Published on August 1st, 2018 | by bitcoin0
Novogratz’s the former hedge fund manager debuts the drop of crypto stocks
Cryptocurrency-focused merchant bank Galaxy Digital started trading on a Canadian stock exchange on Wednesday despite cooling investor interest and falling prices this year.
The stock opened at 2.75 Canadian dollars on the Toronto’s TSX Venture Exchange under the ticker GLXY.
Shares had fallen 20 percent in the first half hour of trading, and were trading at CA $2.30 as of 11:25 a.m.
Former Goldman Sachs macro trader Michael Novogratz launched the company in November, a month before bitcoin hit its all-time high near $20,000.
The former Fortress hedge fund manager said he eventually plans for Galaxy to be “globally traded” in Hong Kong, Frankfurt and London.