Mike Novogratz’s bitcoin investment management firm, Galaxy Digital Holdings, will not go public in the United States as anticipated in late 2021.
Galaxy Digital has postponed its planned IPO in the United States and now expects to go public in the first quarter of 2022, according to the company’s founder and CEO, Michael Novogratz.
“We look forward to our U.S. listing and the close of our BitGo acquisition, which we now expect will occur in the first quarter of 2022,” he said.
The United States of America Galaxy Digital’s proposed listing on an American exchange has yet to be approved by the Securities and Exchange Commission, according to reports. After commencing the purchase of bitcoin custodian BitGo earlier this year, Novogratz’s crypto investment manager is still working on finishing the deal. The deal should be completed in the first three months of 2022.
Galaxy Digital revealed its plans for a public offering in the United States in May, and Novogratz expects the company to go public in the United States in the second half of 2021. Galaxy Digital, one of the world’s largest crypto investment firms, has already begun trading on a major Canadian stock exchange. After acquiring local crypto firm Coin Capital in August 2018, the company debuted its first-ever listing on Toronto’s TSX Venture Exchange.
Galaxy Digital’s stock, which trades under the ticker symbol GLXY, has recently seen strong gains, reaching $40 for the first time last week. According to TSX statistics, the stock is currently trading at $41, up about 0.2 percent in the last 24 hours.
Galaxy Digital released its third-quarter financial results on Monday. Its net comprehensive income increased to $517 million from $42 million in the previous year’s similar period. Galaxy Digital further stated that as of October 2021, it managed $3.2 billion in assets.
“As the crypto economy matures and adoption trends accelerate, pushing asset price hikes and bigger amounts of institutional capital into the field, I have never been more bullish about our Company’s future,” Novogratz continued.