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| December 19, 2018

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Billionaire Archives - Page 2 of 18 -

Tech Billionaire, Wife to Buy Time for $190M

September 17, 2018 |

Time magazine is about to change hands for the second time in less than a year. In a deal awaiting the approval of regulators, Salesforce founder Marc Benioff and his wife, Lynne, are buying the 95-year-old magazine from Meredith Corporation for $ 190 million, CNBC reports. Meredith—which acquired Time, Inc….
Newser

Billionaire Jack Ma prepares for life after Alibaba. He’ll retire Monday, report says

September 8, 2018 |

Jack Ma, China’s richest man, is laying the groundwork for a future away from Alibaba Group Holding Ltd., the company he co-founded and turned into an e-commerce juggernaut.

On Friday, the New York Times reported that Ma said he will retire Monday. That will be his 54th birthday.

In an interview…


L.A. Times – Business

Billionaire Amway Founder Richard DeVos Dead at 92

September 7, 2018 |

Billionaire Richard DeVos, co-founder of direct-selling giant Amway, owner of the Orlando Magic, and father-in-law of Education Secretary Betsy DeVos, died Thursday. He was 92. Family spokesman Nick Wasmiller says DeVos died at his western Michigan home due to complications from an infection, the AP reports. DeVos was born in…
Newser

Chinese Billionaire Denies Wrongdoing in Sex Misconduct Arrest, His Lawyers Say

September 3, 2018 |

JD.com Chief Executive Liu Qiangdong denies any wrongdoing in connection with his arrest on suspicion of sexual misconduct in Minneapolis, and it’s likely no charges will be filed, his attorneys said.
WSJ.com: US Business

Billionaire Founder of JD.com Arrested on Sexual Misconduct Claims

September 2, 2018 |

A Chinese billionaire was arrested in Minneapolis late Friday on suspicion of criminal sexual conduct, the AP reports. Liu Qiangdong, also known as Richard Liu, founder of Beijing-based e-commerce site JD.com, was released Saturday. Minneapolis police wouldn’t give details due to the ongoing investigation and told Reuters charges could…
Newser

Billionaire Foster Friess defeated in Wyoming gubernatorial race despite last-minute Trump endorsement; Sen. Barrasso trounces wealthy challenger

August 22, 2018 |

Wyoming Secretary of State Mark Gordon won a fiercely contested GOP primary to replace Republican Gov. Matt Mead on Tuesday, prevailing over a billionaire businessman who won the last-minute endorsement of President Trump.
FOX News

Broadcom Billionaire Arrested After Hotel Room Find

August 10, 2018 |

With an estimated fortune of $ 3.1 billion, Broadcom co-founder Henry Nicholas III can afford a good lawyer—and he’s going to need one. The 59-year-old billionaire was arrested in Las Vegas this week along with companion Ashley Fargo on suspicion of trafficking drugs including heroin, cocaine, MDMA, and methamphetamine,…
Newser

Billionaire Backed Bitcoin Bank Trading on Major Stock Exchange

August 1, 2018 |

Billionaire Backed Bitcoin Bank Trading on Major Stock Exchange

Coming off fresh first quarter losses undeterred, giant cryptocurrency merchant bank, Galaxy Digital, began trading on the Toronto Stock Exchange August, 1, 2018. It is one of the earliest banks in the crypto space to achieve such a listing. Many eyes are watching to see what will become of the relationship between legacy financial institutions and digital assets. 

Also read: Coinbase Flexes Muscle, Creates Political Action Committee

Galaxy Digital Trades, a Bitcoin Merchant Bank, Now Trades on TSX Venture Exchange

Famed billionaire investor Mike Novogratz explained, “If I knew what I know now, knew the crypto markets were going to swoon as much, and it was going to take so long, I might have stayed private for another year or so and then gone public, but I don’t think it’s a mistake,” Galaxy Digital’s CEO told Bloomberg in Toronto.

Crypto markets have been unkind to any investor who might’ve jumped-in during late 2017. His interview otherwise ought to have been triumphant, representing one of the earliest cryptocurrency-oriented merchant banks to be listed formally on a major stock exchange. He was in Toronto for just that purpose: Galaxy Digital is now trading on a world ranked, top ten, board, the Toronto Stock Exchange (TSX).

Billionaire Backed Bitcoin Bank Trading on Major Stock Exchange

Instead, to a degree, it was bittersweet. The company was smarting off a brutal first quarter earnings call, posting over $ 130 million in losses. Rather than charging full steem on success, it appeared from a public relations standpoint to be limping as a financial canary in a very dark mineshaft.  

“There was a surge of companies,” Mr. Novogratz continued, “that listed in Canada and they all traded really poorly. I think the regulators got a little bit more nervous and said, ‘Hey, wait a minute, let’s make sure we know what we’re seeing here.’” Regulators were used to what as known as reverse takeovers to get a listing, a maneuver Galaxy was taking advantage of in order to get a seat, but when cryptocurrency is involved that apparently was enough to warrant extra looks under the hood.

Global Ambitions

“There’s a layer of due diligence,” TSX’s managing director Brady Fletcher elaborated, “that goes into figuring out and understanding the business itself, which probably takes a little bit longer than entrepreneurs like Mike would like it to, but for us that’s how we maintain market integrity.” TSX, by market cap, is the ninth largest stock exchange in the world. Based in Ontario, Canada, it offers a range of industries, domestic and foreign, but is mostly known for being oil and gas heavy. It also offers traditional securities, exchange traded funds, income trusts, etc.

Extra scrutiny effectively tied up Galaxy and its investors, as they could only watch for months, while regulators do what regulators do ahead of a listing, and markets fell. Mr. Novogratz knows from markets as a former hedge fund guy. He also knows crypto, having also famously made hundreds of millions trading ether and bitcoin.

Billionaire Backed Bitcoin Bank Trading on Major Stock Exchange

That acumen led to becoming a full fledged merchant bank in the space by late last year. Galaxy is full service, trading digital assets, managing funds, giving financial advice, and investing in ecosystem businesses.

The CEO assured Bloomberg, “We’re going to be a global company; we want to be globally traded.” He wants listings eventually in Hong Kong, Frankfurt, London as well. For now, the New York company will trade under Galaxy Digital Holdings Ltd, ticker GLXY at the TSX Venture Exchange.

Is Galaxy’s listing on the TSX good for bitcoin adoption? Let us know in the comments section below. 


Images via Pixabay.


Be sure to check out the podcast, Blockchain 2025; latest episode here

The post Billionaire Backed Bitcoin Bank Trading on Major Stock Exchange appeared first on Bitcoin News.

Bitcoin News

Son of Greek Billionaire Dead in US. Fentanyl Is Blamed

July 17, 2018 |

The youngest son of a Greek billionaire has died in Ohio of a suspected overdose involving fentanyl. Socrates S. Kokkalis, 34, was found in Cleveland’s downtown Marriott Hotel around 2:45pm Saturday, about 12 hours after he’s believed to have died. Though an official cause of death is pending, police…
Newser