RATE Group | Novogratz’s crypto bank makes stock market debut despite bitcoin bear market
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Novogratz’s crypto bank makes stock market debut despite bitcoin bear market

01 Aug Novogratz’s crypto bank makes stock market debut despite bitcoin bear market

Posted at 12:23h in Bitcoin News by

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Cryptocurrency-focused merchant bank Galaxy Digital will start trading on a Canadian stock exchange on Wednesday despite cooling investor interest and falling prices this year.

Former Goldman Sachs macro trader Michael Novogratz launched the company in November, a month before bitcoin hit its all-time high near $20,000. The firm took a $134 million hit in the first quarter, according to its first-ever financial disclosure released in Canada last week. The Manhattan-based firm reported a net loss of $103.3 million on trading, with $13.5 million on digital assets and $85.5 million of unrealized losses on those assets.

Canadian regulators kept the company from listing for eight months, and in the meantime bitcoin lost roughly half its value. Since the company sold shares in a private placement in January, the price of bitcoin has fallen by roughly 50…

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