In a bid to move its headquarters to New York, Galaxy Digital turns to fundraising as a way out.
To keep pace with the digital industry and its growth the firm is raising new funds to carry out its expansion through the sale of Bound in-exchange that would be convertible in 5-years, the firm is aiming to raise $500 for the company in stock. Yielding 3% interest for holders as the deal is set to mature in 2026, as disclosed by the firm.
The funds will aid the expansion of its Asset Management business and also to bring in more personnel to the firm.
Galaxy Digital would continue to accommodate institutional investors and has no plan of bringing in services for the retail market. It provides professional financial services for investors coming into the digital market. Records as shown on October 31st, 2021 revealed Galaxy Digital managed an asset cost of over $3.1 billion with the Galaxy suite of crypto exchange-traded fund (ETF) in Canada as the most notable one.
The sale will be carried out in private placement, hosting the likes of Arca, Senator investment Group and NZ funds as reported buyers.
Disclosure about the fundraising project was also accompanied by information that the company will be moving its Headquarters based in Cayman Island to New York.
Galaxy Digital was able to raise $325 million in the previous month, for its Galaxy Interactive Fund which is geared towards the fast growing crypto gaming and art space.
In a statement by Sam Englebardt, Galaxy Digital general partner, he disclosed that the move is to accommodate “young mass flooding in the Digital space”, with $150 million already deployed in Fractionalized art project master work and in Mythical games