Amid the bearish market that dominated the cryptocurrency market last year, Michael Novogratz, the CEO of Galaxy Holdings isn’t showing any signs of slowing down as he has once again made an interesting move by investing nearly $5 million in his company.
According to reports, the CEO of Galaxy Holdings has purchased around 7.5 million ordinary shares of the company, or 2.7 percent of the firm’s total shares for a whopping 7.42 million Canadian dollars ($4.8 million). With this new purchase by Novogratz, he has now increased his total stake in the company to about 79.3 percent. At the moment, Galaxy Holdings trades on the Toronto Stock Exchange’s TSX Venture Exchange.
Following the announcement, the company’s stock skyrocketed to a 21.36 percent on Wednesday, reaching as high as 1.25 Canadian dollars at press time. According to statistics, the company’s stock fell by 19 percent last year following prolonged bearish trends that dictated much of the happenings in the cryptocurrency industry last year.
It would be recalled that in November last year, Galaxy reportedly announced a $76.65 million net loss in the third quarter of 2018. When asked to comment on the performance of his company last year, Novogratz remarked that it “sucks to build a business in a bear market.” Despite his comments, the CEO still expressed optimism about the crypto industry, further stating that 2019 will see an influx of institutional traders into cryptocurrencies, resulting in a much awaited bull run.
For those who have been following events in the cryptocurrency space, you’ll recall that Mike Novogratz’s Galaxy went public last year through a reverse merger with a listed pharmaceutical company.
In the meantime, Mike Novogratz has become a known figure in the cryptocurrency industry not just for his investments but also his audacious predictions. Last year, he predicted that Bitcoin will rally up to $50,000 which unfortunately didn’t materialize given the prolonged bear market.