- Galaxy Digital Holdings is postponing its US IPO until the first quarter of 2022 from the fourth quarter.
- The crypto asset management firm said it also expects to close its acquisition of BitGo by then.
- Galaxy is trading on the Toronto Stock Exchange, having made its debut in 2018 via reverse acquisition.
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Galaxy Digital Holdings, billionaire Mike Novogratz’s crypto-investment management firm, is postponing its U.S. listing to the first quarter of 2022 instead of the fourth quarter of this year as originally planned, the firm announced.
The company has not provided a reason for the delay. Galaxy is trading on the Toronto Stock Exchange, having made its debut in 2018 when it merged with a local crypto startup via a reverse takeover.
The New York-based company also said it expects to close the acquisition of BitGo by then. BitGo is a provider of digital asset infrastructure, which it bought for $ 1.2 billion in cash and shares in May, the first billion-dollar deal in the crypto industry.
The announcements came when Galaxy reported results for its third quarter, ending in September. Total revenue rose to $ 517 million from $ 42 million in the same period last year when its coins were valued.
As of September 30, the Galaxy had about $ 555.2 million in bitcoin and $ 261.4 million in ether. It also managed $ 3.2 billion in assets in October.
“Our organic growth demonstrates our continued ability to exploit opportunities,” said Novogratz, founder and CEO of Galaxy, in a statement.
The billionaire is one of the more prominent voices in the digital asset space, often highlighting the benefits and utility of cryptocurrencies, while blasting critics like JPMorgan’s top executive Jamie Dimon and Senator Elizabeth Warren. He also claimed at one point that crypto makes up 85% of his wealth.