Toronto: Founded by serial investor and Bitcoin bull Mike Novogratz, the cryptocurrency merchant, Galaxy Digital LP witnessed the slippery start after it started trading on August 1st as its 20 per cent shares plunged in a day’s time only.
With shares slashing down by 20 per cent, the loss of company is estimated to be around $134 million in the first quarter of 2018.
Not a Smooth Path
Mike Novogratz’s digital assets merchant bank after being listed on the Toronto Stock Exchange lost its 20 per cent shares in a day only. It was listed on the Exchange on Wednesday, August 1 and the stock opened at CAD $2.75 on Toronto’s TSX Venture Exchange.
It has not been a smooth path for Novogratz. He has been facing difficulties with the launch of the bank which was originally planned to be launched in January. When the prices of digital currencies were almost at all-time highs, the bank had to sell its shares in the starting of the year itself.
The former hedge-fund manager investor while speaking to BNN Bloomberg in Toronto said, “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.”
Novogratz is still optimistic about digital currencies like Bitcoin (BTC) $736.81 and the crypto market despite of the slippery start and challenges he is facing in his initiative.
His recent tweet advised that a long-term #hodl approach should be adopted as a lot of institutional investors are set to enter the market.
During the Korea Blockchain Week, while talking to Ran Neu-Ner, host of CNBC’s ‘Cryptotrader’ he said that he thinks that the prices of Bitcoin are already at its low. He said, “I think we’ve pretty much bottomed. I’m not positive we bottomed but it feels like we have. […] I do think we are building a nice bottom for the next move up.”