Novogratz Raises $250 Million for Crypto Merchant Bank

Mike Novogratz, the former Wall Street macro trader, raised about $250 million for his cryptocurrency merchant bank during one of the biggest routs yet in Bitcoin, according to a person familiar with the deal.

Terry Gou, the billionaire chief executive officer of China’s Foxconn, is among the investors in the private placement, said the person, who asked not to be identified because the transaction isn’t public. Investors committed to buy shares of Novogratz’s firm, Galaxy Digital LP, through a holding company that eventually will trade on Toronto’s TSX Venture Exchange, according to the person.