Galaxy
Galaxy Digital Announces Stock Buyback
Galaxy Digital Plans to Raise $500 Million in Debt Market to ‘Accelerate Growth Initiatives’
Galaxy Digital Holdings Ltd. has revealed the firm is looking to raise $500 million in an exchangeable senior note offering. The investment company, founded by billionaire investor Mike Novogratz in January 2018, aims to use the funds to “accelerate growth initiatives across its business lines.” Galaxy Reveals Exchangeable Senior Note Offering The investment firm Galaxy […]Galaxy Interactive raises another $325M fund aimed at Metaverse and next gen games
The venture capital firm will fund companies in the interactive sector that combine content, finance and tech.
Galaxy Interactive, a venture capital firm focused on next generation interactive technolo, has announced it has raised $325 million for its second fund from 70 different investors.
The fund is focused on virtual and augmented reality, artificial intelligence, and blockchain-based games.
In an Oct. 19 announcement, Galaxy Digital, the majority owner of Galaxy Interactive, stated that $150 million from the fund has already been allocated to new portfolio companies including Republic, 1047 Games, Elodie, ROAR, Art Blocks and Masterworks with other additional investments to be announced in coming months.
Established in 2018 by general partners Sam Englebardt and Richard Kim, the company now has more than $650 million in assets under management and has invested in more than 75 companies.
Englebardt describes the interactive sector as “the intersection of content, finance and tech” and believes it will drive considerable growth. The firm is notably focused on digital collectibles and the Metaverse, as Englebardt believes digital ownership via NFTs is a foundational pillar for a more immersive version of the internet.
https://t.co/ZcivfAllE2
— Sam Englebardt (@samenglebardt) October 19, 2021
What would you invest in if you believe, as @galaxyRTK and I so fundamentally do, that younger generations are moving en masse from the physical to the digital world?
May you live in interesting times… @galaxyRTK @novogratz
Mike Novogratz, Founder and CEO of Galaxy Digital, said the two general partners had seen the potential of the sector very early on:
"They [Englebardt and Kim] were the first people to pound my desk insisting that gaming and digital objects — which weren't even called ‘NFTs’ yet — would provide the biggest opportunity for blockchain technology to scale and that Galaxy Digital needed to specialize in this space.”
Related: Bitfury CEO confirms IPO considerations are part of expansion plans
Money is flowing into the sector with Bitkraft Ventures, one of the biggest investors in game and eSports startups launching a $75 million token fund earlier this month focused on blockchain gaming and digital entertainment.
Outside of interactive content, reports surfaced today that Multicoin Capital intends to raise $250 million by the end of 2021 for a third venture fund aimed at crypto startups.
In June, Andreessen Horowitz raised its third crypto fund, at a $2.2 billion valuation, making it the biggest-ever crypto venture fund.
Despite Bitcoin price crash, BTC is the internet of value transfer: Novogratz
Retail investors had good reasons to overextend in the crypto market, says billionaire Bitcoin bull Mike Novogratz.
The crypto market is back to major price swings followed by a Bitcoin (BTC) price crash on Tuesday, the day the largest cryptocurrency became legal tender in El Salvador. But it was not unexpected for many crypto veterans, including Galaxy Digital CEO Mike Novogratz.
Speaking to Bloomberg, the billionaire Bitcoin bull said that crypto is still dominated by retail investors, who are “too excited” by the recent interest from institutions like Visa and Amazon.
People are realizing that “crypto is not just Bitcoin being bought as a hedge against bad monetary fiscal policy,” he said. “But maybe, more importantly, it’s Web 3.0. It’s the internet of value transfer.”
Retail investors got too long on leverage for good reason, according to Novogratz, who highlighted recent crypto-friendly news from finance and retail giants, such as Visa buying nonfungible tokens and describing them as a promising medium, and Walmart’s pursuit of a crypto product lead, along with the job postings from Amazon for crypto experts.
“There is a realization that this is a technology and no investor wants to miss the next internet. This is the next internet.”
Novogratz said that investors got too excited and the price drop on Sept. 7 was “a little air being popped out of the balloon.”
As his company Galaxy Digital is planning to complete its acquisition of BitGo, the infrastructure provider of El Salvador’s official Bitcoin wallet, Novogratz also commented on the plagued start of the Chivo wallet.
Related: El Salvador says merchants must process BTC transactions — or they may face action
The state-issued Chivo wallet experienced server capacity errors, but Novogratz believes the technical problems will be resolved over time. He said that the real question is how the system will work in six or 12 weeks, adding that doing such projects at scale is not easy.
Novogratz’s comments align with several analysts who pointed to overleveraged traders after the Bitcoin price crash. The largest cryptocurrency took a sharp dive to $43,000 on Sept. 7, liquidating more than $3.54 billion in derivative markets. BTC is hovering around $45,000 at press time.
Samsung Adds Support for Hardware Wallets on Galaxy Smartphones
Galaxy owners will be able to connect hardware wallets to their smartphones and transfer coins to the built-in wallet that comes with most devices in the popular lineup. Samsung says that makes it easier for users to access their cryptocurrency and make transactions. Update Allows Galaxy Users to Link Their Crypto Wallets to Cold Storage […]