Novogratz Buys Another 2.7% of His Galaxy Digital Crypto Fund for $5 Million By CoinDesk

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© Reuters.

Michael Novogratz has invested nearly $5 million more in his cryptocurrency venture fund, Galaxy Digital Holdings, Ltd.

The Galaxy CEO purchased 7.5 million ordinary shares of the company, or 2.7 percent of total shares outstanding, for 7.42 million Canadian dollars ($4.8 million), according to a press release Wednesday. The purchase increased his total stake to about 79.3 percent of Galaxy, which trades on the Toronto Stock Exchange’s TSX Venture Exchange.

The company’s stock jumped 21.36 percent on the news Wednesday morning, reaching 1.25 Canadian dollars at press time. The stock fell 19 percent last year amid a bear market for crypto investments.

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