Galaxy Digital raises $500 million in convertible debt to fund business expansion

Galaxy Digital raises $500 million in convertible debt to fund business expansion

Galaxy Digital, a cryptocurrency brokerage and merchant bank founded by billionaire investor Michael Novogratz, announced on Monday that it would be issuing $500 million in exchangeable senior notes to accelerate business initiatives. The debt is convertible into company equity and bears an interest rate of 3% per annum, with maturity in 2026. New expansion areas include nonfungible tokens, or NFTs, with the firm committing $62 million of its capital into 22 NFT-related companies since the start of the year.

Over the years, Galaxy Digital founder and CEO Mike Novogratz has been a famed bullish investor of Bitcoin (BTC) and other cryptocurrencies. He has called on other investors to allocate anywhere between 1% to 5% of their portfolio to crypto. Under his guidance, the firm\’s assets under management surpassed $3 billion in an update provided in October, becoming one of the largest digital currency investment companies in the world.

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