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Mike Novogratz Is The Stefon Of Finance

His Crypto Goldman Sachs has EVERYTHING.

The former king of Fortress has been teasing the idea of massive crypto hedge fund for months now, but crypto funds are so 2017.


And for a true blue money hipster like Mike Novogratz, there are few fates worse than coming off as passé. So in order to ensure that this will never come close to happening again, Novogratz is reportedly building something that most normcore crypto bros haven't even ideated yet...

Mike Novogratz, the Wall Street trader who became one of bitcoin’s most outspoken champions, is starting a merchant bank dedicated to cryptocurrencies and blockchain-based ventures. And he intends to take it public.

It's going to be called Galaxy, you guys, and our pal Mikey Novo wants you to know that Galaxy has everything. Not only is it a crypto-based merchant bank IPO...

Under the plan announced Tuesday, Galaxy will as a first step buy Canadian crypto startup First Coin Capital Corp. It then will merge with a Canadian shell company, Bradmer Pharmaceuticals Inc., through a reverse takeover and use that entity to raise C$250 million ($201 million) in a private placement of stock next month. Bradmer, to be renamed Galaxy Digital Holdings, will own an interest in the merchant bank and be listed on the TSX exchange.

It's like that thing of when you do a reverse merger with a delisted Canadian pharma shell in order to become the king of cryptos and build, like...

The person familiar with his plans said Novogratz envisions Galaxy as the Goldman Sachs of crypto.

We'll give you a minute with "The Goldman Sachs of Crypto." It's that good.

But if Novogratz was really cool, he'd be ankle deep in them alt-coins...

According to this person, who asked to not be identified because the information isn’t public, Novogratz is putting substantially all of his crypto investments into Galaxy -- about $400 million of bitcoin, ether, initial coin offerings and stakes in startups such as Xapo, Bitstamp and Ripple Labs.

If you're looking for the zeitgeist of our financial moment in time, it's in Mike Novogratz's pocket.

Mike Novogratz Wants to Build the Goldman of Crypto [Bloomberg]



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