|Galaxy Digital Holdings Ltd.|
|Headquarters||New York, NY|
|Key People||Michael Novogratz, Founder and CEO; Rich Tavoso, President; Julie Coin, COO; Steve Kelso, Head of Europe|
|Products||Digital asset trading services, asset management, investment mangagement|
|Website||Galaxy Digital Home|
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. The company is listed on the TSX (Toronto Stock Exchange) Venture Exchange with the symbol GLXY.
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.
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. In June 2018, Galaxy Digital partnered with High Fidelity, an open-source distributed ledger virtual reality gaming platform.
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. Later that month, the company announced that, mostly due to declining prices of crypto assets, it had lost $134 million in Q1 of 2018.
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. The same month, Galaxy Digital reported a $76.65 million loss for Q3 of 2018. 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." By November 19, 2019, the company had not publicly announced any real estate transactions.
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." Novogratz discolosed a $97 million loss for the quarter bringing the full year loss to $272.7 million for 2018.
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. 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.”
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.
- Michael Novogratz - Founder and CEO
- Christopher Ferraro - President
- Steve Kelso - Head of Europe
- Galaxy Digital. Linkedin.
- About Us. Galaxy Digital.
- About Us. Galaxy Digital.
- Block.one and Mike Novogratz’s Galaxy Digital Announce Joint Venture for New $325 million EOSIO Fund. Block.one.
- High Fidelity Raises $35M to Bring Virtual Reality to 1 Billion People. High Fidelity.
- We are elevating these lending markets to a level of sophistication that meets the rapidly changing needs of retail investors and institutions. BlockFi.
- BlockFi Raises $52.5 Million with Galaxy Digital Ventures LLC. High Fidelity.
- Crypto Bank Galaxy Digital Loses $134 Million in Q1. Coindesk.
- Novogratz's Crypto Firm Turns to Tokenization of Real Estate. Bloomberg.
- Mike Novogratz’s Galaxy Digital Reports $76 Million Q3 Loss. Coindesk.
- Galaxy Digital is advising on a "really large" real estate deal. The Block Crypto.
- Press Releases. Galaxy Digital.
- Nasdaq, Citi Join Novogratz in Funding Blockchain Firm Symbiont. Bloomberg.
- Galaxy Digital Posts Net Loss of $272.7 Million for 2018. CoinTelegraph.
- Novogratz’s Galaxy Digital Crypto Fund Lost $272.7 Million in 2018. CoinDesk.
- Galaxy Digital Launches Bitcoin Funds. PR Newswire.
- Mike Novogratz Wants to Bring Bitcoin to the 1% With New Funds. Bloomberg.
- Novogratz’s Crypto Investment Firm Galaxy Digital Shrinks Workforce 15%. CoinDesk.