Galaxy Digital, the cryptocurrency merchant bank founded by Mike Novogratz, has disclosed in a regulatory filing that it now owns $272 million worth of Bitcoin.
The figure was included in Galaxy’s quarterly report for the three months ending March 31, 2018. The report shows that the firm increased its BTC holdings by $134 million during the quarter.
At current prices, Galaxy’s Bitcoin stash is worth approximately 0.3% of the total supply of the flagship cryptocurrency.
Galaxy’s Bitcoin holdings also make up around 11% of the company’s total assets, which are listed at $2.56 billion.
NOTE: WARNING: Investing in cryptocurrency such as Bitcoin is highly speculative and the market is largely unregulated. Galaxy Digital does not provide financial advice and any information regarding how many Bitcoin it owns should not be taken as investment advice. You should always do your own research before investing in any form of cryptocurrency.
While Galaxy has been investing in Bitcoin and other cryptocurrencies since its inception, the company has ramped up its activity in recent months. In December 2017, Galaxy announced that it had invested $50 million in Bitcoin mining equipment manufacturer Bitfury.
And in February 2018, Galaxy led a $15 million financing round for BlockFi, a startup that offers USD-backed loans to cryptocurrency holders. BlockFi’s clients can use their crypto holdings as collateral to take out cash loans without having to sell their digital assets.
Galaxy’s investment in BlockFi appears to have paid off, as the startup revealed last week that it had secured a $52.5 million Series B funding round led by PNC Bank.
As a regulated financial institution, Galaxy is required to disclose its investments in cryptocurrencies every quarter. The company’s filings show that it has been steadily adding to its BTC holdings since Q4 2017, when it first disclosed owning $92 million worth of Bitcoin.
Based on Galaxy’s disclosures, it seems likely that the firm will continue to increase its cryptocurrency holdings going forward. This could provide a boost to the price of Bitcoin and other digital assets as institutional investors like Galaxy allocate more capital to the nascent asset class.
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