Novogratz’s Galaxy Says Asset Management Unit Hit $1.2 Billion
(Bloomberg) -- Billionaire investor Mike Novogratz’s Galaxy Digital Holdings Ltd. said its asset management unit has grown to $1.2 billion after launching new products, including a Bitcoin mutual fund in partnership with Canada’s CI Financial Corp.The company, based in New York but listed in Toronto, said in a statement Wednesday it expects to report income of $325 million for the fourth quarter after the value of Bitcoin and other holdings soared. Galaxy said it disclosed the preliminary results “given the material change in the operating environment of the cryptocurrency and digital sector” since it reported its third quarter.Galaxy Digital is an investment and trading firm that focuses on digital currencies and blockchain companies. Novogratz is trying to place it in the center of an explosion in investor interest in cryptocurrencies and retail funds that hold them.Galaxy’s trading desk is one of several providing Bitcoins for the Purpose Bitcoin ETF, the first-ever approved in North America, which began trading on the Toronto Stock Exchange last week.
Novogratz’s Galaxy Says Asset Management Unit Hit $1.2 Billion
(Bloomberg) -- Billionaire investor Mike Novogratz’s Galaxy Digital Holdings Ltd. said its asset management unit has grown to $1.2 billion after launching new products, including a Bitcoin mutual fund in partnership with Canada’s CI Financial Corp.The company, based in New York but listed in Toronto, said in a statement Wednesday it expects to report income of $325 million for the fourth quarter after the value of Bitcoin and other holdings soared. Galaxy said it disclosed the preliminary results “given the material change in the operating environment of the cryptocurrency and digital sector” since it reported its third quarter.Galaxy Digital is an investment and trading firm that focuses on digital currencies and blockchain companies. Novogratz is trying to place it in the center of an explosion in investor interest in cryptocurrencies and retail funds that hold them.Galaxy’s trading desk is one of several providing Bitcoins for the Purpose Bitcoin ETF, the first-ever approved in North America, which began trading on the Toronto Stock Exchange last week.