Mike Novogratz is showing confidence in his company, Galaxy Digital Holdings. The founder and CEO of the company has bought an additional 7.5 million ordinary shares for C$7.42 million (US$4.8 million).
Galaxy Digital is a cryptocurrency merchant bank that mostly has investments in Bitcoin Core (BTC) and Ether (ETH).
The announcement came from a Galaxy Digital press release on December 31, 2018. With this new investment, Novogratz increases his ownership of the company from 76.6 percent to 79.3 percent.
We last reported on Mr. Novogratz in June 2018, when he invested in AlphaPoint, a crypto exchange startup. Even then, when the cryptocurrency market was already in a downturn, the Galaxy Digital CEO saw positive indicators in job openings, the talent in the industry, and investment, which gave him confidence in his bet. The value of the market has not improved, but this re-investment shows Novogratz still has confidence in the fundamentals of cryptocurrency.
This comes despite Galaxy Digital showing big losses in 2018. In late November, the company reported their losses up until that point in the year amounted to $175.68 million. At that time, Novogratz was quoted as saying “Q1, Q2, if the institutions start coming in, [cryptocurrencies] will put in new highs.” We’re now in the new year, and this new investment comes at the same time Novogratz expected the market to start turning around.
Now that we are at the 10th anniversary of the Bitcoin genesis block, and Bitcoin has been reborn in the original vision of Satoshi as Bitcoin SV (BSV), we can expect there will be plenty of growth for the only coin that scales massively to meet business demands and public adoption.
BSV is the only coin that has reached 65MB blocks already, with bigger to come, and is specifically being built to be business friendly, and ready for mass adoption. If the market starts to turn around as Novogratz expects it to, it’s a safe bet that BSV will be a big winner as investors and users start to take notice.
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