RATE Group | Novogratz’s Cryptocurrency Bank Off to a Slippery Start, Drops 20% in One Day
37511
post-template-default,single,single-post,postid-37511,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Novogratz’s Cryptocurrency Bank Off to a Slippery Start, Drops 20% in One Day

03 Aug Novogratz’s Cryptocurrency Bank Off to a Slippery Start, Drops 20% in One Day

Posted at 08:12h in Cryptocurrency News by

[ad_1]

The cryptocurrency merchant Galaxy Digital LP, which began trading on August 1, is off to a rocky start — falling 20 percent per share in just one day. This adds to the company’s estimated loss of about $134 million in the first quarter of 2018 amid a market-wide cryptocurrency crash.

A Bumpy Road

Cryptocurrency merchant bank Galaxy Digital LP, founded by serial investor and Bitcoin bull Mike Novogratz, lost 20 percent of its share price just one day after being publically listed on the Toronto Stock Exchange. The stock opened on Wednesday, August 1 at CAD $2.75 on the Toronto’s TSX Venture Exchange, using the ticker GLXY.

The bad news seems to be piling up for Novogratz, who experienced problems with launching the bank since its originally planned debut back in January. The bank sold shares at the start of the year when the prices of cryptocurrencies were soaring near all-time highs.

Speaking on the matter, the former hedge-fund manager investor told BNN Bloomberg in…

[ad_2]

Source link

Tags:
, , , , , , ,