Michael Novogratz has invested almost $5 million extra in his cryptocurrency enterprise fund, Galaxy Digital Holdings, Ltd.

The Galaxy CEO bought 7.5 million odd shares of the corporate, or 2.7 % of complete shares excellent, for 7.42 million Canadian {dollars} ($4.eight million), in keeping with a press release Wednesday. The acquisition elevated his complete stake to about 79.three % of Galaxy, which trades on the Toronto Inventory Trade’s TSX Enterprise Trade.

The corporate’s inventory jumped 21.36 % on the information Wednesday morning, reaching 1.25 Canadian {dollars} at press time. The inventory fell 19 % final yr amid a bear marketplace for crypto investments.

In November, Galaxy reported a $76.65 million net loss for the third quarter of 2018. Novogratz commented on the outcomes on the time by saying that it “sucks to construct a enterprise in a bear market,” however nonetheless expressed optimism in regards to the trade and predicted an inflow of institutional cash into cryptocurrencies in 2019 — and a ensuing bull run.

Galaxy went public final yr by means of a reverse merger with a listed pharmaceutical firm.

Mike Novogratz at Consensus: Make investments 2017, picture through Shutterstock

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