Update: Galaxy Digital and Mike Novogratz

by Average Joe Crypto
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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.

 

Comments 4
  • Thanks for the recap! I enjoyed the interview but started taking notes late. Long BTC via Galaxy and GBTC, and PYPL

  • Thanks for the heads up and notes. To me, he seemed a bit “concerned” about the big boys entering the game now — did you hear it differently? Any change in your thinking after hearing the podcast and the AUM update? Thsnks

    • I didn’t get that impression. He wants them in. Still my most bullish crypto stock pick. I just think he positioned the company well, being involved in so many different parts of the crypto space. The AUM doubled, my guess is it will keep going up as long as Bitcoin is, and their trading and investments all do well. Just my opinion.

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