Mike Novogratz Compares Crypto Market to Game of Thrones After Galaxy Digital Lost $272 Mln in 2018


Mike Novogratz Compares Crypto Market to Game of Thrones After Galaxy Digital Lost $272 Mln in 2018
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Billionaire Mike Novogratz recently drew a parallel between the cryptocurrency market and Game of Thrones, the omnipresent TV show that is known for its brutality and unexpected plot twists, Yahoo! Finance reports. The comparison comes in handy if one considers that his crypto-oriented merchant bank Galaxy Digital lost a whopping $272 mln during its first year of operations.

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Win or die

2018, which was defined by the brutal downfall of the cryptocurrency market, turned out to be (expectedly) bad for Galaxy Digital. As reported by U.Today, Galaxy Digital revealed a $134 mln loss in its very first financial disclosure that was published in September.

Overall, Galaxy Digital lost more than $272 mln in 2018. The cryptocurrency market reached its lowest point in Q4 with Bitcoin reaching its yearly low of $3,122 back in December. In light of these disastrous numbers, Novogratz compared crypto to Game of Thrones:

“Q4 in crypto felt a little bit like watching Game of Thrones last night.”

With that being said, Novogratz claims that focusing on the operational loss is more important for him.

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Surviving the crypto winter  

Galaxy Digital was founded right on the brink of the market collapse with Novogratz investing a war chest of $300 mln. In January 2019, he increased his stake in the company to 79.3 percent. Despite the astonishing losses, the Bitcoin bull sticks to an optimistic narrative, claiming that the cryptocurrency market is finally rebounding.

"While 2018 was a challenging year for the industry, I am pleased with the ways in which our team navigated difficult market dynamics, and believe we are well positioned to scale our business strategically over time," Novogratz told Bloomberg.

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Kraken Makes Limited Time Offer to Buy Its Shares – for Accredited Investors Only

  • Yuri Molchan
    📰 News

    One of the ⬆top crypto exchanges, Kraken, now allows investors to enlarge their portfolio through buying its shares during a limited time period🕐


Kraken Makes Limited Time Offer to Buy Its Shares – for Accredited Investors Only
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On Monday, Kraken exchange sent its customers a letter in which it offered them an opportunity to purchase its privileged shares. The period for buying Kraken’s stocks will last from May 20 until June 20.

The community initially took the message to be spam, however, later on Kraken confirmed that the email and the offer are real.

Kraken partners with Bnk to the Future

To make this plan come true, Kraken has struck a partnership with the Bnk to the Future platform. The latter offers registered users to buy privileged shares of the crypto exchange before June 20. The minimum investment amount is $1,000.

Investors are welcome to transfer funds for purchasing through bank cards or bank wire transfers, as well as pay with Bitcoin and Ethereum.

Special terms for investing

In its email, Kraken does not set any special requirements for potential investors. However, the terms set forth by Bnk to the Future are much more rigorous. To invest in Kraken stock, investors must be accredited, have a net worth of at least $1 mln, and their income has to be over $200,000.

However, investors can conduct their own verification by answering a few questions, and this will allow users to get the required investor status.

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Not the first fundraising attempt by Kraken

In late 2018, Kraken already attempted to raise money from private investors, offering them a minimum of $100,000 to invest, while evaluating its own business to be worth $4 bln.


Back then, the exchange said that it does not need extra funds for financing its operations. However, since there were visible opportunities for expanding, they decided to start the fundraising.

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