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

Markets • November 27, 2018, 3:11PM EST
Published 1 hour earlier on
UPDATED: November 27, 2018, 3:12PM EST
The Block

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.

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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.

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