Mike Novogratz’s Foundation buys Ethereum for $75 million

The deal has become one of the largest in the world of cryptocurrencies since the beginning of 2021

21.07.2022 - 07:30

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What’s new? Billionaire and Galaxy Digital investment company owner Mike Novogratz’s fund called Institutional Ethereum Fund acquired the Ethereum cryptocurrency worth $75,6 million. This data is cited by the Trustnode website, citing the fund’s filing with the US Securities and Exchange Commission (SEC).

News on the Trustnode website

What else is known about the deal? The purchase of the asset was made by 21 investors in the fund, each of whom invested at least $100 000 in the transaction. All funds were invested directly in Ethereum at a price based on the Bloomberg Galaxy Ethereum Index. Gemini Exchange acted as custodian.

The $75 million investment has become one of the largest in the crypto world since the beginning of 2021. Trustnode believes one of the 21 investors could be Goldman Sachs Bank, which began offering clients investments in ETH back in March 2022.

Mike Novogratz is an American trader and investor and former head of the Goldman Sachs branch in Latin America. After leaving the firm, he founded his own investment company, Galaxy Digital. As of data at the end of 2021, it had $3,42 billion in assets under management.

He previously said that greed, ignorance, and “inane risk management” were the causes of the crypto market’s decline. Novogratz added that the problems of brokers Celsius and Voyager Digital, as well as the hedge fund Three Arrows Capital, made the entire crypto industry look like “a bunch of idiots.”

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