Billionaire investor Mike Novogratz raised $250 million USD (approximately $314 million CAD) to finance Galaxy Digital, a digital currency hedge fund.
The digital currency hedge fund originally planned to raise $200 million USD (approximately $252 million CAD). The company ended up raising 25 percent more than its original target, even after the value of digital currencies plummeted in late January 2018.
Despite the uncertainty in the market, Galaxy Digital is moving quickly. They have recently announced a joint venture with blockchain software developer Block.one and led a $30 million USD (approximately $37.8 million CAD) large equity sale into Everipedia, a decentralized version of Wikipedia.
In the last few months, Novogratz has been busy. He acquired First Coin Capital, partnered with Block.one, secured hundreds of millions in funding, and lead Galaxy Digital’s first large investment in Everipedia.
Galaxy Digital is currently the largest venture in the emerging world of digital currencies, drawing multiple comparisons to hedge fund powerhouse Goldman Sachs.
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