Galaxy Digital Ventures, the cryptocurrency merchant bank created by former hedge fund manager Michael Novogratz, fell in the first day of trading on the Canadian stock market on Wednesday.
The stock opened at C$2.75 on the Toronto's TSX Venture Exchange under the ticker GLXY. After reaching a low of C$1.97, the company inched up midday to fell back down to C$1.97 at 17:37 UTC.
The current share price represents a 28% decline on the day and a 60.40% plunge on the C$5 price achieved in a private placement in January — weeks after Bitcoin (BTC) reached record highs of nearly $20,000. With the original cryptocurrency having dropped around 40% since then, the expectation was for Digital Galaxy to initially trade lower, but the depreciation significantly exceeds that of the digital assets market.
A possible explanation for the downbeat trading may be the bank’s first-ever financial
This article appeared first on Cryptovest