Novogratz’s crypto firm Galaxy Digital delays US stock listing to 2022

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Galaxy Digital Holdings, Mike Novogratz’s cryptocurrency funding administration agency, shouldn’t be going public in the USA in late 2021 because the agency beforehand deliberate.

Galaxy Digital has postponed plans for a U.S. itemizing, now anticipating to go public within the first quarter of 2022, the corporate’s founder and CEO, Novogratz, announced Monday.

“We look ahead to our U.S. itemizing and the shut of our BitGo acquisition, which we now anticipate will happen within the first quarter of 2022,” he mentioned.

The U.S. Securities and Change Fee is but to approve Galaxy Digital’s potential itemizing on an American alternate, Galaxy reportedly said.

Novogratz’s crypto funding supervisor can be nonetheless within the strategy of closing the acquisition of cryptocurrency custodian BitGo after initiating the purchase earlier this 12 months. The acquisition is anticipated to shut within the first three months of 2022.

Galaxy Digital formally announced the corporate’s plans for a U.S. itemizing in Might, with Novogratz anticipating the agency to go public within the U.S. within the second half of 2021. The agency didn’t instantly reply to Cointelegraph’s request for remark.

One of many largest crypto funding firms on the earth, Galaxy Digital has already been buying and selling on a serious Canadian inventory alternate. The corporate debuted its first-ever listing on Toronto’s TSX Venture Exchange in August 2018 after buying native crypto startup Coin Capital.

Buying and selling beneath the ticker image GLXY, Galaxy Digital’s inventory has posted vital development just lately, surpassing $40 for the primary time final week. On the time of writing, the inventory is buying and selling at $41, up round 0.2% over the previous 24 hours, based on TSX data.

Supply: Toronto’s TSX Enterprise Change

The information comes amid Galaxy Digital saying its Q3 monetary outcomes on Monday. Its web complete earnings surged to as excessive as $517 million from $42 million over the identical interval final 12 months. Galaxy Digital additionally reported that it managed $3.2 billion in belongings as of October 2021.

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“Because the crypto economic system continues to mature and adoption developments speed up, driving each asset value will increase and larger portions of institutional capital into the area, I’ve by no means been extra bullish about the way forward for our Firm,” Novogratz added.