On August 1, Mike Novogratz’ crypto merchant bank, Galaxy Digital, will begin trading on Toronto’s TSX Exchange, according to a Bloomberg report published Monday.
Novogratz told Bloomberg that the move comes shortly after final approval was granted from Canadian regulators to begin trading, a “frustrating” process given the unexpectedly long amount of time that it took.
“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,” he explained.
Still, “I don’t think it’s a mistake,” he said.
Listing Faced Delays Because of Regulators
The listing process reportedly took such a long time because Galaxy Digital elected to merge with a TSX-listed shell company that resulted in a reverse takeover. Regulators pushed the listing back from April to August in order to spend extra time examining the details of the deal.
Galaxy Digital made headlines earlier this month when it published a report detailing a $134 million loss in its first quarter. The report described $85.5 million as “net unrealized loss” on crypto assets, while the remaining $50 million was lost on operating costs, income, and other investments. Still, Novogratz said that he was “proud” of the progress that Galaxy Digital has made this year.
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Novogratz Believes BTC Could Reach $10,000
Novogratz also believes that the cryptocurrency markets could soon be in recovery. “I think we actually [are] in the bottom of the market. Part of this is the anticipation of an ETF that will hopefully get approved.”
The United States SEC struck down the Winklevoss twins’ application for a Bitcoin ETF last week and is expected to decide on the CBOE’s ETF application in August.
For those of you who think we are in a bear market in crypto/Blockchain, think again. https://t.co/SlNg8ZjjDP
— Michael Novogratz (@novogratz) July 26, 2018
“If that ETF gets approved in a few weeks, we will go to $10,000,” he told Bloomberg. “I don’t think we get through $10,000 cause there is a big ceiling over there. I don’t think we will get through $10,000 until we get custody solutions announced implemented by trusted names.”