TORONTO: Billionaire investor Mike Novogratz’s Galaxy Digital Holdings Ltd has said its asset management unit has grown to about US$1.2bil after launching new products, including a bitcoin mutual fund in partnership with Canada’s CI Financial Corp.
The company, based in New York but listed in Toronto, said in a statement it expects to report income of US$325mil for the fourth quarter after the value of bitcoin and other holdings soared. Galaxy said it disclosed the preliminary results “given the material change in the operating environment of the cryptocurrency and digital sector” since it reported its third quarter.