Joseph Morris / Flickr

Mike Novogratz’s cryptocurrency focused merchant bank, Galaxy Digital LP, will officially open trading on Canada’s TSX Venture Exchange on August 1.

The company opted for a reverse takeover route following the inability to provide the two years of audited financial requirements for an initial public offering (IPO). Now, Galaxy Digital has merged with an established TSX-listed shell company, and will reportedly trade on the TSX Venture Exchange under the GLXY ticker.

In an interview with Bloomberg, Novogratz described the process as “frustrating,” stating that the Canadian regulations overly-scrutinized the firm and delayed its initial trading debut from April to August.

The founder claims that if he knew prior to filing that the process would be so arduous, the company would have been better off staying private for another year. Novogratz maintains that the process was not a mistake but recognizes the process needed in becoming a globally traded company.

Novogratz has expressed further interest in extending stock listings to London, Hong Kong and Frankfurt.

According to Bloomberg, Galaxy sold shares at $5 CAD ($3.80 USD) during a private placement last January.

Novogratz has stated that while various companies that list in Canada have traded poorly, it’s put to the regulators to find manners to create an expansive network. Novogratz has faith that the Canadian capital markets will return in the upcoming future.

The company’s recently released financials reported a $134 million loss in the first quarter of 2018, including $85.5 million as an unrealized loss regarding assets.

More: Novogratz’s Crypto Bank Makes Belated Debut After Plunge
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Photo: Joseph Morris / Flickr
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