Coming off fresh first quarter losses undeterred, giant cryptocurrency merchant bank, Galaxy Digital, began trading on the Toronto Stock Exchange August, 1, 2018. It is one of the earliest banks in the crypto space to achieve such a listing. Many eyes are watching to see what will become of the relationship between legacy financial institutions and digital assets.
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Galaxy Digital Trades, a Bitcoin Merchant Bank, Now Trades on TSX Venture Exchange
Famed billionaire investor Mike Novogratz explained, “If I knew what I know now, knew the crypto markets were going to swoon as much, and it was going to take so long, I might have stayed private for another year or so and then gone public, but I don’t think it’s a mistake,” Galaxy Digital’s CEO told Bloomberg in Toronto.
Crypto markets have been unkind to any investor who might’ve jumped-in during late 2017. His interview otherwise ought to have been one of triumph as one of the earliest cryptocurrency-oriented merchant banks to be listed formally on a major stock exchange. He was in Toronto for just that purpose: Galaxy Digital is now trading on a world ranked, top ten, board, the Toronto Stock Exchange (TSX).
Instead, to a degree, it was bittersweet. The company was smarting off a brutal first quarter earnings call, posting over $130 million in losses. Rather than charging full steem on success, it appeared from a public relations standpoint to be limping as a financial canary in a very dark mineshaft.
“There was a surge of companies,” Mr. Novogratz continued, “that listed in Canada and they all traded really poorly. I think the regulators got a little bit more nervous
