Galaxy Digital CEO and founder Michael Novogratz announced today that his company has gone public via a direct listing on Nasdaq under the ticker symbol “GLX.”
Novogratz, who was a guest on CNBC's Squawk Box program, shared not only the company's growth strategies, but also his remarkable predictions about the future of cryptocurrency markets.
Novogratz, one of the pioneers of cryptocurrency markets, stated that gold is a $22 trillion asset class, reminding that Bitcoin currently has a size of only $2 trillion. “It's a matter of time before Bitcoin makes its next move towards $130,000 to $150,000. At that point, we enter a period of price discovery,” said Novogratz, arguing that Bitcoin has a valuation potential that could approach gold in the long term.
Stating that Galaxy Digital initially set out with the goal of becoming the “Goldman Sachs of crypto,” Novogratz stated that the company now has two main areas of activity: crypto services and artificial intelligence data centers. Stating that they are an important company in the AI infrastructure field with their large-scale data center called Helios in Texas, Novogratz announced that they have signed agreements with CoreWeave in this field that will last 15 years and reach approximately $14 billion in rental income.
Novogratz, who also evaluated the political approach to crypto in the US, said that the Trump administration was positive towards crypto, whereas the Biden era was “torture in terms of crypto.” Arguing that crypto laws should progress with bipartisan support, Novogratz stated that the Trump family’s interest in crypto was remarkable, but that this interest should not pose an obstacle unless it has an illegal dimension.
*This is not investment advice.
