Commission approval of Galaxy Digital’s potential listing on an American exchange has not yet been approved, Galaxy reportedly said.
Galaxy Digital: Novogratz’s Newest Crypto Play
The crypto investment manager of Novogratz is also completing its acquisition of cryptocurrency custodian BitGo after initiating the purchase earlier this year. The acquisition should be completed within the first quarter of 2022.
Novogratz expects Galaxy Digital to go public in the United States in the second half of 2021, after announcing the company’s plans for a US listing in May.
In response to a Cointelegraph request for comment, Galaxy Digital did not immediately respond. One of the largest crypto investment companies in the world, Galaxy Digital has already been trading on a major Canadian stock exchange.
Taking over local crypto startup Coin Capital in August 2018, Coin Capital debuted on Toronto’s TSX Venture Exchange.
Galaxy Digital’s stock, trading under the symbol GLXY, has seen strong growth in recent weeks, surpassing $40 for the first time last week. As of this writing, the stock is trading at $41, up around 0.2% over the past 24 hours, according to TSX data.
Galaxy Digital announced its Q3 financial results on Monday as well.
Galaxy Digital noted a $517 million net comprehensive income for the third quarter of 2021, a big jump from $42 million the same time last year. As of October 2021, Galaxy Digital had $3.2 billion in assets under management.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
