Mike Novogratz’s Galaxy Digital Refocuses Advisory Services to Institutional Clients
Billionaire Mike Novogratz’s crypto investment bank, Galaxy Digital Capital Management, has announced it is repositioning its advisory business from focusing on small ICO advisory and blockchain consulting to instead serve larger, more institutional clients in the space.
In a statement on several strategic operational and organizational changes, Mike Novogratz said:
“The industry underlying digital assets and blockchain technology continues to evolve. We remain optimistic on the space overall yet recognize we need to reposition our Company to capitalize on the changing landscape.”
With that in mind, the company is shutting down it Vancouver office while hiring more people for its New York-based team. Galaxy Digital’s current president Richard Tavoso will leave his role at the end of the year continuing as a trusted advisor and a member of the board of managers.
Mike Novogratz is one of the industry’s key players who repeatedly expresses his confidence that the market will surge to record highs in 2019.
Galaxy Digital is listed on the Canada-based TSX Venture Exchange (TSX-V) and has four main lines of business – trading, asset management, principal investments and advisory services. Today’s announcement also says that David Namdar, co-head of trading, will be leaving Galaxy Digital to pursue other opportunities, while Peter Wisniewski, who held similar position, will assume responsibility and oversight of the company’s day-to-day trading activities.
According to reports by Bloomberg, Galaxy will look to a former Goldman Sachs alumni, Ian Taylor, to run the advisory-services arm – Galaxy Digital Advisors LLC. The company declined to comment though, with the story based in information from anonymous sources.
Mike Novogratz, a former hedge fund manager, was himself once a partner at Goldman Sachs. Since raising $250 million in February 2018 to finance Galaxy Digital, Novogratz has wooed several top executives away from his former employer, including the company’s current chief operating officer Richard Kim.
Last month, Galaxy Digital Ventures along with Goldman Sachs Group and several other companies invested $15 million in cryptocurrency custodian BitGo Holdings, followed by a participation in $80 million private placement for blockchain technology company Bitfury Group.
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