Mike Novogratz's Galaxy Digital Is Finally Profitable
Mike Novogratz is a former Goldman Sachs partner and now represents Wall Street's transformation to Crypto. He is now CEO of Galaxy Digital CEO Michael Novogratz and earlier this year said the U.S. Federal Reserve continuing to cut rates, along with other central banks around the world, things could get really bullish for Bitcoin. Mike predicts that Bitcoin could mirror gold in 2008 with a delayed reaction to the looming economic crash.
Mike is one of three former Wall Street people that I follow religious. Mike is an ex-hedge fund manager, formerly of the investment firm Fortress Investment Group, was a partner at Goldman Sachs and was ranked a billionaire by Forbes in 2007 and 2008. Now, Mike is has become a bitcoin ambassador, so much so that is started a merchant bank dedicated to cryptocurrencies and took the company public on the Toronto stock exchange.
Galaxy Digital Holdings Ltd. is a limited partner in Galaxy Digital LP, a merchant banking institution dedicated to the digital assets and blockchain technology sector. So what does Galaxy really do, they are facilitating the infrastructure needed to get Wallstreet money and high net wealth earnings into the crypto space? According to Mike, the process is still labor intensive, but he sees more and more of the Smart Money want into the crypto space.
While Galaxy got off to a flying start, the bank’s performance over the past two years has been anything but spectacular. Actually Galaxy has failed to turn a profit since its inception and actually had to layoff 15% of its workforce to survive, something Mike found very difficult to do. However, Mike remains confident and thinks over the next two years, their will be a stampeded of Institutions entering the crypto space.
Back in November of 2017, while on CNBC's Fast Money, Mike said Bitcoin could be at $40,000 by the end of 2018. That didn't happen. Back in September of 2018, Mike said Bitcoin would reach $8,800 or $10,000 come January 1st, 2019. That didn't happen. Mike will be the first to tell you he is a macro investor who dabbles in trades here and there. However, I believe in Mike’s Thesis that the institutions are coming. Actually, its been my thesis since my 2nd every post when we were all on Steem.
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And because of Mike's thesis finally playing out, his company Galaxy Digital is finally profitable after a painful first couple years.
Founder and CEO of Galaxy Digital, Michael Novogratz announced today that the firm’s OTC Trading business has had its best quarter yet. The CEO said:
We’ve taken several key steps forward in the second half of 2020, including making critical senior hires, expanding our capital base, and completing strategic actions to position Galaxy Digital for the clear, incoming wave of institutional adoption ahead of digital assets and blockchain solutions by investors, corporates and governments.
He further said that the business generated $1.4 bln worth of trading volume, in Q3. This represented a 75 percent year-over-year increase:
Galaxy Digital Trading (“GDT”) delivered the best quarter in its history in the third quarter, with trading volume of approximately $1.4 billion in the period, and up 75%+ year over year.
If only his company traded on the US stock exchanges, I would be all in. Nevertheless, price is on the verge of breaking out on the monthly chart, thus the chart suggest a first target at $7.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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