Strategy, Trump Media Helped Absorb Galaxy's $9 Billion Bitcoin Sale: Novogratz
Main Idea
Galaxy Digital executed a large Bitcoin sale, which was offset by institutional buyers, supporting crypto prices and highlighting ongoing demand from firms like MicroStrategy and Trump Media.
Key Points
1. Galaxy Digital sold 80,000 Bitcoin on behalf of a client, absorbed by institutional buyers, preventing a price drop.
2. Firms like MicroStrategy and Trump Media & Technology Group contributed to Bitcoin demand, purchasing significant amounts.
3. Galaxy Digital reported $30.7 million in Q2 profit, below expectations, but noted July as its best month for digital assets operations.
4. CEO Mike Novogratz emphasized that sustained institutional buying supports crypto prices, including Ethereum.
5. Galaxy Digital's shares fell 5.6% to $27.29 post-earnings, but the firm remains active in servicing institutional crypto transactions.
Description
Galaxy recently sold 80,000 Bitcoin on behalf of a Satoshi-era investor. The company's Q2 earnings fell short of expectations.
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