Mike Novogratz’s plan for a publicly traded crypto merchant bank is taking a little longer than expected. Canadian regulators on May 11 gave his Galaxy Digital LP an exemption from providing annual financial statements for the last two years, but they’re requiring audited disclosures from this year before allowing a listing and trading on Canada’s TSX Venture Exchange, the New York-based firm said in a statement Friday.
It marks a delay for Novogratz, who initially sought to create a merchant bank dedicated to cryptocurrencies and blockchain-based ventures and trading by the end of the first quarter. The transaction to build the firm is now expected to close by the end of July, according to the statement.
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