Overview

• Mike Novogratz said during Galaxy Digital’s Q2 earnings call that he believes issuance of new crypto treasury companies has peaked.
• He argued the market will now hinge on which existing firms can lead and survive in a saturated environment.
• Galaxy Digital’s platform grew by about $2 billion in crypto assets and generated a net profit of $30.7 million, though its EPS fell short of analyst forecasts.
• Novogratz highlighted significant Ethereum positions at institutional players such as BitMine and SharpLink as evidence of market maturation.
• He sees exchange-traded funds and crypto treasury structures as interim gateways for institutions, with full-scale tokenization of real-world assets remaining a longer-term challenge.