Michael Novogratz Says Bitcoin, Ethereum Treasury Frenzy May Be Over — What Now?

Benzinga

2025/08/06

The surge of companies adding cryptocurrencies to their balance sheets may be hitting a plateau, according to Galaxy Digital GLXY CEO Michael Novogratz.What Happened: Speaking during the firm’s second...

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He cautioned that newer projects might struggle to gain traction as competition for capital and visibility intensifies.Galaxy currently manages digital assets for more than 20 such crypto treasury firms, earning steady management fees in the process. These partnerships have brought approximately $2 billion in assets under the Galaxy umbrella, contributing to what Novogratz called a stable stream of recurring revenue.Also Read: Fundstrat’s Tom Lee: Owning Bitcoin Is Like Owning Land Under A McDonald’sWhy It Matters: The remarks came as Galaxy Digital posted a second-quarter profit of $30.7 million, a sharp turnaround from its $177 million loss during the same period last year.Get StartedTrade Bitcoin, Ethereum, and More Instantly — No Wallets, No HassleSpeculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.\nGet StartedDisclosure: 82% of retail CFD accounts lose moneyHowever, earnings per share came in at $0.08, falling short of analyst expectations due to lower trading volumes in spot markets. The company's stock was down 7% midday in New York.Novogratz sees crypto treasury vehicles and ETFs as a low-risk entry point for hedge funds hesitant to hold tokens directly. He believes legacy financial institutions will eventually adopt blockchain-based infrastructure, though hurdles remain.One key challenge is asset tokenization, transferring traditional securities like stocks onto blockchain rails. Novogratz referenced \"Project Crypto,\" a Securities and Exchange Commission initiative led by Paul Atkins, which aims to chart a course for U.S. market migration to blockchain tech. Still, many questions around liquidity and market structure for tokenized assets remain unresolved.Loading...Loading...Read Next: \nMEI Pharma Chooses Not Bitcoin, Not Ethereum, But Litecoin As Treasury Asset\nImage: ShutterstockGLXYGalaxy Digital Inc$27.36-5.30%Stock Score Locked: Edge Members OnlyBenzinga Rankings give you vital metrics on any stock – anytime.Unlock RankingsEdge RankingsMomentumN/APrice TrendShortMediumLongOverview$BTCBitcoin - United States dollar$113559.89-1.29%BMNRBitMine Immersion Technologies Inc$32.985.94%SBETSharpLink Gaming Inc$19.491.83%Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}