Strategy, Trump Media Helped Absorb Galaxy's $9 Billion Bitcoin Sale: Novogratz

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.