Seven years after heavy losses shuttered his hedge fund, Mike Novogratz was in his SoHo office watching his computer screen flicker prices of cryptocurrencies, his new favorite investments. They were all collapsing.
The former college wrestler who once worked for Goldman Sachs Group Inc. and Fortress Investment Group had reinvented himself as one of Wall Street’s biggest digital-currency proponents, a cult figure for thousands of amateur investors who followed his appearances on television, social media and the conference circuit. His new venture, Galaxy Digital Holdings Ltd. , sells crypto-investment funds, handles trades for other big investors and advises digital-asset companies on acquisitions.
