.jpg){kind=avatar}
.jpg){kind=avatar}
Building the Goldman Sachs for crypto is Mike Novogratz's latest endeavor in the space. Novo's new ambitious plan involves acquiring a Canadian crypto startup, merging it with a Canadian shell company through a reverse takeover, and then using that entity to raise over $200m in a private placement of stock. The endeavor could facilitate participation in the asset class without having to invest in any underlying tokens.
The person familiar with his plans said Novogratz envisions Galaxy as the Goldman Sachs of crypto. According to this person, who asked to not be identified because the information isn’t public, Novogratz is putting substantially all of his crypto investments into Galaxy -- about $400 million of bitcoin, ether, initial coin offerings and stakes in startups such as Xapo, Bitstamp and Ripple Labs. Initially, Novogratz planned to capitalize on the enthusiasm for cryptocurrencies by raising a $500 million hedge fund. Soon, he expanded the idea to a hedge fund inside a merchant bank. Novogratz was ready to take money from his investors and start trading when, in mid-December, he changed his mind.
unknownx500
