- Following the acquisition of BitGo by Galaxy Digital in May, the company expects to complete the purchase of BitGo in the first quarter of 2022.
The Public Announcement
It has been announced that Mike Novogratz’s Bitcoin investment management company, Galaxy Digital Holdings, will not go public on the New York Stock Exchange in late 2021, as had been planned. Galaxy Digital’s founder and CEO, Michael Novogratz, said that the company has postponed plans for an initial public offering (IPO) in the United States and now aims to go public in the first quarter of 2022.
Acquisition Of BitGo Slated For 2022
Regarding the company’s U.S. listing as well as its BitGo listing, he said,
“We now intend to complete our BitGo acquisition in the first quarter of 2022.”
In accordance with media sources, the Securities and Markets Commission has not yet authorized the listing of Galaxy Digital on a major American stock market exchange. Following the announcement of the acquisition of BitGo earlier this year, Novogratz’s crypto investment management company is still in the process of concluding the transaction. The transaction is expected to be finalized in the first quarter of 2022, according to the timeline. Galaxy Digital CEO Michael Novogratz expected that the company would go public in the United States in the second half of 2021 after unveiling plans for an initial public offering in May.
Acquisition Of Coin Capital And Other Ventures
One of the world’s most prominent cryptocurrency investment organizations, Galaxy Digital, is already publicly traded on a major Canadian stock exchange, the Toronto Stock Exchange. Following the acquisition of local cryptocurrency startup Coin Capital, the company announced its first-ever TSX Venture Exchange listing in August of this year. Recently, the stock of Galaxy Digital had increased dramatically, hitting a high of $40 for the first time last week, when it was trading under the ticker symbol GLXY. According to the Toronto Stock Exchange statistics, the stock is now trading at $41, having gained around 0.2 percent in the previous 24 hours.
Quarterly Financial Reports
Galaxy Digital is slated to reveal its financial results for the third quarter of the year on Monday. Consequently, net comprehensive income increased from $42 million to $517 million in a single year. Additionally, Galaxy Digital said that it had assets worth $3.2 billion at the end of October this year. In advance of the publication of a new analysis on the cryptocurrency market this week, Novogratz said:
“I have never been more confident in the future of our Company than I am at this moment in time.”