Novogratz Is Set for Comeback With Cryptocurrency Hedge Fund

At that size, the Galaxy Digital Assets Fund would be the biggest of its kind and signal a growing acceptance of cryptocurrencies such as bitcoin and ether as legitimate investments. For Novogratz, 52, the fund marks a comeback to professional money management after humbling losses at Fortress and almost two years of self-imposed exile from Wall Street.

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"This is going to be the largest bubble of our lifetimes," Novogratz said. "Prices are going to get way ahead of where they should be. You can make a whole lot of money on the way up, and we plan on it."... "I sold at $5,000 or $4,980," he said. "Then three weeks later I'm trying to buy it in the low $3,000s. If you're good at that and you're a trading junkie, it's a lot of fun."

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Novogratz, known to his friends as "Novo," estimates that he now has about 20 percent of his net worth in digital assets. In addition to cryptocurrencies, his family office has invested in bitcoin mining, trading platforms, initial coin offerings, pre-ICO sales and blockchain technology. He said Gemini, the exchange run by Cameron and Tyler Winkelvoss, is "one of our go-to places" in part because it has a New York State license to trade bitcoin and ether.