Michael Novogratz Signals Crypto Treasury Craze Likely Past Its Peak

Key Points

1. Novogratz believes the peak of corporate treasury issuance in crypto has passed, with attention shifting to existing companies expanding their holdings.

2. Ethereum has two major corporate treasury holders, BitMine and SharpLink, which Novogratz expects to continue growing.

3. Galaxy Digital manages crypto holdings for over 20 treasury-focused firms, generating recurring revenue, and is exploring tokenization of its publicly traded shares.

4. The company recently moved its public listing to Nasdaq (ticker GLXY) to strengthen its US presence.

5. Galaxy Digital reported a 43% drop in total assets to $6.3 billion in Q2 2025, amid broader efforts to expand into blockchain-based financial infrastructure.