Mike Novogratz, who is a known bitcoin bull and the CEO of Digital Galaxy Holdings Ltd., a cryptocurrency investment firm has increased his stake on the company from 76% to around 80%
Michael Edward Novogratz is an ex-hedge fund manager, formerly of the investment firm Fortress Investment Group. He was ranked a billionaire by Forbes in 2007 and 2008. Before joining Fortress, he was a partner at Goldman Sachs where he spent much time abroad including leadership roles in Asia and Latin America.
Mike Novogratz, being the bitcoin bull predicted the price of BTC to reach 10K on fall of 2018 but missed it by more than 50%. But still, he is bullish in the crypto space, and we can see that by his current moves.
His firm, Digital Galaxy had an estimated loss of $136 million in cryptocurrency trading, in the first nine months of 2018 alone. The shares of Digital Galaxy lost almost 20% in 2018. Though with this recent purchase, shares rose, thus ensuring the market took this as a positive sign.
Earlier, Mike owned around 213Million Shares of Galaxy holding and now, after his latest purchase of around 7.5Million more shares has made his exclusive ownership to approximately 80% of the total shares of Galaxy Holding. This costed him around 7.4Million Canadian Dollar, which amounts to about 5.5Million US Dollars.
Currently, Digital Galaxy’s Shares are traded on Canada’s TSX Venture Exchange. He did a Reverse Takeover by merging his new company Digital Galaxy, with an already TSX listed shell company to list it on TSX, which took him around eight months.
What do you think? Whether this was a smart move from Mike Novogratz? Or he is just relying on his emotion? Share your thoughts in the comment section!