Cryptocurrencies
Novogratz’s Galaxy Reaches $1.2 Billion in Asset Management Unit
- Billionaire’s firm sees $325 million fourth-quarter income
- Assets managed include Bitcoin fund with CI Financial
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Billionaire investor Mike Novogratz’s Galaxy Digital Holdings Ltd. said its asset management unit has grown to about $1.2 billion after launching new products, including a Bitcoin mutual fund in partnership with Canada’s CI Financial Corp.
The company, based in New York but listed in Toronto, said in a statement Wednesday it expects to report income of $325 million for the fourth quarter after the value of Bitcoin and other holdings soared. Galaxy said it disclosed the preliminary results “given the material change in the operating environment of the cryptocurrency and digital sector” since it reported its third quarter.