“Goldman Sachs For Crypto” to Make Public Debut
Galaxy Digital LP, set up by famous Wall Street banker and crypto enthusiast Mike Novogratz, is set to debut for public trading on the Toronto’s TSX Venture Exchange on August 1.
Galaxy Digital is set up to be a “full service, digital assets merchant bank,” or what some has described as the “Goldman Sachs for crypto.” The four business areas the new merchant bank will focus on are trading of digital assets, investments in blockchain-related companies, investment management, and client advisory.
The company will commence trading under the name Galaxy Digital Holdings Ltd., with ticker code GLXY. According to Novogratz, he ultimately wants the company to be traded globally, with future listings being planned for the stock exchanges in Frankfurt, London, and Hong Kong, Bloomberg reported. He further estimates that the new company will become profitable as soon as the second quarter of 2019.
Galaxy sold shares to investors in a private placement at USD 0.05 apiece in January, while bitcoin prices were still near all-time highs. Novogratz, however, remains confident that bitcoin prices will rebound this year.
“I think we actually are in the bottom of the market. Part of this is the anticipation of an ETF [Exchange traded fund] that will hopefully get approved. If that ETF gets approved in a few weeks, we will go to USD 10,000. I don't think we get through USD 10,000 because there is a big ceiling over there,” the former Goldman Sachs partner explained to Bloomberg.
[URL="https://cryptonews.com/news/novogratz-finds-new-crypto-startup-to-invest-in-2317.htm"]As reported on previously[/URL], Galaxy Digital has already made several high-profile investments, including virtual reality firm [B]High Fidelity[/B] and tokenized asset platform [B]AlphaPoint[/B]. However, the company made an USD 134 million loss in Q1 this year, largely due to declining cryptocurrency prices.