Billionaire investor Mike Novogratz reportedly raised $250m for new investment venture

The firm, dubbed Galaxy Digital, will trade and manage cryptocurrency assets

Billionaire investor Mike Novogratz reportedly raised $250m for new investment venture

One of the most prominent Bitcoin bulls in the financial world, Mike Novogratz, has raised $250 million for his new venture, a cryptocurrency investment firm called Galaxy Digital, Bloomberg has reported. The newswire attributed the information on an unnamed source familiar with the matter.

According to the source, among the investors that participated in the private placement, which Novogratz announced in a January 9 statement, was the founder and chief executive officer of Foxconn, Terry Gou. A separate report by Taiwanese publication Economic Daily News claimed that Gou participated with an $18-million investment.

The Bloomberg report indicated that investors committed to buy shares of Novogratz’s firm through a holding company that will eventually be listed on Toronto’s TSX Venture Exchange. The process also involves a reverse takeover of a Canadian shell company, Bradmer Pharmaceuticals, which will allow Novogratz's firm to go public without disclosing financial statements.

Galaxy Digital marks Novogratz’s official comeback to investment world, after he retired from his role as a fund manager at Fortress Investment Group in 2015. He has since become a successful cryptocurrency investor and an outspoken supporter of digital currencies such as Bitcoin and Ethereum. Last year he made several bullish predictions about Bitcoin, including a forecast that the original cryptocurrency would end 2017 at $10,000. He also said that he expected big financial institutions to soon start offering cryptocurrency-based investment products that would make buying digital coins much easier.

Galaxy Digital will trade and manage digital currency assets and offer consultancy services to blockchain startups.

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