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Galaxy Digital, parent company of crypto exchange Binance, has raised $500 million in debt to fund business expansion. The funds will be used for general working capital purposes and could include developing new product lines like blockchain-powered games or Blockchain Operating System (BOS).
Galaxy Digital, a cryptocurrency company, has raised $500 million in convertible debt to fund business expansion. Galaxy Digital is currently trading at $8.75 per share. Read more in detail here: galaxy digital stock.
On Monday, Galaxy Digital, a cryptocurrency brokerage and merchant bank created by billionaire investor Michael Novogratz, revealed that it will be issuing $500 million in exchangeable senior notes to fund commercial activities. The debt is convertible into business stock and has a 3% annual interest rate with a 2026 maturity date. Non-fungible tokens, or NFTs, are one of the business’s new development areas, with the firm investing $62 million in 22 NFT-related startups since the beginning of the year.
Mike Novogratz, the founder and CEO of Galaxy Digital, has been a well-known bullish investor in Bitcoin (BTC) and other cryptocurrencies throughout the years. He has urged other investors to put 1% to 5% of their assets into cryptocurrency. In an update released in October, the firm’s assets under management topped $3 billion, making it one of the world’s biggest digital currency investing organizations.
The firm is based in the Cayman Islands, and its stock is traded on the Toronto Stock Exchange in Canada. It is, however, reorganizing in order to list its shares in the United States next year. The Securities and Exchange Commission in the United States has yet to approve the company’s possible listing.
Galaxy Digital’s net income from trading, investing, asset management, crypto mining, and other corporate sources was $517.1 million in the most recent quarter, up from $41.5 million the year before. As of Nov. 29, shares had risen 405.4 percent year over year to $23.51 (converted from Canadian dollars).
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Galaxy Digital has raised $500 million in convertible debt to fund its business expansion.
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