Business

Mike Novogratz’s Galaxy Digital eyes US listing in 1st quarter of 2022

In this screengrab, Mike Novogratz poses in front of the camera wearing a black hoodie in a park on October 21, 2020.
Mike Novogratz.

  • Galaxy Digital Holdings now sees its US listing in the first quarter of 2022 instead of the fourth quarter.
  • The crypto asset management firm said it is also expecting to close its acquisition of BitGo by then.
  • Galaxy trades on the Toronto Stock Exchange, after making its debut in 2018 via reverse takeover.
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Galaxy Digital Holdings, the crypto investment management firm of billionaire Mike Novogratz, now sees its US listing in the first quarter of 2022 instead of the fourth quarter this year as initially estimated, the firm announced

The company didn’t give a reason for the change. Galaxy trades on the Toronto Stock Exchange, after making its debut in 2018 when it merged with a local crypto startup via a reverse takeover. 

The New York-based firm also said it is expecting to close the acquisition of BitGo by then. BitGo is a digital asset infrastructure provider startup that it bought for $1.2 billion in cash and stock in May, the first billion-dollar deal in the crypto industry.

The announcements came as Galaxy reported results for its third quarter that ended in September. Net comprehensive income surged to $517 million from $42 million in the same period last year as its coins appreciated. 

As of September 30, Galaxy held about $555.2 million of bitcoin and $261.4 million of ether. It also was managing $3.2 billion in assets as of October.

“Our organic growth demonstrates our continued ability to capitalize on opportunities, said Novogratz, founder and CEO of Galaxy, in a statement. 

The billionaire is one of the more prominent voices in the digital asset space, often touting the benefits and use cases of cryptos, while blasting critics such as JPMorgan top boss Jamie Dimon and Senator Elizabeth Warren. He also at one point claimed that crypto makes up 85% of his wealth

Read the original article on Business Insider

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