Listen, if you thought Mike Novogratz’s seemingly abrupt decision to cancel his plans to start a cryptocurrency hedge fund suggested he is in any way, shape, or form less bullish about make-believe space tokens, you were wrong.
Because “guess what?!” Mike’s “got a fever.” And “the only prescription is more crytpo.”
Back on December 22, when Bitcoin crashed out of the clear blue sky to below $11,000, Mike said this on Twitter:
Looks to me like a short term top is in. My hunch is we consolidate between 10-16k for a while. Extreme would be 8k. Bull market isn’t over. Just pausing.
— Mike Novogratz (@novogratz) December 22, 2017
That same day, we learned that he had recently changed his mind about launching his Galaxy Digital Assets Fund.
“I didn’t want to have to deal with the schizophrenic emotional side of it,” Novogratz told Bloomberg, adding that “there are just so many conflicts in that business. It was going to be more complicated than I wanted.”
After Bitcoin rebounded, Mike would go on to tweet this pseudo-retraction of the tweet shown above:
To be clear, we delayed launching a hedge fund with outside investors capital last week because we didn’t like market conditions for new investors. In no way does it mean we are less bullish the crypto markets.
— Mike Novogratz (@novogratz) December 22, 2017
Well now, Bloomberg is out reporting that Novogratz is going to try and start a fucking merchant bank dedicated to cryptocurrencies and “blockchain-based ventures.” Further, he wants to take the damn thing public. To wit, from Bloomberg’s piece:
The former macro manager laid out a series of transactions in a statement Tuesday that would, if successful, raise $200 million and, through a holding company, list shares of his Galaxy Digital LP on Canada’s TSX Venture Exchange. He said Galaxy is building a “best-in-class, full service, institutional-quality merchant banking business in the cryptocurrency and blockchain space” and will be active in four areas: trading, principal investing, asset management and advisory work.
How that is any less “complicated” than the fund he shelved last month is anyone’s guess and believe it or not, you haven’t even heard the punchline(s) yet.
According to Mike’s “plan”, he’s going to buy a Canadian crypto startup called First Coin Capital Corp., conduct a reverse merger with a Canadian shell company called Bradmer Pharmaceuticals Inc., and then once those two are rolled up, he’s going to rename the combined entity “Galaxy Digital Holdings” on the way to raising $200 million in a private placement. Bradmer Galaxy Digital Holdings, will be listed on the TSX and will have a stake in Mike’s crypto merchant bank.
Since that technically isn’t an IPO, there won’t be a need to file any pesky financial statements with securities regulators, and that’s probably a good thing because, well, because did you read everything said above?
According to “a person familiar with his plans” (who we imagine could barely hold back their laughter), Novogratz “envisions Galaxy as the Goldman Sachs of crypto.”
Nothing further.
At this point I did enough profit taking and I buy BTC at or below $2000 and I sell at or above $100,000. I think that says enough about the crypto market right now.