文｜ 王也运营｜ 盖遥编辑｜ 卢晓明
Wen nbsp; Wang also runs nbsp; Lu Xiaoming
出品｜ Odaily星球日报（ID：o-daily）
Odaily Planet (ID:o-daily)
Novogratz 无疑是整个华尔街最虔诚的加密货币信徒之一，也是以太坊的早期投资者，1 美元买进ETH，投资EOS 实现了123% 的投资收益。
Novogratz is undoubtedly one of the most pious encoded money followers of Wall Street, as well as an early investor in Ethio, with $1 buying into ETH and investment in EOS achieving 123 per cent of the return on investment.
近日，彭博社曝出，主流加密数字货币EOS 的背后开发商Block.One 将花费高昂代价回收其早期投资人10% 的股份，数字货币投资银行Galaxy Digital 作为Block.One 早期重要投资人，回应了Block.One 的股份回购邀约，Galaxy Digital 出售了Block.One 部分股权并获得收入7120 万美元，实现了123% 的投资收益。
In recent days, Bloomberg has been exposed, and the developer behind the mainstream encrypted digital currency EOS, Block.One, will recover 10 per cent of the shares of its early investors at a high cost, with the Digital Monetary Investment Bank Galaxy Digital as Block.One and the early key investors, responding to Block.One's equity buy-back offer, Galaxy Digital sold a portion of Block.One's shareholding and earned revenue of $71.2 million, yielding an investment gain of 123 per cent.
这让不少机构投资者和散户投资者都眼红Galaxy Digital，但并不是谁都能有这种好运气。
This leaves Galaxy Digital in the eyes of many institutional and bulk investors, but not all of them have such good luck.
Galaxy Digital 是2018 年初才成立的数字货币投资银行，并于2018 年8 月1 日在加拿大多伦多证券交易所创业板挂牌上市，上市之路可谓是一波三折。他们也曾在2018 年全年亏损2.727 亿美元。
Galaxy Digital, a digital money investment bank that was established only early in 2018, was listed on the Canadian Toronto Stock Exchange's business board on 1 August 2018 on a three-way street. They also lost $272.7 million in 2018.
一家刚刚成立的投资银行怎么会这么有魄力，成立不到半年就可以挂牌上市呢？这背后更是离不开幕后掌舵人，也是前高盛合伙人Michael Novogratz 的“操盘”了。Michael Novogratz 曾经连续两年被列入福布斯世界亿万富豪榜，Michael Novogratz 也是美国著名投资机构Fortress Group（堡垒投资集团）的合伙人。
How could an investment bank that has just been set up be so powerful that it can be listed in less than six months? Behind that is the “player” of former Goldman Sachs partner Michael Novogratz, who for two years has been on the Forbes World billionaire list, and Michael Novogratz, who is also a partner of the famous American investment agency Fortress Group (the Fortress Group).
Michael Novogratz 曾带着堡垒投资集团熬过了金融危机，却栽在了2015 年，对“巴西利率下跌、央行会下调利率”的预测上。这导致了公司的亏损严重，他也黯然离开华尔街。
Michael Novogratz, who survived the financial crisis with the Fortress Investment Group, set himself up in 2015 to predict that “Brazil’s interest rates will fall, central banks will lower their rates.” This led to serious corporate losses, and he left Wall Street in the dark.
离开华尔街的他并未放弃，而是转战币圈。2017 年底，Novogratz 高调宣布，会把自己的交易业务发展成专注数字货币投资和区块链的全服务银行Galaxy Digital，他还挖来了高盛副总Richard Kim 入伙，还有高盛此前的对冲基金分析师Luka Jankovi 加入，也正因为如此，Galaxy Digital 也被外界戏称为“币圈高盛”。
He left Wall Street without giving up, but instead turning the currency. At the end of 2017, Novogratz announced that he would develop his business into Galaxy Digital, a full-service bank focused on digital monetary investment and the chain of blocks, and that he had joined Richard Kim, Vice-President of Goldman Sachs, along with Luka Jankovi, former hedge fund analyst of Goldman Sachs, and because of that, Galaxy Digital was also known by outside actors as the “big currency ring”.
下面我们来看一下Michael Novogratz 的个人经历，一个传统的华尔街职业对冲经理人是如何对加密货币行业产生兴趣的？如何建立起加密货币投资银行Galaxy Digital？以及在加密货币市值大幅跳水之后，Michael Novogratz 的心态又是怎样的？华尔街聪明绝顶的宏观对冲者是如何应对加密货币世界中的不稳定因素的？
Now let's look at Michael Novogratz's personal experience, how a traditional Wall Street professional hedge manager is interested in the crypto-currency industry? How to set up the crypto-currency investment bank Galaxy Digital? And what about Michael Novogradz's mentality, after a dramatic leap in the market value of the encrypted currency?
01 摔跤队队长，美国空军飞行员，对冲基金经理
Captain Wrestler, Air Force pilot, hedge fund manager.
Michael Novogratz 是一位前对冲基金经理，前身为投资公司Fortress Investment Group（堡垒投资集团）。他在2007 年和2008 年被福布斯评为亿万富翁。
Michael Novogratz is a former hedge fund manager and formerly an investment firm, Fortress Investment Group. He was awarded billionaires in Forbes in 2007 and 2008.
1964 年11 月26 日，Novogratz 出生于弗吉尼亚州。上高中时，他是学校摔跤队的队长，并获得了该州摔跤比赛第二名。
On November 26, 1964, Novogratz was born in Virginia.
Novogratz 的大学时光在普林斯顿大学度过。大学时期他几乎将所有的时间投入到了自己热爱的运动之中。作为学校的摔跤队队长，他两次获得“常青藤”联赛冠军，在美国全国大学生体育协会中也没有敌手。Novogratz 对摔跤运动的喜爱近乎狂热，以至于很多人用“疯子”称呼他。大学毕业后，他加入美国空军，成为一名直升机飞行员，后来又加入了新泽西州的国民警卫队。
Novogratz spent his university time at Princeton University. He spent almost all his time in his favorite sport at the university. As head of the school wrestling team, he won twice the Ivy League championship and had no enemies in the National Sports Association of American University Students. Novogratz’s love for wrestling was so intense that many people called him “crazy.” After college, he joined the United States Air Force, became a helicopter pilot, and later joined the New Jersey National Guard.
很难判断Novogratz 是从何时开始对金融产生了兴趣，但事实证明在金融领域，他同样有所成就。
It is difficult to judge when Novogradz started to be interested in finance, but he has proved to be equally successful in the financial field. & nbsp;
Novogratz 在2007 年3 月福布斯全球亿万富豪榜上排名第407 位，其中包括他的6660 万股Fortress Investments，其中包括Edens，Kauffman，Nardone 和Briger 亿万富翁。2007 年9 月，Novogratz 被列入福布斯400 强排名第317 位，净资产达15 亿美元。他在2008 年3 月福布斯世界亿万富豪榜上排名第962 位，净资产达12 亿美元。到2012 年，在Fortress 股价下跌后，他的净资产缩水至5 亿美元。
Novogratz was ranked 407th in March 2007 on the Forbes Global Billionaire list, including 6.6 million shares of Fortress Investments, including Edens, Kauffman, Nardone and Bridger Billionaires. In September 2007, Novogratz was ranked 317th in Forbes 400th, with a net asset of $1.5 billion. He was ranked 962nd in March 2008 on the Forbes World Billion Billion, with a net asset of $1.2 billion. By 2012, his net asset contracted to $500 million after the fall in Fortress Unit prices. & nbsp;
有一些和Novogratz 共事的对冲基金经理，曾经这样评价他：“他表现得好像是一个先知，但骨子里他就是一个推销员。” 不过，也有人不同意这样的观点，认为Novograt“对于看模型、分析前因后果，有着异乎寻常的能力。在别人只看到一团混乱之时，他却可以把东京一只蝴蝶扇动翅膀和新加坡的海啸间的联系，看得一清二楚。”
There were hedge fund managers who worked with Novogratz, who once said to him: “He acts like a prophet, but he's a salesman in his bones.” But there were also those who disagreed with the view that Novograt “has an extraordinary ability to look at models and analyse the causes and consequences. When others saw only one mess, he could see the connection between a butterfly in Tokyo and the tsunami in Singapore.”
02 开先例，带领堡垒投资集团纽交所上市
Set a precedent and lead the Fortress Investment Group to the market.
堡垒投资集团究竟有何厉害之处？为何能让Novogratz 靠其登上福布斯亿万富翁榜单？
What's so great about the Fortress Investment Group? Why would Novogratz be able to access his list of billionaires in Forbes?
堡垒投资集团首开美国对冲基金公开上市先河，堡垒投资集团创立于1998 年，2007 年纽交所上市。
The Fortress Investment Group, which began with the United States hedge fund, was launched in 1998 and placed on the market in New York in 2007.
作为最早在美国本土上市的投资公司，堡垒投资集团旗下拥有多只私募股权基金和对冲基金，拥有私募股权、信贷、流动性对冲基金投资和传统资产管理四大业务，管理资产规模达到701 亿美元，在美国、欧洲、亚洲、澳洲等地设有14 家办事处。
As the first investment company to be listed on the United States mainland, the Fortress Investment Group has a number of private equity and hedge funds, four major private equity, credit, liquidity hedge fund investments and traditional asset management operations, and manages assets of $70.1 billion, with 14 offices in the United States, Europe, Asia and Australia.
在加入堡垒投资集团之前，Novogratz 是高盛的合伙人。
Before joining the Fortress Investment Group, Novogratz was a partner in Goldman Sachs.
Novogratz 于1992 年加入高盛，Novogratz 的事业从固定收益、货币及大宗商品的风险控制部门起步。1992 年至1999 年8 年长驻香港地区的工作和生活经历以及1998 年近距离接触“亚洲金融风暴”为他了解新兴市场奠定了基础。2000 年，他被提拔为高盛集团拉丁美洲业务主席，为他的全球化视野打开了一扇窗。有熟悉他的人说，他是高盛眼中具有极强能力的一个家伙。
Novogratz Joined Goldman Sachs in 1992, Novogratz’s career began in the risk-control sector of fixed earnings, money, and commodities. Work and life experience in Hong Kong over the years 1992-1999 and close contact with “Asian financial storm” in 1998 laid the foundation for his understanding of emerging markets.
高盛在1999 年5 月上市的时候，还给Novogratz 配股。但是就在高盛上市一年之后，他与高盛分道扬镳，按照当时媒体的报道，原因是“生活方式问题”。
When Goldman Sachs was on the market in May 1999, he also gave Novogratz shareholdings. But just a year after Goldman Sachs was on the market, he broke up with Goldman Sachs because, according to the press at the time, it was “life style problems”.
2002 年，Novogratz 离开高盛，加入由Wesley Edens 等人创建的堡垒投资集团，并获得了合伙人的席位。但高盛的经历让他最终选择了以宏观对冲的方式来操作自己的对冲基金。
In 2002, Novogratz left Goldman Sachs to join the Fortress Investment Group, founded by Wesley Edens and others, and won the partner’s seat. But Goldman Sachs’s experience led him to choose a macro-stamping approach to running his hedge fund.
与众多宏观对冲基金一样，Novogratz 在全世界范围内利用对宏观经济形势的基本判断识别金融资产价格的失衡错配现象：首先要对宏观经济作出自己认为最合理的解释，然后根据这个解释，在固定收益、大宗商品、货币以及证券市场寻找存在价格偏差的市场，并在价格偏离到一定程度时进入，直到失衡现象得到纠正时退出。
Like many macro hedge funds, Novogratz identifies imbalances in the price of financial assets around the world using basic judgements of the macroeconomic situation: first, it is the macroeconomics that make the most reasonable explanation of their own, and then, on the basis of that interpretation, find markets with price distortions in fixed earnings, bulk commodities, currencies and securities markets, and access them when prices deviate to a certain degree, until the imbalances are corrected.
加入堡垒投资集团之后，Novogratz 管理其中的对冲基金业务，包括堡垒宏观基金（Fortress Macro Fund）和吊桥全球宏观基金（Drawbridge Global Macro Fund），这两只都是主要投资于高流动性市场的宏观对冲基金，当时，两只基金的资产规模达43 亿美元。
After joining the Fortress Investment Group, Novogratz managed its hedge fund operations, including the Fortress Macro Fund and the Drawbridge Global Macro Fund, both of which were macro hedge funds invested mainly in high liquidity markets, at a time when the assets of the two funds amounted to $4.3 billion.
在华尔街，包括Novogratz 在内的5 名堡垒投资集团合伙人都被认为是聪明绝顶的人。有人这样评价：“他们都不是乙级队球员。”此外，他们也都对自己的能力超级自信。
On Wall Street, five Fortress Group partners, including Novogratz, are considered to be the brightest people. Some say, "They're not second-class players." Besides, they're all super-confident about their abilities.
基于这种自信，2007 年年初他们做出了一个开华尔街先河的举动，把堡垒投资集团包装上市。这一举动证明他们不想默默无闻地被淹没在对冲基金的瀚海中。
Based on this self-confidence, early in 2007 they made a move to put on the market the Fortress Investment Group, a move that proves that they do not want to be drowned in the sea of hedge funds.
2007 年2 月9 日，堡垒投资集团正式在纽约证券交易所上市交易。发行价为18.50 美元，由于投资者热情高涨，挂牌交易的第一天早晨公司股价就迅速飙升至35 美元。
On February 9, 2007, the Fortress Investment Group was officially listed on the New York Stock Exchange. The issue price was $18.50, and the company’s share price jumped to $35 on the first morning of the listed deal because of high investor enthusiasm. & nbsp;
堡垒投资集团并非全球首家上市对冲基金公司，但其上市却是全球对冲基金实力最强的美国市场的首发之举，因此给金融市场带来了不小的震撼。当时，人们把它的上市看成是具有历史意义的一刻，因为这标志着美国对冲基金开始走向公众。
The Fortress Investment Group is not the world’s first hedge fund company, but it is the first to be marketed in the United States, where the most powerful hedge fund in the world is, and it is therefore a big shock to the financial markets. At that time, it was seen as a historic moment, as it marked the beginning of the US hedge fund’s movement to the public.
在堡垒投资集团上市之后，Steve Schwarzman 的黑石集团（Blackstone Group）和Daniel Och 的Och-Ziff 资产管理公司也先后上市。
After the Fortress Investment Group was listed, Blackstone Group of Steve Schwarzman and Och-Ziff Asset Management of Daniel Och were also listed.
对堡垒的合伙人来说，他们通过IPO 为自己创造了更多财富。上市之前，他们以8.88 亿美元的价格，将15% 的公司股份卖给了日本野村银行。有人推测，在IPO 之前，他们每个人平均都有4 亿美元现金的进账。
For the Fortress partners, they created more wealth for themselves through IPOs. Before they went on the market, they sold 15% of their shares to Nomura Bank, Japan, at a price of $888 million. It was assumed that before IPO, each of them had an average of $400 million in cash.
03 成立“币圈高盛”Galaxy Digital
03 Creation of Galaxy Digital
Novogratz 带着堡垒投资集团挺过了雷曼倒闭，熬过了金融危机，Novogratz 却栽在了2015 年，对“巴西利率下跌、央行会下调利率”的预测上。这导致了公司的巨大投资亏损。同年，堡垒投资集团倒闭，Novogratz 也再度黯然离开华尔街。
Novogratz with the Fortress Investment Group through Lehman and through the financial crisis, Novogratz was set up in 2015 to predict that “Brazil’s interest rates will fall, central banks will lower interest rates.” This led to a huge investment loss for the company. In the same year, the Fort Investment Group collapsed, and Novogratz left Wall Street again.
曾经身家20 多亿美元的他，变得只剩区区几百万美元。但是，如此爱折腾的一个人，怎么会就轻易离开他奋战了20 多年的战场？
He used to be home to more than $2 billion, and he was left with only a few million dollars. But how could a man like that easily leave his battle for more than 20 years?
2017 年，对于Novogratz 来说，是非常重要的。因为这一年，他搭上了令所有人都摸不到头脑的金融事件：加密货币的崛起。这把Novogratz 从装模作样的“退休生活”中拉了回来，在数字货币上挣了上亿美元的他，重新回到了大众和媒体的视野中。
In 2017, it was very important for Novogratz. Because that year, he went on a financial event that everyone couldn't see: the rise of encrypted money. This pulled Novogratz back from his demeaning “retired life” and made millions of dollars in digital money, returning to the public and the media.
2017 年底，Novogratz 高调宣布，会把自己的交易业务发展成专注数字货币投资和区块链的全服务银行Galaxy Digital，他还挖来了高盛副总Richard Kim 担任营运长，过去在高盛担任对冲基金分析师的Luka Jankovic 也加入了这家加密投资银行。
At the end of 2017, Novogratz announced that he would develop his trading business into a full-service bank, Galaxy Digital, focusing on digital monetary investment and block chains, and that he had taken Richard Kim, Vice-President of Goldman Sachs, as the Director of Operations, and Luka Jankovic, who used to be the analyst of hedge funds in Goldman Sachs, joined the encrypted investment bank.
从一开始的传统金融迈向加密货币这个领域进行一个转型，来自2013 年他对比特币的价值飙升进行成功的预测，对比特币的成功投资，也让他成为了这个世界上拥有比特币价值最高的人之一。
From the beginning, traditional finance moved to the area of crypto-currency, from his successful prediction of the dramatic rise in the value of bitcoin in 2013, to his successful investment in bitcoin, which made him one of the world’s highest-valuers.
2013 年，当比特币价格只有100 美元的时候，他投入700 万美元购买比特币，按当前市场价格计算，上涨了80 倍。
In 2013, when the price of bitcoin was only $100, he invested $7 million to buy bitcoin, which was 80 times higher at current market prices.
据2018 年福布斯估计，他拥有价值7 亿美元的加密货币。
Forbes estimated in 2018 that he had $700 million worth of encrypted money.
“在比特币领域我投入了净资产的百分之十。” Novogratz 在2017 年的一次由哈佛商学院纽约俱乐部举办的论坛活动上表示。
"I've invested 10 percent of my net assets in Bitcoin." Novogratz said at a forum organized by the Harvard Business School New York Club in 2017.
他无疑是整个华尔街最虔诚的加密货币信徒之一，2018 年5 月9 日播出的“Markets Now”节目中，他甚至断言，每个人的投资组合中都应该有1-2% 的加密货币，不投资比特币“简直是不负责任的”。
He was undoubtedly one of the most pious encoded money followers of Wall Street, and in the “Markets Now” programme broadcast on 9 May 2018, he even asserted that there should be 1 to 2 per cent of the encrypted currency in each person's portfolio, and that it was “unaccountable” not to invest in bitcoin.
但同时他也表示，加密货币也可能成为你一生最大的泡沫。预防的办法则是华尔街的老把戏——不要把鸡蛋放在一个篮子里。例如，Novogratz 也是以太坊的早期投资者，他说自己购买ETH 时，币价大约只有1 美元。
But at the same time, he also said that encryption money could be the biggest bubble in your life. The way to prevent it was the old trick on Wall Street -- not to put eggs in a basket. Novogratz, for example, was an early investor in Ethio, who said that when he bought the ETH, it was only about $1.
2018 年1 月，Novogratz 宣布了关于创设加密货币商业银行Galaxy Digital 的一系列计划。在宣布将成立加密货币商业银行Galaxy Digital 的时候，他表示将利用与比特币和以太坊以及其他协议社区的“深厚关系”，利用数字资产发展所带来的市场机遇，从四大核心业务板块——交易、直接投资、资产管理和咨询业务中获得回报。
In January 2018, Novogratz announced a series of plans for the creation of an encrypted currency commercial bank, Galaxy Digital. When it was announced that an encrypted currency commercial bank, Galaxy Digital, would be established, he said he would take advantage of the “deep relationship” with Bitcoin and Ether and other agreed communities to take advantage of the market opportunities offered by the development of digital assets to reap returns from four core business blocks – trading, direct investment, asset management, and consulting operations.
Galaxy Digital 一出现，就被外界称之为“币圈高盛”，因其创始人多来自高盛背景。Novogratz 挖来了高盛副总Richard Kim 担任Galaxy Digital 营运长，过去在高盛担任对冲基金分析师的Luka Jankovic 也加入了这家数字货币投资银行。
Galaxy Digital, once present, is known as the “big currency circle” because his founders are mostly from Goldman Sachs background. Novogratz has taken Richard Kim, Vice-President of Goldman Sachs, as Director of Galaxy Digital Operations, and Luka Jankovic, who used to be a hedge fund analyst in Goldman Sachs, joined the digital money investment bank.
从2018 年财报来看，Galaxy Digital 的业务紧锣密鼓地进行着——反向收购、准备上市、代币发行项目投资、在东京开设交易点、咨询业务、甚至在2018 年5 月与彭博社母公司合作创建了一个加密指数“Bloomberg Galaxy Digital Crypto Index”。
According to the 2018 financial report, Galaxy Digital's business is very intense — reverse acquisitions, preparation for listing, investment in currency distribution projects, opening of trading points in Tokyo, consulting business, and even the creation of an encrypted index “Bloomberg Galaxy Digital Crypto Index” in cooperation with Bloomberg's parent company in May 2018.
EOS 是这家投行最出色项目之一。2018 年6 月5 日，Galaxy Digital 本金投资平台与Galaxy Digital 投资管理部门共同推出了3.25 亿美元的EOS 风险基金（Galaxy Digital EOS VC Fund），投资于在EOS 的区块链协议上构建平台的公司。6 月7 日，该基金完成第一笔交易，以2000 万美元的投资，领投HighFidelity D 轮投资。
EOS is one of the best projects in this venture. On 5 June 2018, the Galaxy Digital Capital Investment Platform, together with the Galaxy Investment Management Service, launched $325 million EOS Risk Fund (Galaxy Digital EOS VC Fund) to invest in companies that build platforms on the EOS sector chain agreement. On 7 June, the Fund completed its first transaction to invest $20 million in HighFidelity D.
04 遭遇滑铁卢，Galaxy Digital“带血”亏损上市
04 Waterloo, Galaxy Digital's blood loss is on the market
Novogratz 的赌注并不是总是正确的。
Novogratz's bet isn't always right.
2017 年10 月份，Novogratz预言比特币将在年底之前突破1 万美元大关，而这个预言11 月份就实现了。
In October 2017, Novogratz predicted that Bitcoin would break the $10 million mark by the end of the year, and that the prophecy had been realized in November.
他接着预言比特币将在2018 年底突破4 万美元，并且筹划创立5 亿美元规模的数字货币基金，然后就遇到了2018 年年底的比特币价格断崖式跳水。
He then predicted that Bitcoin would break by $40,000 by the end of 2018, and that he was planning to create a $500 billion digital monetary fund, and then ran into a bailout of bitcoin prices by the end of 2018. & nbsp;
根据CoinMarketCap.com 的数据，2018 年比特币狂跌40%，加密货币整体市值更是下跌了51%。
According to CoinMarketCap.com, the price of encrypted currency as a whole fell by 51% in 2018 by 40% by bitcoin. & nbsp;
对于投资了多种加密货币的Novogratz 来说，这就像你深知不要把鸡蛋都放在一个篮子里，所以把它们放在了几个篮子里，然而这几个篮子在一辆大卡车上，大卡车中途却翻车了。
For Novogratz, which invests in a variety of encrypted currencies, it's like you know you don't want to put eggs in a basket, so you put them in baskets, but these baskets are on a big truck, and the big truck turns over.
就在比特币达到峰值几周后，他通过私募以每股5 加元的价格出售Galaxy Digital 的股票，并于2018 年2 月宣布，首期募资2.5 亿加元。
Just a few weeks after Bitcoin peaked, he sold Galaxy Digital shares at $5 a share and announced in February 2018 that he would raise the first $250 million.
在那之后，比特币价格开始大幅跳水。
After that, bitcoin prices began to dive significantly.
根据Galaxy Digital 2018 年7 月25 号发布的Q1 财报财报显示，Galaxy Digital 2018 年一季度共亏损1.34 亿美元。
According to the Q1 Financial Statement issued by Galaxy Digital on 25 July 2018, Galaxy Digital suffered a total loss of $134 million in the first quarter of 2018.
除了加密货币市值的大幅跳水，让Novogratz 心力交瘁的另一个来源则是加拿大监管部门，安大略省证券委员会（OSC）。
In addition to a significant jump in the market value of encrypted currencies, another source of energy for Novogratz is the Canadian Regulatory Authority, the Ontario Securities Commission (OSC).
在美国，IPO 至少需要两年的财务审计，很显然刚刚成立的Galaxy Digital 并不满足条件。
In the United States, IPOs require at least two years of financial audit, and it is clear that the newly established Galaxy Digital does not meet the conditions.
所以，Novogratz 通过反向收购，将Galaxy Digital 与已在多伦多初级交易所上市的空壳公司BBradmer Pharmaceuticals Inc.（一家制药公司）合并，为的就是不用作为全新上市的公司向证券监管机构提交一系列财务报表。
As a result, Novogratz, through reverse acquisitions, merged Galaxy Digital with the shell company Bbradmer Pharmaceuticals Inc., a pharmaceutical company already listed on the Toronto primary exchange, with the aim of submitting a series of financial statements to the securities regulator as a non-new company.
于是在2018 年1 月份正式宣布该计划的时候，他乐观地估计，2018 年4 月份就能上市。
So when the plan was officially announced in January 2018, he was optimistic that it would be on the market in April 2018.
后边发生的事也很好猜了，当Galaxy Digital 申请批准时，OSC 决定对该公司进行额外审查，提出了诸多用Novogratz 的话来说十分“磨人”的要求，上市时间从4 月一直推迟到8 月。
And what happened back there was good guess, when Galaxy Digital applied for approval, the OSC decided to conduct an additional review of the company, and made a number of demands, in the words of Novogratz, that the listing period was postponed from April to August.
这边加密货币市场冷却让投资者陷入窘境，另一边上市屡遭延期，Galaxy Digital 还不得不在上市前一天对其财报进行补充。
The cooling of the encrypted money market here has put investors in a difficult position, while the listing on the other side has been delayed and Galaxy Digital has had to supplement his financial statements the day before the market.
尽管Novogratz 表示，他不会后悔，并一如既往地看好区块链在金融领域的革命性潜力，但他为期8 个月的拉力赛，对希望利用加拿大资本市场作为上市捷径的人来说，不失为一个警示。
Although Novogratz has indicated that he will not regret and continues to appreciate the revolutionary potential of block chains in the financial sphere, his eight-month rally is a warning to those who wish to use the Canadian capital market as a shortcut to listing.
多伦多证券创投交易所董事兼总经理Brady Fletcher 则表示，监管机构需要找到一种平衡：你想要快点上市，必须在公司结构上达到令人满意的水平。
Brady Fletcher, Director and Managing Director of the Toronto Stock Exchange, said that regulators needed to find a balance: if you wanted to be on the market quickly, a satisfactory level had to be achieved in the structure of the company.
终于在8 月1 日，Galaxy Digital 上市了，首日破发。
Finally, on August 1st, Galaxy Digital was on the market and the first day broke.
发行价5 加元，开盘价2.7 加元，这也是一天的最高点，在最低跌至1.9 加元后，最终以2.3 加元的价格收盘，就这样结束了上市首日。
The distribution price of $5 and the opening price of $2.7, which is also the highest point of the day, is finally closed at $2.3 at a minimum of $1.9, thus ending the first day of the market.
其实对于上市的初期结果，Novogratz 也是有心理准备的。
In fact, Novogratz was psychologically prepared for the initial results of the market.
在2018 年8 月30 日接受媒体的采访中，Novogratz 无奈表示，鉴于自年初以来比特币暴跌约40%、加密投资需求减弱，投资者可能很难评估Galaxy Digital 非流动资产的价值，预计上市后的股票以1 月份的价格交易是“不现实的”。接下来的几周可能不会一帆风顺。
In an interview with the media on 30 August 2018, Novogratz argued that, given the sharp fall of about 40 per cent in Bitcoin since the beginning of the year, and the weakening of the demand for encrypted investments, investors might find it difficult to assess the value of Galaxy Digital's non-current assets, and that post-market shares are expected to be traded at January prices “unreal”.
“我很遗憾牛市不再，但我相信一切都会回来。”华尔街老狐狸的心态果然要比一般的对冲基金经理的心态要好。
“I'm sorry about the cow market, but I'm sure everything will come back.” The old fox on Wall Street has a better mind than the average hedge fund manager.
就目前比特币重新站上8000 美金的趋势来看，整个加密货币市场也开始出现回暖，Novogratz 等待的牛市或许很快就会到来。
In view of the current trend of repositioning bitcoin on $8,000, the entire crypto-currency market is starting to warm, and the cattle market that Novogratz is waiting for may soon arrive.
05 拆解Galaxy Digital 投资组合
05 Dismantling Galaxy Digital Portfolio
据Coindesk 4 月29 日报道，根据Galaxy Digital 提交给加拿大证券监管机构的最新文件显示，Galaxy Digital 2018 年第三季度净亏损已经扩大至7670 万美元，第四季度亏损9700 万美元。2018 年全年亏损2.727 亿美元，其中出售数字资产亏损了1.014 亿美元。
According to Coindisk, on 29 April, Galaxy Digital, the latest document submitted to the Canadian securities regulator, showed that Galaxy Digital's net loss in the third quarter of 2018 had increased to $76.7 million, with a loss of $97 million in the fourth quarter. The loss for the entire year was $272.7 million, of which $101.4 million was lost in the sale of digital assets.
Galaxy Digital 还有7550 万美元的账面损失，其中包括其持有的加密货币的价格下跌，850 万美元的未实现投资损失，8840 万美元的运营费用。
Galaxy Digital also suffered book losses of $75.5 million, including a fall in the price of the encrypted currency it held, $8.5 million in unrealized investment losses and $88.4 million in operating costs.
截至2018 年底，Galaxy Digital 持有9724 BTC（3640 万美元）、92545 ETH（1230 万美元）、240 万EOS（600 万美元）和60227 门罗币（280 万美元）。2018 年初，该公司开始增加对比特币和以太坊的投资，当时该公司持有5902 个BTC 和5.7 万个ETH。
By the end of 2018, Galaxy Digital held 9724 BTC ($36.4 million), 92,545 ETH ($12.3 million), 2.4 million EOS ($6.0 million) and 60,227 MEN ($2.8 million). At the beginning of 2018, the company began to increase its investment in Bitcoin and Etheria, where it held 5902 BTCs and 57,000 ETHs.
Galaxy Digital 还曾持有大量的Wax（5020 万美元）和BlockV 代币(1740 万美元)，不过这些币在2018 年年底时从该公司的优先投资组合中消失了。
Galaxy Digital also held large amounts of Wax ($5.2 million) and BlockV tokens ($17.4 million), which disappeared from the company’s priority portfolio at the end of 2018. & nbsp;
文件显示，Galaxy Digital 在出售BTC（7030 万美元）和ETH（6440万美元）时蒙受了损失，但部分损失被Galaxy Digital 通过卖空部分加密货币（不清楚具体是哪种）所赚得的5430 万美元所抵消。
The documents show that Galaxy Digital suffered losses in the sale of BTC ($70.3 million) and ETH ($64.4 million), but that the losses were partially offset by $54.3 million earned by Galaxy Digital through the sale of partially encrypted currency, which is not clear.
2018 年初，BTC 是Galaxy Digital 蒙受损失的最大来源，而ETH 投资在2018 年全年造成的损失最大。
At the beginning of the year, BTC was the largest source of loss for Galaxy Digital, while ETH's investment suffered the greatest loss throughout the year 2018.
有趣的是，Galaxy Digital 因为Wax 代币贬值而损失了高达4700 万美元。Wax 代币是一种为电子游戏中的虚拟物品交易平台提供动力的资产。
Interestingly, Galaxy Digital lost up to $47 million because of Wax’s depreciating tokens. Wax’s tokens are an asset that gives power to virtual item trading platforms in video games.
其他几种竞争币在Galaxy Digital 2018 年能够盈利之前也出现了价格下跌：Kin（亏损1090 万美元）、BlockV（亏损1720 万美元）和Aion（亏损860 万美元）。EOS 也损失了大约500 万美元。
Several other competing currencies also experienced price declines before Galaxy Digital became profitable in 2018: Kin (deficit of $10.9 million), BlockV (deficit of $17.2 million) and Aion (deficit of $8.6 million). EOS also lost about $5 million.
除了数字货币以外，Galaxy Digital 投资组合中的许多公司和投资基金的价值也都有所下降。
In addition to the digital currency, the value of many companies and investment funds in the Galaxy Digital portfolio also declined.
例如，Pantera ICO Fund LP 的股票贬值导致损失1410 万美元（Galaxy Digital 目前在该基金中投资1740万美元）。该公司还减持加拿大Hut 8 Mining Corp .股票1130 万美元，减持加密钱包公司Xapo 股票1110 万美元。
For example, the depreciation of the Pantera ICO Fund LP stock resulted in a loss of $14.1 million (Galaxy Digital currently invests $17.4 million in the fund). The company also lost $11.3 million in the Canadian Hut 8 Mining Corp. stock and $11.1 million in the encrypted wallet company Xapo stock.
截至2018 年底，Galaxy Digital 持有EOS 开发公司Block.One 4190 万美元的股份。另外还在Galaxy Digital EOS VC Fund 中投入了约500 万美元，专注于开发EOS.IO 的生态系统。
By the end of 2018, Galaxy Digital held shares in the EOS Development Corporation Block.One 41.9 million dollars. It also invested some $5 million in Galaxy Digital EOS VC Fund, focusing on the development of the EOS.IO ecosystem.
据区块链媒体The Block 近日报道，Galaxy Digital 5 月22 日宣布已出售所持有的EOS 开发商Block.One 的部分股权，获得收入7120 万美元，实现了123% 的投资收益。
According to the block chain media The Block recently reported that Galaxy Digital announced on 22 May that it had sold part of its shareholding of the EOS developer Block.One, which received $71.2 million in revenues and achieved 123 per cent of the return on investment.
但Novogratz 表示，“Galaxy Digital 仍是Block.One 股东，并持有大量的EOS。卖出部分Block.One 股份兑现利润是为了重新平衡投资组合。“我们将继续与Block.One 紧密合作。我们是多个业务领域的重要合作伙伴，包括Galaxy EOS VC Fund（该基金投资基于EOS.IO 协议的公司），并对EOS.IO 协议感到兴奋。”
However, Novogratz states that “Galaxy Digital is still a stockholder in Block. One and holds a large number of EOS. The sale of some of the Block.One shares cashed in to rebalance the portfolio. “We will continue to work closely with Block. One. We are important partners in a number of areas of business, including Galaxy EOS VC Fund (a company based on the EOS.IO agreement) and are excited about the EOS.IO agreement.”
与此同时，该文件表示，支付初创公司Ripple Labs 获得了Galaxy Digital 的2380 万美元投资，包括“通过一个特殊目的工具的间接投资”。
At the same time, the document states that payment for the start-up company Ripple Labs received $23.8 million in investment from Galaxy Digital, including “indirect investment through a special purpose tool”. & nbsp;
Galaxy Digital 还向挖矿企业投资了2600 万美元，包括Hut 8 Mining 和Bitfury；向托管和多签名钱包提供商BitGo 投资750 万美元；向纽约证券交易所母公司洲际交易所（ICE）尚未推出的比特币期货交易所Bakkt 投资500 万美元。
Galaxy Digital has also invested $26 million in mining enterprises, including Hut 8 Mining and Bitfury; $7.5 million in the hosting and multi-signature wallet provider Bitgo; and $5 million in the yet to be launched Bitcoin Futures Exchange at the Intercontinental Exchange (ICE) of the stock exchange parent in New York.
其他还包括对Silvergate Capital Corporation 的投资，它是对加密货币友好的Silvergate Bank 的母公司；代币化初创企业AlphaPoint 和Templum；投资工具Cryptology Asset和Pantera Venture Fund；以及总部位于波多黎各的Mercantile Global Holdings，该公司运营着最近成立的圣胡安商品交易所（San Juan Mercantile Exchange）。
Other investments include investment in Silvergate Capital Corporation, the parent company of Silvergate Bank, a currency-friendly cryptography company; money-for-money start-up businesses AlphaPoint and Templum; investment tools Crystal Asset and Pantera Venture Fund; and Mercantile Global Holdings, based in Puerto Rico, which operates the recently established San Juan Commodity Exchange (San Juan Mercantile Exchange).
Galaxy Digital 还向加密借贷平台BlockFi 投资了525 万美元，其中包括380 万美元的贷款。
Galaxy Digital also invested $5.25 million, including $3.8 million in loans, in an encrypted lending platform, BlockFi.
在谈到Galaxy Digital 未来可能面临的风险时，文件特别关注了该公司的权力集中在首席执行官兼主要利益相关者Mike Novogratz 手中，他拥有Galaxy Digital 超过71% 的股份。
Referring to the possible future risks to Galaxy Digital, particular attention was given to the fact that the company's power was concentrated in the hands of Mike Novogratz, the CEO and main stakeholder, who owned more than 71 per cent of Galaxy Digital shares.
这份文件说，在监管和市场风险方面，Galaxy Digital 是“高度依赖Michael Novogratz，让股东承担重大且不可预测的‘关键人物’风险”，并补充说CEO 的“利益可能不同于股东的利益”，有一种危险是，他“可能从事Galaxy Digital 之外的活动，或者为了追求其他目标而退出Galaxy Digital。”
The paper states that in terms of regulatory and market risk, Galaxy Digital is “high reliance on Michael Novogratz to place major and unpredictable `key person' risks on shareholders”, adding that the CEO's “interests may differ from those of shareholders”, and that there is a risk that he “may engage in activities other than Galaxy Digital, or withdraw from Galaxy Digital in pursuit of other objectives.” & nbsp;
文件还指出，同样值得注意的是：Novogratz 的公众形象更有可能使Galaxy Digital 受到实质性的监管审查，无论Galaxy Digital 是否从事任何非法行为，这种代价都将是昂贵的，而且会分散注意力。
The paper also notes that it is also noteworthy that the public image of Novogratz is more likely to subject Galaxy Digital to substantive regulatory scrutiny, which would be costly and distracting, whether or not Galaxy Digital engages in any unlawful conduct.
总结
Summary
“投资需谨慎”，固然是谁都会说的道理，但真的成为了局内人，即便再谨慎、再老道，也逃不过潮起潮落，随波逐流，潮起时你是弄潮的，潮退了反过来被嘲弄，再寻常不过。
“Investment needs to be prudent”, as anyone would say, but it is true that, even if you are more cautious and old-fashioned, you will not be able to escape the tide, which you do when you do, which in turn will be mocked.
Novogratz 还没有放弃，对于拥有他这般履历的人来说，已经不知道多少次目睹自己和他人的财富在金融市场中起起落落，成功和挫折，恐怕对他们来说从来都不是天长地久的。未来有一天，如果他又像2013 年成功预判比特币暴涨一样，再次大获全胜，现在这些又都不算什么了。
Novogratz has not given up yet, and for those with his experience, it is no longer known how many times they have seen their wealth and that of others fall and fall in the financial markets, and have succeeded or failed, and I am afraid it has never been long for them. One day, if he succeeds in predicting a huge increase in bitcoin in 2013, then it will be nothing.
Novogratz 下一步还打算带领Galaxy Digital 在法兰克福、伦敦和香港上市。他希望Galaxy Digital 在2019 年年底前实现现金流为正，并预计公司将在2019 年第二季度实现净利润。
Novogratz’s next move is to bring Galaxy Digital to the market in Frankfurt, London, and Hong Kong. He hopes that Galaxy Digital will achieve a positive cash flow by the end of 2019 and that the company is expected to realize a net profit in the second quarter of 2019.
值得注意的是，加密货币市场自4 月初以来已出现回暖迹象，比特币一度反弹突破8800 美元，很多人说现在已是熊末牛初，真正的大牛市很快就会到来。
It is worth noting that the crypto-currency market has been warming since the beginning of April, when Bitcoin rebounded by $8,800, and many say that it is now the beginning of a bear, and that the real bull market will soon arrive.
Novogratz 仍有资本，仍有筹码，市场回暖，他等得起，所以他纵身一跃义无反顾。
Novogratz still has capital, he still has chips, the market warms, he can afford to wait, so he leaps and turns.
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