The increase in companies created to have cryptographic assets has probably reached its peak. The CEO of Galaxy Digital, Mike Novogratz, warned that future success will depend on strategic positioning rather than a simple accumulation of assets.
Pointe du Trésor program behind us
Speaking on Tuesday on the call of the results of the Galaxy T2, Novogratz said that the proliferation of cryptographic cash companies had probably reached its summit. “We have probably undergone a state-of-the-art show for cash companies,” he said. “The question is now which existing companies will become monsters.”
Ethereum already has two adults holders of cash – the Bitmin of Tom Lee and the Sharplink by Joe Lubin – who should continue to grow. New entrants can “have more difficulty obtaining oxygen,” warned Novogratz.
Galaxy Digital collaborates with more than 20 cryptographic cash companies, winning management fees to supervise their digital assets. These partnerships have added about $ 2 billion in assets to the Galaxy platform, generating what Novogratz called “recurring income that will continue again and again”.
The rise of American cryptographic treasure companies has benefited from improving regulatory conditions. The first adopters followed the Bitcoin approach to microstrategy, while the new entrants diversified in Ethereum, Solana and other tokens.
Galaxy recently executed what Novogratz called “a trade of more than $ 9 billion” which, according to him, was “the largest or one of the biggest Bitcoin trades in history”. Successful execution has shown strong market confidence in the brand and Galaxy services. July marked the best month of Galaxy never recorded in all sectors of activity.
Galaxy declared net net profit of $ 30.7 million in the second quarter, going from a loss of $ 177 million the previous year. However, the shares dropped 7% on Tuesday because the company missed the profits in the midst of a negotiation activity at the point of decline.
Bitcoin succession companies may have come, said Galaxy CEO appeared first on Beincrypto.
