Billionaire Mike Novogratz’s crypto investment bank, Galaxy Digital Capital Management, has announced it is repositioning its advisory business from focusing on small ICO advisory and blockchain consulting to instead serve larger, more institutional clients in the space.

In a statement on several strategic operational and organizational changes, Mike Novogratz said:

“The industry underlying digital assets and blockchain technology continues to evolve. We remain optimistic on the space overall yet recognize we need to reposition our Company to capitalize on the changing landscape.”

With that in mind, the company is shutting down it Vancouver office while hiring more people for its New York-based team. Galaxy Digital’s current president Richard Tavoso will leave his role at the end of the year continuing as a trusted advisor and a member of the board of managers.

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