Mike Novogratz’s crypto firm Galaxy Digital listing has been moved to 2022 for the U.S. stock. The firm, which is also one of the world’s largest crypto investment companies, was expected to go public within the United States quite soon. But now, it seems like the market will have to wait until the first quarter of 2022.
The Listing Hurdle
The U.S. Securities and Exchange Commission is yet to approve Galaxy Digital’s listing on American trade. Galaxy Digital’s BitGo acquisition that started in May and is now expected to close in the first three months of 2022 as reported. Thus, the wait is still on.
The C.E.O. and founder, Mike Novogratz, on Monday, announced that.’
“We look forward to our U.S. listing and the close of our BitGo acquisition, which we now expect will occur in the first quarter of 2022.”
May 2021 saw Galaxy Digital announce the company’s plan for a listing in the U.S. The firm had hopes that in the second half of 2021, they would go public. But it was not to be.
Digital’s Market Performance
Galaxy Digital has, however, been trading on a major Canadian Stock exchange for some time now. Its first-ever listing was on Toronto’s TSX Venture Exchange in August 2018, following Coin Capital’s acquisition; a local crypto startup.
Trading under the ticker symbol GLXY, Galaxy Digital’s stock has posted significant growth recently, surpassing $40 for the first-time last week. At the time of writing, the stock is trading at $41, up 0.2% over the past 24 hours, according to TSX data.
“Our organic growth demonstrates our continued ability to capitalize on opportunities, said Mike Novogratz in a statement.
Source: Toronto’s TSX Venture Exchange
This listing news comes amid Galaxy Digital’s announcement of its Q3 financial results on Monday. As from $42 million last year, the company’s net comprehensive income did surge to a high of $517 million this year. Galaxy Digital also announced that as of October 2021 it managed $3.2 billion in assets. And held approximately $555.2 million worth of bitcoin and $261.4 million worth of ether.
“As the crypto economy continues to mature and adoption trends accelerate, driving both asset price increases and greater quantities of institutional capital into the space, I have never been more bullish about the future of our Company,” Novogratz added.
More About Mike
Mike Novogratz is a billionaire with a very prominent voice in the digital asset space.
He often touts the benefits and use cases of cryptos in various platforms while blasting critics such as Jamie Dimon; JP Morgan and Elizabeth Warren; Senator.
At one point Mr Novogratz claimed that crypto makes 85 percent of his wealth.