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Novogratz’s Crypto Bank Makes Belated Debut After Plunge

  • Galaxy Digital to start trading Aug. 1 on Canadian exchange
  • Founder Novogratz predicts profit by second quarter of 2019
Bloomberg business news
Galaxy Digital CEO Mike Novogratz talks about the challenges of listing shares of his crypto merchant bank.(Source: Bloomberg)
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Mike Novogratz is past the point of no return.

Two days from now, his cryptocurrency-focused merchant bank, Galaxy Digital LP, will start trading on Toronto’s TSX Venture Exchange. It should be a triumphant moment for the former Goldman Sachs Group Inc. partner and a milestone for the industry, yet Novogratz is having second thoughts. He reflects on the "frustrating" demands of Canadian regulators that dragged out Galaxy’s listing for months and trapped his investors as Bitcoin collapsed and crypto fever cooled.