Billionaire investor Mike Novogratz has raised about $250 million for his cryptocurrency merchant bank during one of the biggest routs yet in Bitcoin (EXANTE: Bitcoin), Bloomberg quotes a person familiar with the deal as saying.
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.
Galaxy is raising money privately as part of a series of transactions that will allow it go public without disclosing financial statements.
Novogratz announced the private placement and listing plans in a statement last month.
Mike Novogratz is ranked 10th in the Forbes’ first ever ranking of the richest people in cryptocurrency.