Crypto Hedge Fund to Go Public on Toronto Stock Exchange

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Crypto Hedge Fund to Go Public on Toronto Stock Exchange

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Crypto hedge fund Galaxy Digital, owned by billionaire cryptocurrency enthusiast Mike Novogratz, is going to be listed on the TSX Venture Exchange in Toronto, Canada on 1 August 2018. This will make Galaxy Digital a publicly tradeable company, and its shares will now be easy to buy and sell on any major stock trading platform. This is a major milestone for the crypto space since it provides an easy and regulated way for institutional investors to invest in cryptocurrency.

Apparently, it has taken eight months for Galaxy Digital to achieve this public listing, meeting demands from Canadian regulators. Galaxy Digital had to conduct a reverse takeover of a company already listed on the TSX exchange to get listed, a tactic previously used by cryptocurrency mining companies and marijuana businesses. The stock will have the GLXY ticker and its business name is Galaxy Digital Holdings Ltd.

Mike Novogratz aims to have Galaxy Digital listed worldwide and is looking into listings in Frankfurt, London, Hong Kong, and eventually the US. Apparently, a USA initial public offering requires two years of audited financial statements, which is something Galaxy Digital won’t have for years. Regardless, now that Galaxy Digital is listed on TSX, investors worldwide can buy and sell shares of GLXY.

Galaxy Digital is investing hundreds of millions of dollars into the crypto space, with a focus on institutional investment infrastructure like custodians and properly regulated exchanges. Now that the possibility of a Bitcoin exchange traded fund (ETF) appears to have been pushed off by the Securities and Exchange Commission of the United States, the GLXY stock might be one of the best ways for institutional investors to invest in crypto, although it is an indirect way.


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