Galaxy Digital, Mike Novogratz’s crypto-focused merchant bank, will begin trading on Toronto’s TSX Venture Exchange on August 1.
In an interview with Bloomberg, Novogratz, who has an ambitious plan to make Galaxy Digital the “Goldman Sachs of crypto,” said that they received final approval from Canadian regulators to begin trading next month. The crypto-focused merchant bank will trade on the TSX Venture Exchange through a separate vehicle, Galaxy Digital Holdings Ltd., under the GLXY ticker.
According to Novogratz, the process to receive permission has taken a “frustrating” eight months, with Canadian regulators closely scrutinizing the firm and pushing back the final approval for listing from April to August.
“If I knew what I know now, knew the crypto markets were going to swoon as much, and it was going to take so long, I might have stayed private for another year or so and then gone public,” Novogratz said. “But I don’t think it’s a mistake.”
Galaxy Digital raised $250 million in February of this year amid meltdown in the crypto markets. Last week, it was reported that the firm lost $134 million in the first quarter of 2018 due to declining crypto prices. Despite the weak performance, Novogratz still has big plans, saying that he intends to seek stock listings in Frankfurt, London, and Hong Kong.
“We’re going to be a global company, we want to be globally traded,” Novogratz said. “I have complete confidence in our team’s ability to continue driving growth and believe the company is strategically positioned to help further institutionalize the digital assets and blockchain technology industry.”
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