Chief executive officer and founder of merchant bank Galaxy Digital, Mike Novogratz, has increased his portion of shares in the firm to nearly 80%.
Unpeterbed by Galaxy Digital‘s 19% loss in share value over 2018, Novogratz has reportedly purchased an additional 7.5 million ordinary shares in the company worth around USD 4.8 million. This represents 2.7% of the aggregate shares in the company, bringing his total stake in the stock to 79.3%.
Since New York-based Galaxy Digital Holdings Ltd. was first listed on Canada’s TSX Venture Exchange in August 2018, the cryptocurrency bear market influenced their poor market performance as the bank places a heavy focus on cryptocurrency and blockchain technologies. Ex-Goldman Sachs’ partner Novogratz, however, has continued to insist the market direction will change in 2019, predicting institutional investors will bring ”new highs” to Bitcoin’s price.
Novogratz’s move has succeeded in boosting the price of Galaxy Digital shares for now at least, with their value up 36% at the time of press, reaching USD 1.36 according to MarketWatch.
The ex-hedge fund manager of the Fortress Investment Group has been a longtime proponent of cryptocurrency, with around 20% of his net worth said to be distributed between Bitcoin and Ethereum.
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