Galaxy Digital CEO Mike Novogratz is predicting that the decentralized finance (DeFi) sector of the crypto space will ultimately come out on top. In a discussion at the SALT forum in New York, the billionaire says that DeFi is primed to win in the long term due to its robust fundamental features. “I always say […]
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Billionaire Mike Novogratz is predicting Ethereum (ETH) is near the bottom after its successful merge upgrade earlier this month. In a new CNBC interview, the CEO of Galaxy Digital praises the Ethereum merge and makes a bottom price prediction, while also ruling out a “catastrophic fall” in the price of Bitcoin (BTC). “Ethereum has had […]
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According to statements made by the digital asset custody business and financial services provider Bitgo, the firm has filed a lawsuit against the crypto company Galaxy Digital and is seeking damages for more than $100 million. Bitgo says Galaxy’s “improper repudiation and intentional breach of its merger agreement” caused the lawsuit. Bitgo Seeks Damages From […]
Fidelity Investments is reportedly looking into the possibility of offering Bitcoin (BTC) trading to individual investors four years after launching its digital assets platform. Citing people familiar with the matter, The Wall Street Journal reports that the financial giant is considering allowing individual investors to trade the flagship crypto asset on its brokerage platform. Fidelity […]
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While Fidelity hasn’t yet confirmed rumors it will launch retail Bitcoin trading, the firm said enabling broader access to digital assets remained a key area of focus.
$4.2 trillion asset management firm Fidelity Investments is reportedly working towards offering Bitcoin trading services to its 34.4 million retail investor base, according to Galaxy Digital CEO Mike Novogratz and people familiar with the matter.
While Fidelity hasn’t officially confirmed plans to incorporate crypto onto its retail platform, Novogratz told a conference audience in New York on Sept. 12, that the move may be just around the corner:
“A bird told me that Fidelity, a little bird in my ear, is going to shift their retail customers into crypto soon enough.”
“I hope that bird is right. So we are still this institutional march and that gives crypto its floor,” he added.
Novogratz isn’t the only person to have signaled the potential move from Fidelity. The Wall Street Journal (WSJ) on Sept. 12 noted that that Fidelity is currently “weighing a plan” to allow individual investors to trade Bitcoin on its brokerage platform.
A similar note was shared by Eight Global Founder and CEO Michaël van de Poppe last week, suggesting that the platform will launch Bitcoin trading for retail customers in November.
Fidelity in a Sept. 12 statement addressed the rumors, noting:
"While we have nothing new to announce, expanding our offerings to enable broader access to digital assets remains an area of focus."
Fidelity Investment has been an active investor and playmaker in the crypto space, fueled by a growing demand from clients to access crypto investment opportunities.
Fidelity started mining Bitcoin in 2015 and launched a Bitcoin-trading business for hedge funds and institutional investors in 2018.
In April, Fidelity also began allowing its 401(k) retirement savings account holders to invest directly into Bitcoin (BTC), though this was later met with pushback from three U.S. senators including Senator Elizabeth Warren, who called the launch of the Bitcoin product to be “immensely troubling.”
Related: Sen. Warren asks Fidelity to address the risks to put Bitcoin in 401(k)s
Fidelity is a multinational finance corporation that provides brokerage services, mutual funds management, investment advice, and retirement services and is the fourth largest asset management firm in the world, according to ADV ratings.
Crypto custodian BitGo says it is taking legal action against digital asset manager Galaxy Digital over a breach of a previously announced acquisition agreement. Galaxy announced in May that it was buying BitGo for $1.2 billion, but the firm now says that it is exercising its right to cancel the deal. The company says that […]
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Galaxy Digital Holdings and the company’s CEO and founder Mike Novogratz announced the company has “exercised its right to terminate” a previously announced acquisition of Bitgo. According to Galaxy the termination of the deal was due to Bitgo’s “failure to deliver” audited financial statements for 2021. Galaxy Ends Deal With the Crypto Custodian Bitgo On […]
After announcing plans to acquire BitGo in May 2021, Mike Novogratz’s Galaxy Digital has eventually dropped the deal but is still pursuing a listing in the United States.
After more than a year of efforts to acquire the digital asset custodian BitGo, Mike Novogratz’s cryptocurrency investment firm Galaxy Digital has decided to drop the acquisition.
Galaxy has terminated the BitGo acquisition, citing a breach of contract, the firm officially announced on Monday.
According to the statement, Galaxy exercised its right to terminate the deal in line with the acquisition agreement after BitGo failed to deliver audited financial statements for 2021 by July 31, 2022. Galaxy noted that no termination fee is payable in connection with the termination.
As previously reported, Galaxy originally announced plans to acquire BitGo in May 2021 as part of its plans to go public in the United States. Following multiple delays in the acquisition, Galaxy was expecting to finalize the transaction by the end of 2022.
Despite winding down the BitGo acquisition, Galaxy still continues its path to the U.S. listing on Nasdaq, CEO Novogratz said, stating:
"Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner. We are committed to continuing our process to list in the United States.”
As part of the U.S. listing plans, Galaxy is working to reorganize its operations to become a Delaware-based company. The firm previously expected Delaware domestication to become effective between Q2 and Q4 of 2022, subject to a review process with the U.S. Securities and Exchange Commission.
Related: Argo Blockchain keeps cashing out BTC to pay the debt to Galaxy Digital
Galaxy also remains focused on launching new products including its upcoming offering, Galaxy One Prime. Targeting institutional investors, Galaxy One Prime provides services like trading, lending and derivatives alongside access to qualified custody that integrates “qualified blue-chip custodians.”
BitGo and Galaxy Digital did not immediately respond to Cointelegraph’s request for comment.
Former-LUNAtic Mike Novogratz has told crypto investors that the insane returns seen in the crypto space are simply unsustainable.
Mike Novogratz, the billionaire founder of crypto asset management firm Galaxy Digital has warned that making more than 200X returns on crypto investments is simply “not normal.”
Speaking at the Christie’s Art + Tech Summit in New York on Wednesday, Novogratz warned listeners about the steep volatility of the crypto industry.
“I had friends that had bought lots of crypto, and it had changed their lives — guys who didn't make a whole lot of money but all of a sudden had a $5 million net worth in crypto,” said Novogratz.
“I shook them and I made them look me in the eye, [and] I said, ‘You have to sell half or two thirds of this, it's not normal to make 200 times your money on things.’”
He offered further caution, saying that “not everyone is made to be an investor” because greed too often gets in the way of rational thinking.
Novogratz also hasn’t been shy when it comes to handing out criticism of the crypto industry. On Tuesday he vented his frustrations about the ineptitude and poor practices in the sector that have recently come to light to the attendees of the Bloomberg Crypto Summit.
“It’s frustrating as heck because at times the whole industry looks like a bunch of idiots,” he said/
His newfound disapproval of certain practices within the cryptocurrency space, comes less than two months after the Terra (LUNA) ecosystem suffered a catastrophic meltdown, shaving off approximately $50 billion from the digital asset space in the process.
Following the fallout, Novogratz, a vocal advocate of the Terra project who famously inked himself with a moon-themed tattoo penned an open letter in May, telling his followers that: “My tattoo will be a constant reminder that venture investing requires humility.”
I’m officially a Lunatic!!! Thanks @stablekwon And thank you my friends at Smith Street Tattoos. pic.twitter.com/2wfc00loDs
— Mike Novogratz (@novogratz) January 5, 2022
While Novogratz may seem more pessimistic than usual, especially when combined with the recent market turmoil, he ultimately believes that blockchain-based technology will gradually become a foundational part of the future of the modern world.
“Over the next decade, Web3 and blockchains will reshape industries, communities, and the internet as we know it, blurring the lines between our physical and digital realities,” he said.
