Bitcoin and other cryptocurrencies have suffered mutilation at the hands of the bear last year but Michael Novogratz stands tall and fearless as he ups his stake in TSX Venture Exchange registered company, Galaxy Digital Holdings Ltd.
Novogratz, the founder and CEO of Galaxy Digital Holdings Ltd. acquired 7.5 million ordinary shares which are worth $5.5 million in total. This number represents a total of 2.7% of the recently issued stocks.
According to the press release, Novogratz owned 213 million units of the ordinary stocks, which was 76.6%. With the recently acquired stocks, Novogratz now owns almost 80% of the stock for the aforementioned company.
The press release also stated:
“Following the acquisition of the Shares, Mr. Novogratz owns and controls, directly or indirectly, on a fully converted basis, 221,196,768 Ordinary Shares, representing approximately 79.3% of the issued and outstanding Ordinary Shares (assuming conversion of the GDH B Units held by Mr. Novogratz) as of December 31, 2018.”
Since the acquisition, the stocks of Galaxy Digital Holdings Ltd have risen by a maximum of 41% as stocks rose from C$1 to C$1.41, at the time of writing. Galaxy Digital went public last year after it partnered with a shell company and underwent a reverse merger.
The news seemed to have propelled the company’s stock prices. The community has also gained confidence in cryptocurrencies with this bold move made by Novogratz.
Drew, a Twitter user commented:
“Global Sales Leader in Technology & Communications and you’re saying buying solid blockchain projects at these levels is following him off a cliff? Ok then buddy.”
Another user, Ajit Tripathi commented:
“Smart man… @novogratz gonna clean up the table in the next #crypto boom that’s on the way”