Skip to content

Crypto bull’s Michael Novogratz firm acquires two digital asset trading platforms

Michael Novogrtz

Galaxy Digital Holdings has acquired two cryptocurrency trading firms: DrawBridge Lending and Blue Fire Capital. The acquisition is part of Galaxy Digital’s goal to promote cryptocurrencies within the traditional finance sector. 

Galaxy Digital, owned by cryptocurrency bull Michael Novogratz offers trading, asset management, and investment banking services. According to Galaxy Digital, the acquisition is preparing to meet a bigger wave of institutional demand for bitcoin.

DrawBridge is a Chicago based company that provides commercial and individual loans on secured bitcoin held at a qualified custodian. On the other hand, Blue Fire Capital, also based in Chicago, offers investment brokerage and trading services focusing on crypto assets.

Galaxy Digital will now handle the projected institutional interest in cryptocurrencies by integrating DrawBridge and Blue Fire into Galaxy into Digital Trading. According to Novogratz:

“Institutional investors and corporates are becoming more knowledgeable and comfortable with digital assets and they are increasingly grasping the purpose and importance of cryptocurrency in their investment strategies.”

DrawBridge and Blue Fire have successfully applied their institutional expertise in traditional lending, structured products, and futures. Galaxy Digital seeks to tap on the knowledge of dealing with institutions. 

Novogratz on Covid-19’s impact on Bitcoin

Over recent years, Galaxy Trading has been putting into action its product and technology roadmap. Under the roadmap, the company paved the way for first-class execution, deep liquidity, and an expanding set of services across spot and derivatives. The acquisitions seek to build on the progress made.

The announcement comes after Novogratz stated that the coronavirus pandemic acted as an accelerator for Bitcoin’s uptake. His sentiments come after Bitcoin hit a yearly high over the $16,000 mark. 

According to Novogratz, the price movement should not come as a surprise. Speaking during the company 2020 Q3 financial earnings call, Novogratz maintained that Bitcoin’s rise should not be attributed to an ongoing speculation mania.

Related video: Novogratz Predicts One of the Most Important Years for Crypto

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.