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Galaxy Digital has raised $500 million in convertible debt to help fund the company’s growth.

On Monday, Galaxy Digital, a cryptocurrency brokerage and merchant bank created by billionaire investor Michael Novogratz, revealed that it would be issuing $500 million in exchangeable senior notes to fund commercial activities. The debt is convertible into business equity and has a 3% annual interest rate with a 2026 maturity date. Nonfungible tokens, or NFTs, are one of the firm’s new expansion areas, with the firm investing $62 million in 22 NFT-related startups since the beginning of the year.

Mike Novogratz, the founder and CEO of Galaxy Digital, has been a well-known bullish investor in Bitcoin (BTC) and other cryptocurrencies throughout the years. He has urged other investors to put 1% to 5% of their assets into cryptocurrency. In an update released in October, the firm’s assets under management topped $3 billion, making it one of the world’s largest digital currency investing organizations.

The company is based in the Cayman Islands, and its stock is traded on the Toronto Stock Exchange in Canada. It is, however, restructuring in order to list its shares in the United States next year. The Securities and Exchange Commission in the United States has yet to approve the company’s possible listing.

Galaxy Digital’s net income from trading, investment, asset management, crypto mining, and other corporate sources totaled $517.1 million in the most recent quarter, up from $41.5 million the year before. As of Monday, shares had risen 405.4 percent year over year to $23.51 (converted from Canadian dollars).

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