Galaxy Digital raises $500 million in convertible debt to fund business expansion


Galaxy Digital, a cryptocurrency broker and commercial bank founded by billionaire investor Michael Novogratz, announced on Monday that it will issue $ 500 million worth of thin bonds to accelerate business initiatives. The debt can be converted into equity of the company and has an interest rate of 3% per annum with maturity in 2026. New areas of expansion include non-fungible tokens, or NFTs, where the company has donated $ 62 million in capital to 22 NFT-related companies since inception. generally.

For many years, Galaxy Digital founder and CEO Mike Novogratz has been a popular upbeat investor in Bitcoin (BTC) and other cryptocurrencies. He encouraged other investors to invest between 1% and 5% of their portfolio in cryptocurrency. Under his leadership, the assets of the company under management exceeded $ 3 billion in an update released in October, making it one of the world’s largest crypto investment companies.

The company is listed in the Cayman Islands and is listed on the Toronto Canadian Stock Exchange. However, it is in the process of restructuring to list its shares in the US next year. The US Securities and Exchange Commission has not yet approved its potential listing.

Last quarter, Galaxy Digital’s net income from trading, investing, asset management, crypto mining and other business sources was $ 517.1 million, up $ 41.5 million from the previous quarter. The stock is up 405.4% year-on-year to $ 23.51 (Canadian dollars) since Monday.



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