Galaxy Digital CEO Mike Novogratz said he is adding to his GLXY holdings while a market selloff hit crypto-linked equities. Galaxy shares fell approximately 8% by the close on Thursday.
Galaxy Digital CEO Mike Novogratz is increasing his GLXY holdings because he sees further upside in the company's long-term business prospects. He announced the purchase on Thursday, as a market selloff dragged down crypto-linked equities and sent Galaxy shares down approximately 8% by the close.
Novogratz said he sees a large disconnect between the stock's market price and what he believes the company is worth. He pointed to long-term growth in onchain finance and AI demand as key drivers, and described both as generational trends that would continue across political administrations and market cycles.
He also cited progress at Galaxy's Helios project in Texas, where Phase I was completed on schedule and 800 megawatts had been leased under long-term contracts. Novogratz said Galaxy would maintain its engagement with the state's lawmakers and communities under the new administration, emphasizing reliable electricity, water protection and local economic interests.
The stock decline came as Bitcoin fell 5.2% over 24 hours to $75,800, extending its losses below the $76,000 level. Ether dropped 7% to $2,250, while the Nasdaq Composite and S&P 500 fell 5% and 3.4%, respectively.
Losses also spread across digital asset companies and Bitcoin miners with AI infrastructure businesses. Coinbase and Strategy each fell 9%, while Robinhood and Circle declined 10%, per Yahoo Finance. Among miners, Keel Infrastructure dropped 18%, while Cipher Mining, Bitdeer, IREN, TeraWulf and CleanSpark each lost more than 13%.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
