Novogratz Nets $250 Million for New Crypto Investment Venture

Billionaire and former Wall Street fund trader Mike Novogratz has reportedly raised $250 million for a cryptocurrency investment venture dubbed Galaxy Digital.

According to Bloomberg, the private placement will enable Novogratz's new firm to trade and manage cryptocurrency assets, as well as offer consulting to blockchain startups.

A separate report from Taiwan's Economic Daily News revealed additional details, including the fact that Terry Gou, founder and CEO of Foxconn (HCM), is one of the fund's investors with an $18 million placement in the round.

The reports indicate other investors are buying Galaxy Digital's shares through a shell pharmaceutical company, one that will allow Novogratz's firm to be listed on a Canadian stock exchange without disclosing its financials.

Stepping back, the news is being heralded by the mainstream press as a notable return for the high-profile Wall Street trader, who left Fortress Investment Group in 2015 after the company closed his $2 billion macro fund.

Novogratz has notably been an outspoken figure in cryptocurrency since as early as 2014, frequently appearing at conferences and on TV to praise what he sees as the ongoing innovations in the market.