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Mike Novogratz to increase influence through vast crypto merchant bank

09 January 2018 21:00, UTC

Mike Novogratz, popular speaker on Bitcoin and also a relatively famous investor, has seemingly decided not to give up on cryptocurrency assets. Only now, instead of buying Bitcoin or predicting its big price growth, he operates with companies - in fact, he has a five-step plan to establish his own “Goldman Sachs of crypto”, as some journalists already named the future organization.

To be more precise, firstly, his Galaxy holding will acquire First Coin Capital, a cryptocurrency fund in Canada. Then he is going to connect it with another corporation, Bradmer Pharmaceuticals or Bradmer Pharma, which is also has presence in Canada. After that, Mr. Novogratz intends to raise $200 million dollars in addition to the same sum he is going to use to buy First Coin Capital. The attracted sum will be put in the private placement.

And as a result of all these difficult negotiations and deals Mike Novogratz hopes to establish the vast Galaxy Digital Holdings, listed on the Toronto Stock Exchange.

There is no certainty in how this new giant is going to affect the cryptocurrency market. The “Goldman Sachs of crypto” title comes from Bloomberg’s unidentified source which tells this is how Novogratz himself imagines the company he wants to build - with the blessing of shareholders, of course. One can suspect Novogratz decided to institutionalize cryptocurrency and become more influential in this field through combining big holdings.