Michael Novogratz is buying shares of his cryptocurrency bank Galaxy Digital

Former Goldman Sachs partner Michael Novogratz is not worried about the long drop in quotations on the cryptocurrency market and is increasing his position in the Galaxy Digital trading bank he founded.

According to the information giant Bloomberg, he bought 7.5 million shares for $ 5.5 million, which corresponds to 2.7% of all Galaxy Digital shares in circulation.

Thus, Novogratz, who acts as the CEO of a trade bank, now has 221.2 million ordinary shares of the company, or 79.3% of their total number. According to the information available earlier, he had 213.7 million shares, which accounted for about 76.6% of their total number.

Galaxy Digital Holdings was listed on the Canadian TSX Venture Exchange in early August and has been trading there ever since, but due to the long-term decline in the cryptocurrency market, it could not hold on to the value of its securities.

The news of the purchase of Novogratz shares caused positive expectations from traders and investors and as a result the GLXY price increased by 21.36%. Note that during 2018 stock prices declined by 19%.

Novogratz himself noted that it is difficult to engage in cryptocurrency business in a bear market, but still believes in a U-turn in 2019 due to the arrival of institutional capital.

The Blockchain analyst Arjun Balaji noted that Novogratz's decision to purchase Galaxy Digital shares is a positive signal for the company's future: "He considers stocks to be undervalued because he has information from the order book, while other people do not know. I think this is a bullish signal. "