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An Update on Galaxy Digital and the latest thoughts from Mike Novogratz
Mike Novogratz just appeared on The Scoop podcast. I had a listen to the episode this morning. I wanted to share what I heard with my fellow Galaxy Digital Stock investors, and those doing research on Galaxy Digital, or Mike Novogratz
Here is a list of highlights on what he discussed on The Scoop regarding Bitcoin and Galaxy Digital:
- Novogratz has heard from sources that Tesla is buying BTC for their balance sheet.
- He knows of 2 other insurance companies that have bought BTC.
- Mike is short the March 2023 Euro Dollar, expecting rates to change by then.
- Admits Galaxy Digital was just too early, but is happy with their positioning.
- Galaxy’s lending business is doing well, (Drawbridge Lending).
- Bluefire, (acquired by Galaxy,) is active in all markets, all the time.
- Asset management is growing.
- Their new hire (Michael Ash) is rebooting the Galaxy Digital banking business.
- Novogratz is most excited about their direct investment business and De-Fi business.
- He expects a ton of consolidation in the crypto sector.
- Mike mentions how Galaxy Digital stock could get much higher than your imagination could allow if Bitcoin goes to 10%-25% of Gold.
- De-Fi will be a harder fight because it will have more impact on the bank.
- They are announcing a new NFT project in the coming weeks.
- He thinks that Coinbase could get to a $30 Billion valutation.
- Galaxy has over 55 venture investments.
- He is positive this is not 2017.
- Gaming and De-Fi are their top categories right now for investing.
- Novogratz thinks that BlockOne was smart to settle with the SEC and still has a lot of promise. BlockOne has a large balance of BTC.
In other news, Galaxy Digital updated their Assets Under Management, or AUM, from quarter 4 of 2020. The number released was $815.2 million. This number was double their Q3 number of $400 million. Bitcoin has doubled from the prices in early December, so one would imagine that if the price stays between $30k and $40K then the Galaxy Digital Q1 AUM number could double again on the next release.
This is not advice, I am not a professional. Do your own research.