Galaxy Digital Announced Raising $500 M

by in Cryptocurrency News

Galaxy Digital crypto

Blockchain tech and crypto-focused financial services provider Galaxy Digital announced raising funds. The firm will contribute the amount to the growth of the crypto space.

Related: Time Magazine Partners With Galaxy Digital and Buys ETH

Galaxy Digital intends to raise $500 M by selling five-year convertible notes in exchange for company stocks. As the company announced, the notes would bring holders 3% interest, and the maturity date will be in 2026.

The process will be managed through a private sale, seeking approval from the Toronto Stock Exchange, where Galaxy’s shares are traded.

Galaxy Digital provides crypto services such as asset management, trading, investments, and cryptocurrency mining.

Founded by ex-hedge fund manager Mike Novogratz in 2018, it is one of the top crypto services providers.

The Q3 report of the company shows that its net income was $517 million. As of October 31, 2021, the firm held above $3.2 bln in Assets Under Management. The numbers indicate the rapid growth.