Galaxy Digital, the cryptocurrency broker and trading bank founded by billionaire investor Michael Novogratz, announced Monday that it will issue a large $500 million redeemable bond to accelerate business initiatives. The debt is transferred to the company’s equity and at an interest rate of 3% annually due in 2026. New areas of expansion include intangible tokens, or NFTs, where the company invests $62 million of capital in 22 NFTs. companies from the beginning of the year.

Mike Novogratz, founder and CEO of Galaxy Digital, has for many years been a well-known bullish investor in Bitcoin (BTC) and other cryptocurrencies. He encouraged other investors to invest between 1% and 5% of their cryptocurrency portfolio. Under his leadership, the company’s assets crossed $3 billion in an update presented in October, making it one of the world’s largest cryptocurrency investment firms.

The company is registered in the Cayman Islands and is listed on the Toronto Stock Exchange. However, it is in the process of restructuring to list the stock in the US next year. The US Securities and Exchange Commission has not yet approved its potential listing.

Galaxy Digital’s net income from trading, investing, asset management, cryptocurrency mining and other business sources was $517.1 million last quarter, up from $41.5 million in the previous quarter. The stock is up 405.4% year-over-year to $23.51 (Canadian dollars) a share from Monday.

Source: CoinTelegraph