Mike Novogratz's $GLXY halted on TSX amidst 18.6% price drop

Trading in Mike Novogratz's crypto merchant bank, Galaxy Digital Holdings Ltd. ($GLXY), has been halted on the Toronto Stock Exchange since 11:25am this morning. At the time of the trading halt, the stock was down 18.6% on the day, falling from 1.13 to 0.92 in less than two hours. The Investment Industry Regulatory Organization of Canada (IIROC) halted the stock, listing "Pending Company Contact" as the reason.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

According to a release this morning: "IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada." (Source: Yahoo Finance)

Update: Galaxy Digital Holdings Ltd. ($GLXY) resumed trading at 3:00pm ET. According to a press release issued at 2:26pm ET,  "the Company's management is unaware of any material change in the Company's operations that would account for the recent market activity." (Source: CNW)

About Author

Mike Dudas is one of the founders of The Block and was the CEO until April 2020 and a board member until April 2021. Prior to starting The Block, Mike was co-founder and CRO of Button, the leading global, mobile performance marketing platform. Mike is a builder of mobile commerce businesses, having worked at Google, Braintree/Venmo and PayPal. Early in his career, Mike worked in corporate M&A and strategy for Disney. Mike earned a BA from Stanford and an MBA from Kellogg.