Novogratz’s Galaxy Digital Expects U.S. Stock Listing in First Quarter 

(Bloomberg) -- Galaxy Digital Holdings Ltd., the cryptocurrency firm controlled by billionaire Michael Novogratz, expects to be listed on a U.S. exchange in the first quarter of next year, later than initially estimated. 

The New York-based company did a reverse takeover of an inactive firm in 2018 so it could trade on the Toronto Stock Exchange. It had hoped to become a U.S. public company in the fourth quarter. The U.S. Securities and Exchange Commission has to sign off on any listing on an American exchange. The purchase of crypto custodian BitGo is also expected to close in the first three months of next year, Galaxy said in a statement Monday.

Fourth-quarter net comprehensive income, which includes unrealized gains from appreciation on digital coins it holds, is already around $400 million, the company said. In the third quarter, Galaxy had $517 million in net comprehensive income, which it said includes the appreciation of coins. As of Sept. 30, Galaxy held about $555.2 million of Bitcoin and $261.4 million of Ethereum, excluding non-controlling interests.

Galaxy is involved in everything from Bitcoin mining, where it hopes to grab 1% of total hash rate, or mining power, to asset management. As of Oct. 31, Galaxy was managing about $3.2 billion in assets.

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