Galaxy Digital CEO Mike Novogratz’s 80% Equity Stake Causes Share Performance to Skyrocket
Galaxy Digital was reporting some minimal shares in November, only amounting to 89 cents apiece. However, this low number has skyrocketed recently, going up to about $2.50, pivoting towards the highest price that the company has ever seen, which was $3.18. According to Bitcoinist, the recent downturn in November was part of the knock-on effect of Bitcoin’s market downturn.
The bull run in November, which was fairly brief, didn’t give back the sentiment to the public, and the platform ended up sustaining further losses. Luckily, an “abrupt” change in direction started this year.
These analysts have said that Galaxy Digital is easily one of the greatest performers in the crypto trading space, even though they do not even have their own cryptocurrency. Now, the progress that the platform is making comes as they push forward with investments plans, even though the crypto market has largely been slow.
During an interview with TechCrunch, a length interview with co-founder Sam Englebardt showed a positive and even optimistic perspective on the future. He suggested that the expansion will be continuing, adding that the biggest opportunity for businesses has been their investment side.
Acknowledging the downturn in the market, Englebardt commented that the trading business is already growing, keeping the same pace that is typical of “any trading business.”
Still, it is important to be realistic. After all, Galaxy Digital saw nearly $140 million in losses in November, and it would be foolish to think that there could never be more damage in the future. He added that there is still plenty of time for the technology to develop, and that they are “still a ways away” from the seamless quality that the company is striving for.
Novogratz’s actions have been paired with a renewed faith in the price of Bitcoin over the last few weeks. During interviews, he has spoken on Bitcoin’s potential as “digital gold,” adding that he thinks that Bitcoin has reached “an equilibrium in this $3400 to $3600 zone.” Recognizing that the market can still go down, he noted that the next direction of the company “will be significantly higher.”
Not everyone agrees with Novogratz, considering that Bitcoin seems to be dipping below the $4,000 already and how likely this chance is to happen again. Going below $3,800 by the end of the month would definitely cement the idea that more bearish behavior is to be expected.