Galaxy Digital raises $500 million for business expansion

The move comes after the company grows its net profits by more than ten times in the last quarter.

Galaxy Digital raises $500 million for business expansion

Galaxy Digital, a cryptocurrency brokerage and merchant bank founded by billionaire investor Michael Novogratz, declared on Monday that it would be issuing $500 million in exchangeable senior notes to speed up business initiatives. 

The debt is convertible into company equity and bears an interest rate of 3% per annum, with maturity in 2026. New expansion areas include nonfungible tokens, or NFTs, with the firm committing $62 million of its capital into 22 NFT-related companies since the start of the year.

Over the years, Galaxy Digital founder and CEO Mike Novogratz have been an acclaimed bullish investor of Bitcoin(BTC) and other cryptocurrencies. He has called on another investor to allocate anywhere between 1% to 5% of their portfolio to crypto. Under his direction, the firm's assets under management surpassed $3 billion in an update provided in October, becoming one of the largest digital currency investment companies in the world.

The company is enlisted in the Cayman Islands, and its shares are listed on Canada's Toronto Stock Exchange. However, it is in the process of restructuring to list its shares in the United States next year. The U.S. Securities and Exchange Commission still can't approve of its potential listing.

In the past quarter, Galaxy Digital's net income from trading, investment, asset management, crypto mining, and other corporate sources amounted to $517.1 million, increasing from $41.5 million in the earlier year's quarter. Shared have acquired 405.4% year more than a year to $23.51(converted from Canadian dollars) each as of Monday.

In the past quarter, Galaxy Digital's overall gain from exchanging, venture, resource the board, crypto mining, and other corporate sources added up to $517.1 million, expanding from $41.5 million in the earlier year's quarter. Shares have acquired 405.4% year more than a year to $23.51 (changed over from Canadian dollars) each as of Monday.

Read: MicroStrategy purchases additional 7,002 Bitcoin in $414.4 million

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