Novogratz-Backed Firm to Invest $100 Million in Crypto Funds

Mike Novogratz, founder and chief executive officer of Galaxy Investment Partners LLC. (Photographer: Joe Buglewicz/Bloomberg)

Novogratz-Backed Firm to Invest $100 Million in Crypto Funds

An investment company co-founded by Bitcoin billionaire Mike Novogratz announced it will invest $100 million in crypto-related venture funds over the next two years.

Cryptology Asset Group, a Malta-based firm with 450 million euros ($548 million) in assets, intends to focus on first-time funds and emerging managers with stakes in crypto-related companies or digital assets, according to a statement on Thursday.

A publicly traded holding company for blockchain-related assets in Europe, Cryptology’s portfolio includes startups such as, Northern Data and Iconic Funds.

“We are at the very beginning of the crypto revolution, and we strive to become one of the leading global investors in this very nascent asset class,” co-founder Christian Angermayer said in the release.

Novogratz is chief executive officer of New York-based Galaxy Digital LP, which is involved in a slew of crypto-related businesses, including mining, helping companies with acquisitions and investing in startups. The company hopes to list on a U.S. exchange in the second half of the year and acquired crypto custodian BitGo for $1.2 billion in May.

In a Bloomberg TV interview last month, Novogratz said he expected Bitcoin and Ethereum to remain range-bound following their recent slump. He also said the financial world is undergoing “a once-in-a-generational shift in this crypto blockchain evolution.”

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