Novogratz's Crypto Bank Galaxy Digital to Start Trading Aug. 1 on Canadian Exchange

Mike Novogratz's crypto-focused merchant bank, Galaxy Digital LP, is set to begin trading on Canada's TSX Venture Exchange on August 1, Bloomberg reports July 30.

The New-York headquartered firm will reportedly trade on the TSX Venture Exchange through a separate vehicle, Galaxy Digital Holdings Ltd., under the GLXY ticker.

For Galaxy's founder, the former Goldman Sachs partner and crypto bull Mike Novogratz, the route to secure this week's listing has been long-winded.

The process has reportedly taken a "Frustrating" - in Novogratz's words - eight months, with Canadian regulators closely scrutinizing the firm and pushing back its trading debut from April to August.

According to Bloomberg, Galaxy sold shares at $5 Canadian dollars apiece in a private placement in January, weeks after Bitcoin had peaked.

"Unfortunately, the Canadian capital markets aren't roaring anymore," Novogratz is quoted as saying in the interview, adding that he has "Faith that they will come back." Placing Galaxy's difficulties in the wider listings landscape, Novogratz noted,.

Brady Fletcher, managing director of the TSX Venture Exchange, told Bloomberg that although the due diligence process "Probably takes a little bit longer than entrepreneurs like Mike would like it to," TSX is nonetheless "Excited about the upcoming listing and Galaxy is a great story."

According to Bloomberg, Novogratz intends to seek further stock listings in Frankfurt, London, and Hong Kong, adding,.

As Cointelegraph reported last week, Galaxy Digital released its first quarter report for 2018, posting a $134 million loss with $85.5 million as an unrealized loss on digital assets.

The firm has also recently ventured into the crypto-lending sphere, leading a $52.5 million fundraising round for BlockFi, a firm that offers corporate and retail loans on backed by digital asset holdings.