Share this article
Mike Novogratz Unveils Plan for Cryptocurrency 'Merchant Bank'
Billionaire and ex-fund manager Mike Novogratz has unveiled the launch of a cryptocurrency "merchant bank."
By Nikhilesh De
Updated Sep 13, 2021, 7:21 a.m. Published Jan 10, 2018, 11:00 p.m.
Billionaire and ex-fund manager Mike Novogratz has unveiled the launch of a cryptocurrency "merchant bank."
Novogratz, a former chief investment officer for Fortress, is behind Galaxy Digital, which according to a Jan. 9 announcements will constitute a "full service, digital assets merchant bank." Described by some as a kind of "Goldman Sachs for crypto," Bloomberg reports that the plan is to get the company listed on the TSX Venture Exchange and raise upwards of $200 million.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The venture will not offer any services to U.S. residents, according to the release.
While Novogratz's group has a plan outlined for the future bank's operations, as well as a partial list of Galaxy Digital's management, the press release noted that the proposal was contingent on being accepted by the Canadian TSX Venture Exchange, all parties completing their due diligence inspecting company assets, and the formation of a board of directors independent of both Galaxy Digital and Bradmer.
The groups aim to finish their respective due diligence work before the end of the first quarter in 2018, according to statements.
Galaxy Digital was previously set to launch a cryptocurrency hedge fund before Novogratz moved to scuttle the launch in late December. At the time, he cited the challenges involved in managing clients' cryptocurrencies in addition to his own portfolio and other conflicts of interest.
He also cited market conditions – bitcoin had fallen nearly 50 percent in the previous few days – according to a previous Bloomberg report.
Novogratz image via CoinDesk archives
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Why bitcoin ETFs look like they’re falling short, even as their role grows: Asia Morning Briefing
What looks like underperformance reflects a structural shift: ETF flows now smooth volatility rather than amplify crypto rallies.
What to know:
- Bitcoin ETFs are unlikely to surpass last year's inflow record, with traders assigning only a 2% chance of beating it in 2025.
- Despite a gap in ETF inflows, they continue to play a stabilizing role in the market, absorbing risk rather than amplifying price swings.
- Bitcoin has been consolidating around $87,000 to $88,000, performing better than the broader crypto market, while Ether has underperformed.
Top Stories
