HOLY BLOCKCHAIN! Geeezzzz, we just ran a piece a few days ago that Mike Novogratz (super trader and crypto bull) was going to form a cryptocurrency merchant bank to raise $200M. BUT here we are a few days later and he got........ready for this?.........$250M. That is amazing considering all markets have been under selling pressure and bitcoin (cryptos) has been in a severe rout. So, Mike's Galaxy Digital LP is reflecting and reinforcing the strong demand for the digital asset/cryptocurency sector. Again CONGRATULATIONS! (Bill Taylor, Founding Editor)
"Mike Novogratz, the former Wall Street macro trader, raised about $250 million for his cryptocurrency merchant bank during one of the biggest routs yet in Bitcoin, according to a person familiar with the deal.
Terry Gou, the billionaire chief executive officer of China’s Foxconn, is among the investors in the private placement, said the person, who asked not to be identified because the transaction isn’t public. Investors committed to buy shares of Novogratz’s firm, Galaxy Digital LP, through a holding company that eventually will trade on Toronto’s TSX Venture Exchange, according to the person.
Novogratz, 53, was able to raise money even as prices for Bitcoin, ether and other cryptocurrencies were collapsing from record highs in December. His New York-based merchant bank plans to trade crypto as well as make principal investments, manage assets for other clients and provide advice on blockchain-related ventures
Read more about Novogratz’s plans for a crypto merchant bank
Unlike in an IPO, Galaxy is raising money privately as part of a series of transactions that will allow it go public without disclosing financial statements. The process also involves a reverse takeover of a Canadian shell company, Bradmer Pharmaceuticals Inc.
Novogratz announced the private placement and listing plans in a statement last month. Reached by phone Wednesday, he declined to comment. An email sent to Foxconn outside normal business hours in Asia wasn’t immediately returned..."
Full Story at Bloomberg.com