Galaxy Digital, First Coin and Bradmer Pharmaceuticals Announce Business Combination and Establishment of Blockchain, Digital Asset and Cryptocurrency Platform

Bradmer Pharmaceuticals (NEX:BMR.H) has announced that it has entered into a letter of intent dated January 9, 2018 with Galaxy Digital LP and First Coin Capital to form a new enterprise in the blockchain, digital asset and cryptocurrency space.
As quoted in the press release:
 

The series of transactions contemplated by the Letter of Intent (the “Proposed Transaction“) is intended to result in Galaxy Digital and First Coin combining to form a Galaxy Digital operating partnership that will be managed by the principals of Galaxy Digital. In connection with the Proposed Transaction, Bradmer, which will acquire and hold a minority investment in Galaxy Digital, is expected to change its name to “Galaxy Digital Holdings” and to resume an active public listing on the TSX Venture Exchange (the “TSX-V“).
Galaxy Digital
Based in New York and founded as a subsidiary of Galaxy Group Investments, the personal investing business of Michael Novogratz, Galaxy Digital is undertaking the Transaction in order to raise primary capital towards building a best-in-class, full service, institutional-quality merchant banking business in the cryptocurrency and blockchain space. This corporate development is an important step in the evolution of the Firm’s lifecycle and provides Galaxy Digital with a strong foundation from which to build and expand its platform, network, and brand. Galaxy Digital will include Mr. Novogratz’s portfolio of digital assets.
Going forward, the Firm intends to capitalize on market opportunities made possible by the ongoing evolution of the digital assets space, through four primary business lines: trading, principal investing, asset management, and advisory. Galaxy Digital will leverage its deep ties into bitcoin, ethereum and other protocol communities to drive returns from four core business segments:

1. Trading: Galaxy Digital intends to manage positions in cryptocurrency and other liquid digital assets contributed to the business at the outset and to continue to invest and trade in those and related assets. In addition, Galaxy’s in-house, quantitative development team is building and intends to expand its proprietary infrastructure and trading strategies, initially focused on cross-exchange arbitrage opportunities.
2. Principal Investments: The contributed assets to the Firm are a diverse portfolio of private equity and venture investments across the blockchain ecosystem and a book of Initial Coin Offerings (“ICOs“) and pre-ICO investments. Galaxy will continue to make selective principal investments across the ecosystem using capital raised from the Transaction, as well as recycling capital from existing investments upon realization.
3. Asset Management: Galaxy Digital intends to manage capital on behalf of third-party limited partners in exchange for management fees and performance-based compensation. Near-term plans include developing a passive beta product and a venture-style fund focused on investing in and building a specific blockchain protocol.

Click here to read the full press release.