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

Galaxy Digital, a cryptocurrency brokerage and merchant wall founded by billionaire investor Michael Novogratz, announced on Monday that it would be issuing $500 million in exchangeable senior notes to slide merchantry initiatives. The debt is convertible into visitor probity and bears an interest rate of 3% per annum, with maturity in 2026. New expansion areas include non-fungible tokens, or NFTs, with the firm committing $62 million of its wanted 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 tabbed on other investors to intrust anywhere between 1% to 5% of their portfolio into crypto. Under his guidance, the firm’s resources under management surpassed $3 billion in an update provided in October and have wilt one of the largest digital currency investment companies in the world.

The visitor is registered in the Cayman Islands, and its shares are listed on Canada’s Toronto Stock Exchange. However, it is in the process of restructuring to list its shares in the United States next year. The U.S. Securities and Exchange Commission has yet to legitimatize of its potential listing.

In the past quarter, Galaxy Digital’s net income from trading, investment, windfall management, crypto mining, and other corporate sources amounted to $517.1 million, increasing from $41.5 million from the prior year’s quarter. Shares have gained 405.4% year over year to $23.51 (converted from Canadian dollars) apiece as of Nov. 29.

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