Galaxy Digital CEO Novogratz Declares Peak of Crypto Treasury Craze

Galaxy Digital CEO Mike Novogratz said the surge of companies adding cryptocurrencies to their balance sheets has likely reached its peak, Bloomberg reports. Novogratz made the comments Tuesday during Galaxy Digital’s second-quarter earnings call on August 5.

During his speech, Novogratz focused on the company’s treasury business performance and outlook for existing players in the market. “We’ve probably gone through peak treasury company issuance,” Novogratz told investors. “The question now is which of the existing companies become monsters.”

Public companies have been allocating portions of their balance sheets to digital assets under favorable U.S. regulations. Examples of major crypto treasury companies include MicroStrategy, GameStop, Trump Media & Technology Group, SharpLink Gaming, Bit Digital, and BitMine.

Novogratz said newcomers may struggle to gain traction as the field becomes crowded. Galaxy Digital manages roughly $2 billion in assets for more than 20 treasury-focused firms. Novogratz described this as “recurring income that will go on and on.”

Galaxy Digital was founded in 2018 and provides asset management, trading, investment banking and infrastructure services to institutional clients seeking crypto exposure. In May, Galaxy Digital moved its listing from the Toronto Stock Exchange to the Nasdaq Global Select Market under ticker GLXY. The company said the change would deepen its U.S. presence.