Difference between revisions of "Galaxy Digital"

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Galaxy Digital Digital Holdings Ltd. is an investment company that seeks to institutionalize the digital asset and [[blockchain]] space, providing asset management, [http://www.marketswiki.com/wiki/Investing investing], advisory and trading services.<ref>{{cite web|url=https://www.linkedin.com/company/galaxydigital/|name=Galaxy Digital|org=Linkedin|date=November 14, 2018}}</ref><ref>{{cite web|url=https://www.galaxydigital.io/about/|name=About Us|org=Galaxy Digital|date=November 14, 2018}}</ref> The company is listed on the TSX (Toronto Stock Exchange) Venture Exchange with the symbol GLXY.  
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Galaxy Digital Digital Holdings Ltd. is an investment company that seeks to institutionalize the digital asset and [[blockchain]] space, providing asset management, [http://www.marketswiki.com/wiki/Investing investing], advisory and trading services as well as making principal investments.<ref>{{cite web|url=https://www.linkedin.com/company/galaxydigital/|name=Galaxy Digital|org=Linkedin|date=November 14, 2018}}</ref><ref>{{cite web|url=https://www.galaxydigital.io/about/|name=About Us|org=Galaxy Digital|date=November 14, 2018}}</ref> The company is listed on the TSX (Toronto Stock Exchange) Venture Exchange with the symbol GLXY.  
  
== History ==
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== Overview ==
  
 
Galaxy Digital was founded by [[Michael Novogratz]] in January 2018. Since then, it has entered into business partnership with several companies to create institutional-grade [[cryptocurrency]] and blockchain products and services.<ref>{{cite web|url=https://www.galaxydigital.io/about/|name=About Us|org=Galaxy Digital|date=November 14, 2018}}</ref>
 
Galaxy Digital was founded by [[Michael Novogratz]] in January 2018. Since then, it has entered into business partnership with several companies to create institutional-grade [[cryptocurrency]] and blockchain products and services.<ref>{{cite web|url=https://www.galaxydigital.io/about/|name=About Us|org=Galaxy Digital|date=November 14, 2018}}</ref>
  
The company announced a joint venture with [[Block.one]] in late January 2018 to create a $325 million fund to develop the [[EOS]] digital ecosystem.<ref>{{cite web|url=https://block.one/news/block-one-and-mike-novogratzs-galaxy-digital-announce-joint-venture-for-new-325-million-eos-io-fund/|name=Block.one and Mike Novogratz’s Galaxy Digital Announce Joint Venture for New $325 million EOSIO Fund|org=Block.one|date=November 14, 2018}}</ref>
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The company announced a joint venture with [[Block.one]] in late January 2018 to create a $325 million fund to develop the [[EOS]] digital ecosystem.<ref>{{cite web|url=https://block.one/news/block-one-and-mike-novogratzs-galaxy-digital-announce-joint-venture-for-new-325-million-eos-io-fund/|name=Block.one and Mike Novogratz’s Galaxy Digital Announce Joint Venture for New $325 million EOSIO Fund|org=Block.one|date=November 14, 2018}}</ref> In June 2018, Galaxy Digital partnered with High Fidelity, an [[open-source]] [[distributed ledger]] virtual reality gaming platform.<ref>{{cite web|url=https://www.prnewswire.com/news-releases/high-fidelity-raises-35m-to-bring-virtual-reality-to-1-billion-people-300673807.html|name=High Fidelity Raises $35M to Bring Virtual Reality to 1 Billion People|org=High Fidelity|date=November 14, 2018}}</ref>  
 
 
In June 2018, Galaxy Digital partnered with High Fidelity, an [[open-source]] [[distributed ledger]] virtual reality gaming platform.<ref>{{cite web|url=https://www.prnewswire.com/news-releases/high-fidelity-raises-35m-to-bring-virtual-reality-to-1-billion-people-300673807.html|name=High Fidelity Raises $35M to Bring Virtual Reality to 1 Billion People|org=High Fidelity|date=November 14, 2018}}</ref>  
 
  
In July, the company announced a partnership with BlockFi, a company that offers fiat currency loans to digital asset holders to collateralize their loans with crypto. Galaxy Digital invested $52.5 million in [http://www.marketswiki.com/wiki/Venture_capital venture capital].<ref>{{cite web|url=https://blockfi.com/mission|name=We are elevating these lending markets to a level of sophistication that meets the rapidly changing needs of retail investors and institutions|org=BlockFi|date=November 14, 2018}}</ref><ref>{{cite web|url=https://blog.blockfi.com/blockfi-raises-52-5-million-with-galaxy-digital-ventures/|name=BlockFi Raises $52.5 Million with Galaxy Digital Ventures LLC|org=High Fidelity|date=November 14, 2018}}</ref> Later that month, the company announced that, mostly due to declining prices of crypto assets, it had lost $134 million in Q1 of 2018.<ref>{{cite web|url=https://www.coindesk.com/crypto-bank-galaxy-digital-loses-134-million-in-first-quarter-of-2018|name=Crypto Bank Galaxy Digital Loses $134 Million in Q1|org=Coindesk|date=November 14, 2018}}</ref>   
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In July 2018, the company announced a partnership with BlockFi, a company that offers fiat currency loans to digital asset holders to collateralize their loans with crypto. Galaxy Digital invested $52.5 million in [http://www.marketswiki.com/wiki/Venture_capital venture capital].<ref>{{cite web|url=https://blockfi.com/mission|name=We are elevating these lending markets to a level of sophistication that meets the rapidly changing needs of retail investors and institutions|org=BlockFi|date=November 14, 2018}}</ref><ref>{{cite web|url=https://blog.blockfi.com/blockfi-raises-52-5-million-with-galaxy-digital-ventures/|name=BlockFi Raises $52.5 Million with Galaxy Digital Ventures LLC|org=High Fidelity|date=November 14, 2018}}</ref> Later that month, the company announced that, mostly due to declining prices of crypto assets, it had lost $134 million in Q1 of 2018.<ref>{{cite web|url=https://www.coindesk.com/crypto-bank-galaxy-digital-loses-134-million-in-first-quarter-of-2018|name=Crypto Bank Galaxy Digital Loses $134 Million in Q1|org=Coindesk|date=November 14, 2018}}</ref>   
  
In November 2018, Galaxy Digital announced that it had hired Ian Taylor, former real estate banker from [http://www.marketswiki.com/wiki/Goldman_Sachs_Group,_Inc. Goldman Sachs], to help run a new branch of Galaxy's business involving the [[tokenization]] of real estate.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-11-13/novogratz-s-crypto-firm-turns-to-tokenization-of-real-estate|name=Novogratz's Crypto Firm Turns to Tokenization of Real Estate|org=Bloomberg|date=November 14, 2018}}</ref> The same month, Galaxy Digital reported a $76.65 million loss for Q3 of 2018.<ref>{{cite web|url=https://www.coindesk.com/mike-novogratzs-galaxy-digital-reports-76-million-q3-loss
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That November Galaxy Digital announced it had hired Ian Taylor, former real estate banker from [http://www.marketswiki.com/wiki/Goldman_Sachs_Group,_Inc. Goldman Sachs], to help run a new branch of Galaxy's business involving the [[tokenization]] of real estate.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-11-13/novogratz-s-crypto-firm-turns-to-tokenization-of-real-estate|name=Novogratz's Crypto Firm Turns to Tokenization of Real Estate|org=Bloomberg|date=November 14, 2018}}</ref> The same month, Galaxy Digital reported a $76.65 million loss for Q3 of 2018.<ref>{{cite web|url=https://www.coindesk.com/mike-novogratzs-galaxy-digital-reports-76-million-q3-loss
 
|name=Mike Novogratz’s Galaxy Digital Reports $76 Million Q3 Loss|org=Coindesk|date=November 30, 2018}}</ref> Ten months later, in September 2019, in a recorded podcast interview Novogratz told The Block Crypto, "There’s a few different type of businesses that we’ve looked at helping raise capital for a mining project or for new venture businesses so there can be a capital raising." He also said, "We’re working on a really large real estate transaction that if it got done would be a big big deal for the whole space."<ref>{{cite web|url=https://www.theblockcrypto.com/linked/40541/galaxy-digital-is-advising-on-a-really-large-real-estate-deal|name=Galaxy Digital is advising on a "really large" real estate deal|org=The Block Crypto|date=November 19, 2019}}</ref> By November 19, 2019, the company had not publicly announced any real estate transactions.<ref>{{cite web|url=https://www.galaxydigital.io/investor-relations/press-releases/|name=Press Releases|org=Galaxy Digital|date=November 19, 2019}}</ref>
 
|name=Mike Novogratz’s Galaxy Digital Reports $76 Million Q3 Loss|org=Coindesk|date=November 30, 2018}}</ref> Ten months later, in September 2019, in a recorded podcast interview Novogratz told The Block Crypto, "There’s a few different type of businesses that we’ve looked at helping raise capital for a mining project or for new venture businesses so there can be a capital raising." He also said, "We’re working on a really large real estate transaction that if it got done would be a big big deal for the whole space."<ref>{{cite web|url=https://www.theblockcrypto.com/linked/40541/galaxy-digital-is-advising-on-a-really-large-real-estate-deal|name=Galaxy Digital is advising on a "really large" real estate deal|org=The Block Crypto|date=November 19, 2019}}</ref> By November 19, 2019, the company had not publicly announced any real estate transactions.<ref>{{cite web|url=https://www.galaxydigital.io/investor-relations/press-releases/|name=Press Releases|org=Galaxy Digital|date=November 19, 2019}}</ref>
  
 
In January 2019, Galaxy participated in a series B round of investment for [[Symbiont]]. The round was led by [[Nasdaq]] and [[Citigroup Inc.]].<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2019-01-23/nasdaq-citi-join-novogratz-in-funding-blockchain-firm-symbiont?srnd=premium-europe|name=Nasdaq, Citi Join Novogratz in Funding Blockchain Firm Symbiont|org=Bloomberg|date=January 24, 2019}}</ref>  
 
In January 2019, Galaxy participated in a series B round of investment for [[Symbiont]]. The round was led by [[Nasdaq]] and [[Citigroup Inc.]].<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2019-01-23/nasdaq-citi-join-novogratz-in-funding-blockchain-firm-symbiont?srnd=premium-europe|name=Nasdaq, Citi Join Novogratz in Funding Blockchain Firm Symbiont|org=Bloomberg|date=January 24, 2019}}</ref>  
  
In late April 2019, referring to the battle of Winterfell in the "Game of Thrones's" ''The Long Night'', Novogratz told online cryptocurrency industry publication The Block Crypto that the final quarter of the year for the crypto industry “felt a little bit like watching Game of Thrones last night."<ref>{{cite web|url=https://cointelegraph.com/news/galaxy-digital-posts-net-loss-of-2727-million-for-2018?utm_source=newsletter1&utm_medium=email|name=Galaxy Digital Posts Net Loss of $272.7 Million for 2018|org=CoinTelegraph|date=April 29, 2019}}</ref> Novogratz discolosed a $97 million loss for the quarter bringing the full year loss to $272.7 million for 2018.<ref>{{cite web|url=https://www.coindesk.com/novogratzs-galaxy-digital-crypto-fund-lost-272-7-million-in-2018|name=Novogratz’s Galaxy Digital Crypto Fund Lost $272.7 Million in 2018|org=CoinDesk|date=April 29, 2019}}</ref>
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In late April 2019, referring to the battle of Winterfell in HBO's "Game of Thrones's" ''The Long Night'', Novogratz told online cryptocurrency industry publication ''The Block Crypto'' that the final quarter of the previous year for the crypto industry “felt a little bit like watching Game of Thrones last night."<ref>{{cite web|url=https://cointelegraph.com/news/galaxy-digital-posts-net-loss-of-2727-million-for-2018?utm_source=newsletter1&utm_medium=email|name=Galaxy Digital Posts Net Loss of $272.7 Million for 2018|org=CoinTelegraph|date=April 29, 2019}}</ref> Novogratz discolosed a $97 million loss for the quarter bringing the full year loss to $272.7 million for 2018.<ref>{{cite web|url=https://www.coindesk.com/novogratzs-galaxy-digital-crypto-fund-lost-272-7-million-in-2018|name=Novogratz’s Galaxy Digital Crypto Fund Lost $272.7 Million in 2018|org=CoinDesk|date=April 29, 2019}}</ref>
  
 
On November 19, 2019, the company announced the launch of two new bitcoin investment funds open only to accredited investors and institutions: Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. The funds will use [[Bakkt]] and [[Fidelity Digital Assets]] as custodians.<ref>{{cite web|url=https://www.prnewswire.com/news-releases/galaxy-digital-launches-bitcoin-funds-300960254.html|name=Galaxy Digital Launches Bitcoin Funds|org=PR Newswire|date=November 19, 2019}}</ref> Novogratz told Bloomberg, “You are seeing Bitcoin way outperform other coins right now, and I think that will continue until these coins start to get used for things. You also get more credentialed people -- there are probably 20 billionaires I could name that made their money outside of crypto and are in crypto now. Every speculative asset needs people to tell the story, and people are buying the story.”<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2019-11-19/mike-novogratz-wants-to-bring-bitcoin-to-the-1-with-new-funds|name=Mike Novogratz Wants to Bring Bitcoin to the 1% With New Funds|org=Bloomberg|date=November 19, 2019}}</ref>
 
On November 19, 2019, the company announced the launch of two new bitcoin investment funds open only to accredited investors and institutions: Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. The funds will use [[Bakkt]] and [[Fidelity Digital Assets]] as custodians.<ref>{{cite web|url=https://www.prnewswire.com/news-releases/galaxy-digital-launches-bitcoin-funds-300960254.html|name=Galaxy Digital Launches Bitcoin Funds|org=PR Newswire|date=November 19, 2019}}</ref> Novogratz told Bloomberg, “You are seeing Bitcoin way outperform other coins right now, and I think that will continue until these coins start to get used for things. You also get more credentialed people -- there are probably 20 billionaires I could name that made their money outside of crypto and are in crypto now. Every speculative asset needs people to tell the story, and people are buying the story.”<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2019-11-19/mike-novogratz-wants-to-bring-bitcoin-to-the-1-with-new-funds|name=Mike Novogratz Wants to Bring Bitcoin to the 1% With New Funds|org=Bloomberg|date=November 19, 2019}}</ref>
 
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On February 13, 2020, ''CoinDesk'' reported that in January the company had laid off 15% of its staff, 13 employees. The cuts occurred throughout the company and no business operations were discontinued as a result of the cuts, according to ''CoinDesk.'' A spokesperson for Galaxy Digital declined to comment.<ref>{{cite web|url=https://www.coindesk.com/novogratzs-crypto-investment-firm-galaxy-digital-shrinks-workforce-15|name=Novogratz’s Crypto Investment Firm Galaxy Digital Shrinks Workforce 15%|org=CoinDesk|date=January 14, 20120}}</ref>
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== Key People ==
 
== Key People ==
  

Latest revision as of 11:14, 14 February 2020

Galaxy Digital Holdings Ltd.
Galaxy digital-jpg.jpg
Founded 2018
Headquarters New York, NY
Key People Michael Novogratz, Founder and CEO; Rich Tavoso, President; Julie Coin, COO; Steve Kelso, Head of Europe
Employees 50-200
Products Digital asset trading services, asset management, investment mangagement
LinkedIn Profile
Website Galaxy Digital Home
Releases Company News

Galaxy Digital Digital Holdings Ltd. is an investment company that seeks to institutionalize the digital asset and blockchain space, providing asset management, investing, advisory and trading services as well as making principal investments.[1][2] The company is listed on the TSX (Toronto Stock Exchange) Venture Exchange with the symbol GLXY.

Overview

Galaxy Digital was founded by Michael Novogratz in January 2018. Since then, it has entered into business partnership with several companies to create institutional-grade cryptocurrency and blockchain products and services.[3]

The company announced a joint venture with Block.one in late January 2018 to create a $325 million fund to develop the EOS digital ecosystem.[4] In June 2018, Galaxy Digital partnered with High Fidelity, an open-source distributed ledger virtual reality gaming platform.[5]

In July 2018, the company announced a partnership with BlockFi, a company that offers fiat currency loans to digital asset holders to collateralize their loans with crypto. Galaxy Digital invested $52.5 million in venture capital.[6][7] Later that month, the company announced that, mostly due to declining prices of crypto assets, it had lost $134 million in Q1 of 2018.[8]

That November Galaxy Digital announced it had hired Ian Taylor, former real estate banker from Goldman Sachs, to help run a new branch of Galaxy's business involving the tokenization of real estate.[9] The same month, Galaxy Digital reported a $76.65 million loss for Q3 of 2018.[10] Ten months later, in September 2019, in a recorded podcast interview Novogratz told The Block Crypto, "There’s a few different type of businesses that we’ve looked at helping raise capital for a mining project or for new venture businesses so there can be a capital raising." He also said, "We’re working on a really large real estate transaction that if it got done would be a big big deal for the whole space."[11] By November 19, 2019, the company had not publicly announced any real estate transactions.[12]

In January 2019, Galaxy participated in a series B round of investment for Symbiont. The round was led by Nasdaq and Citigroup Inc..[13]

In late April 2019, referring to the battle of Winterfell in HBO's "Game of Thrones's" The Long Night, Novogratz told online cryptocurrency industry publication The Block Crypto that the final quarter of the previous year for the crypto industry “felt a little bit like watching Game of Thrones last night."[14] Novogratz discolosed a $97 million loss for the quarter bringing the full year loss to $272.7 million for 2018.[15]

On November 19, 2019, the company announced the launch of two new bitcoin investment funds open only to accredited investors and institutions: Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. The funds will use Bakkt and Fidelity Digital Assets as custodians.[16] Novogratz told Bloomberg, “You are seeing Bitcoin way outperform other coins right now, and I think that will continue until these coins start to get used for things. You also get more credentialed people -- there are probably 20 billionaires I could name that made their money outside of crypto and are in crypto now. Every speculative asset needs people to tell the story, and people are buying the story.”[17]

On February 13, 2020, CoinDesk reported that in January the company had laid off 15% of its staff, 13 employees. The cuts occurred throughout the company and no business operations were discontinued as a result of the cuts, according to CoinDesk. A spokesperson for Galaxy Digital declined to comment.[18]

Key People

  • Michael Novogratz - Founder and CEO
  • Christopher Ferraro - President
  • Steve Kelso - Head of Europe

References