Galaxy Digital, a merchant bank and cryptocurrency brokerage founded by billionaire Michael Novogratz, announced Monday that it will be issuing premium exchange-traded notes valued at $ 500 million to fuel business initiatives. The bonds can be converted into company equity and, when due in 2026, bear interest at 3% per annum. New areas of expansion include non-fungible tokens or NFTs, with the company since the beginning of the year.

Over the years, Galaxy Digital’s founder and CEO Mike Novogratz has been a popular investor who is bullish on Bitcoin (BTC) and other cryptocurrencies.

He urged other investors to put between 1% and 5% of their portfolios in crypto. Under his leadership, the assets the company manages exceeded $ 3 billion in an update released in October, becoming one of the largest crypto investment firms in the world.

The company is registered in the Cayman Islands and its shares are listed on the Toronto Stock Exchange of Canada. However, the company is in the process of reorganizing to list its shares in the US next year. The US Securities and Exchange Commission has yet to approve its possible listing.

For the most recent quarter, Galaxy Electronic’s net income from trading, investing, wealth management, crypto mining, and other corporate sources was $ 517.1 million, up from $ 41.5 million compared to the previous quarter. Shares were up 405.4 percent year over year to $ 23.51 per person in November.