Mike Novogratz’s Cryptocurrency Bank’s Stock Drops 20 Percent on the Canadian Stock Exchange

Galaxy Digital, Mike Novogratz’s cryptocurrency merchant, has finally been listed on the Canadian stock exchange. The listing has gone ahead despite the tumultuous conditions in the virtual currency market over the course of 2018.

Galaxy Digital Shares Slide 20 Percent in the First Half Hour of Trading

Listed under the ticker GLXY on the Toronto TSX Venture Exchange, Galaxy Digital’s opening stock price stood at 2.75 Canadian dollars. During the first half hour of trading, the GLXY share price dipped by 20 percent. At press time, GLXY is trading at 2.30 Canadian dollars.

Galaxy Digital’s listing in Canada has been a long time coming with regulators in the country delaying the approval for eight months. This waiting period coincided with the 2018 price slump that saw Bitcoin shed more than 60 percent of its value.

Despite the price struggles of BTC, the top-ranked cryptocurrency is still up by more than 180 percent since August 2017. At the start of August 2017, BTC was trading at $2,800.

About Galaxy Digital

Novogratz launched Galaxy Digital, a cryptocurrency-focused merchant bank, in November 2017 before the astronomic BTC price surge of December. In getting approval from Canadian regulators, Novogratz had to navigate a convoluted process that involved buying a local startup and merging via a reverse takeover with a local shell company. The resulting enterprise was renamed Galaxy Digital Holdings Ltd. The company is expected to employ about 70 people.

Recently, it was announced that the firm lost $134 million in the first quarter of 2018. The firm also announced a net loss of $103.3 million as well as $85.5 million of unrealized losses on digital assets.

Novogratz Still Think Cryptocurrency is the Way to Go

The bleeding conditions in the market have not dissuaded Novogratz since the start of the year. Speaking to Bloomberg, the trader said:

“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. But I don’t think it’s a mistake.”

Novogratz has declared that he plans to make Galaxy Digital a globally traded enterprise with cities like Frankfurt, London, and Hong Kong on the radar. The Galaxy chief is also bullish about Bitcoin predicting that the top-ranked cryptocurrency could reach $40,000 by the end of 2018.

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