US crypto firm plans to raise $500 million in debt

CAIRO: Galaxy Digital, a New York-based crypto investment company, intends to raise $500 million in the debt market, the Financial Times reported.

The firm seeks to utilise the funds to expand the business.

“Galaxy is seeking to become the Goldman Sachs of crypto,” The Financial Times reported on behalf of Novogratz, a former Fortress Investment Group executive.

“The company is growing quickly, with net income rising in the third quarter to $517 million, from $41.5 million in the same three months last year,” he added.

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Galaxy detailed that the deal will only serve persons who qualify as professional investors.

The convertible note deal is expected to close this year, subject to Toronto Stock Exchange approval, where Galaxy’s shares are listed.