On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Galaxy Digital Holdings Ltd. has revealed the firm is looking to raise $500 million in an exchangeable senior note offering. The investment company, founded by billionaire investor Mike Novogratz in January 2018, aims to use the funds to “accelerate growth initiatives across its business lines.”
Galaxy Reveals Exchangeable Senior Note Offering
The investment firm Galaxy Digital (TSX: GLXY) aims to raise $500 million via an exchangeable senior note offering. The convertible debt will be used to continue expanding the business. Galaxy details that the private placement will close in early December 2021 and will be subject to Toronto Stock Exchange (TSX) approval. Notes will only be sold to persons who qualify as “institutional buyers,” the announcement explains.
“Galaxy Digital has agreed to issue and sell $500 million aggregate principal amount of 3.00% exchangeable senior notes due 2026 to certain purchasers, including affiliates of Arca, NZ Funds, Senator Investment Group and XN, in a private placement under the Securities Act of 1933,” Galaxy revealed on Tuesday. Galaxy further added:
Galaxy Digital intends to use the proceeds from the Notes offering to accelerate growth initiatives across its business lines and for general corporate purposes.
Galaxy Raised $325 Million for Interactive Fund in October, Slew of Crypto Firms Leveraging Debt Markets to Raise Capital
The scheme to raise $500 million in the debt market follows Galaxy’s recent capital raise of $325 million in October. The $325 million in funding will be tied to the firm’s second interactive content and technology fund. Some of Galaxy’s interactive fund investments have been publicly announced and include projects like Masterworks, Art Blocks, ROAR, 1047 Games, Elodie, and Republic.
Galaxy also initiated a decentralized finance (defi) fund last August that gives investors exposure to a myriad of defi tokens. In mid-November, Galaxy joined forces with the well-known publication and global media brand TIME. Galaxy Digital Holdings Ltd. is not the only crypto firm in the industry leveraging debt markets to expand, as Marathon Digital Holdings revealed plans to raise $500 million from convertible senior notes on November 15.
The publicly listed company Microstrategy has leveraged exchangeable senior notes offerings as well to purchase bitcoin (BTC) on various occasions. At the time of writing, Galaxy shares are up 174% year-to-date, swapping for $8.74 on January 4 and changing hands for $24.01 today. Currently, Galaxy has $650 million in assets under management (AUM) and an array of investments in more than 75 firms.
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