Michael Novogratz, founder and CEO of Galaxy Digital, said the crypto industry is at a turning point as his firm went public on the Nasdaq Thursday under the ticker GLXY.
âWe started off wanting to be the Goldman Sachs of crypto,â Novogratz said during a CNBC âSquawk Boxâ interview, recalling early days building out a broker-dealer and asset management firm. âThe herd is finally here.â
Galaxyâs public debut comes with a shift in strategy. While the company remains focused on crypto, it has also moved into the AI data center business.
Novogratz described Galaxy as a âdata center company plus a crypto company,â pointing to a major lease with CoreWeave at the Helios site in Texas. âThatâs close to $14 billion of rent over the next 15 years,â he said.
Novogratz framed the AI expansion as more than a hedge. âThese are the two most exciting growth areasâAI and crypto,â he said. âBy mid-next year, we should have the first section [of the data center] really pulling a whole bunch of cash.â
On the policy front, Novogratz was candid about politics.
âThe four years under Biden were really un-American when it came to crypto. It was just misery,â he said, calling the current environment âamazing for the space.â
While some Democrats criticize Trumpâs ties to crypto, Novogratz praised efforts by Senators Warner and Gallego for pushing bipartisan legislation.
âWe got to get this bill done, which I think happens Monday. Then thereâs a market structure bill, and then crypto will go quiet in D.C.,â he said.
Looking ahead, Novogratz predicted further gains for Bitcoin (BTC).
âIt looks like weâll take out 106, 107, 108 and make the next leg to 131, 150,â he said. He added, âCrypto is a $2 trillion asset. Gold is a $22 trillion asset. One day, crypto will equal gold.â