Mike Novogratz Bought 500,000 ETH From the Ethereum Foundation at $0.99 Levels

Mike Novogratz Bought 500,000 ETH From the Ethereum Foundation at $0.99 Levels

By Abhimanyu Krishnan | News | 18 Nov 2020


Galaxy Digital founder and CEO Mike Novogratz bought 500,000 ETH from the Ethereum Foundation at less than a dollar each, he revealed in an interview on Nov. 10.

  • Novogratz was interviewed by Nugget’s News Alex Saunders, and spoke a range of topics including Bitcoin, his appreciation for Ethereum and investment outlooks
  • He initially said in the interview that he had bought the tokens from Buterin, but the latter clarified over Twitter that the Ethereum Foundation was the seller
  • However, Vitalik and Novogratz did have a conversation in the comments, eventually settling on selling 500,000 at $0.99
  • Ether now trades for roughly $470, putting the total value of that purchase at approximately $235 million
  • Novogratz had sold some of the ETH in 2018, when the price was at $1200, but has largely held onto the asset
  • Galaxy Digital has had a strong 2020, reporting a net income of $44.3 million, with its institutional Bitcoin providing returns of 125.7% YTD; the company is all set to launch a new Bitcoin fund in Canada

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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