Michael Novogratz, founder and CEO of Galaxy Digital, mentioned the crypto trade is at a turning level as his agency went public on the Nasdaq Thursday beneath the ticker GLXY.
“We began off wanting to be the Goldman Sachs of crypto,” Novogratz said throughout a CNBC “Squawk Field” interview, recalling early days constructing out a broker-dealer and asset administration agency. “The herd is lastly right here.”
Galaxy’s public debut comes with a shift in strategy. Whereas the corporate stays centered on crypto, it has additionally moved into the AI information heart enterprise.
Novogratz described Galaxy as a “information heart firm plus a crypto firm,” pointing to a major lease with CoreWeave on the Helios web site in Texas. “That’s shut to $14 billion of lease over the following 15 years,” he mentioned.
Novogratz framed the AI enlargement as greater than a hedge. “These are the 2 most enjoyable progress areas—AI and crypto,” he mentioned. “By mid-next 12 months, we must always have the primary part [of the data center] actually pulling a complete bunch of money.”
Crypto and politics
On the coverage entrance, Novogratz was candid about politics.
“The 4 years beneath Biden had been actually un-American when it got here to crypto. It was simply distress,” he mentioned, calling the present setting “superb for the area.”
Whereas some Democrats criticize Trump’s ties to crypto, Novogratz praised efforts by Senators Warner and Gallego for pushing bipartisan legislation.
“We received to get this invoice completed, which I believe occurs Monday. Then there’s a market construction invoice, after which crypto will go quiet in D.C.,” he mentioned.
Trying forward, Novogratz predicted additional good points for Bitcoin (BTC).
“It appears to be like like we’ll take out 106, 107, 108 and make the following leg to 131, 150,” he mentioned. He added, “Crypto is a $2 trillion asset. Gold is a $22 trillion asset. Sooner or later, crypto will equal gold.”
