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Galaxy Digital CEO Mike Novogratz is increasing his GLXY holdings as he sees further upside in the company’s long-term business prospects.
Novogratz announced the stock purchase on Thursday, amid a market selloff that dragged down crypto-linked equities and sent Galaxy shares down approximately 8% by the close.
He said he sees a huge disconnect between the stock’s market price and what he believes the company is worth, pointing to long-term growth in onchain finance and AI demand as key drivers.
The blue wave has weighed on companies like ours. I get it. But let’s not confuse politics with long-term fundamentals.
Finance is moving onchain and demand for AI is exploding. These are generational shifts that will play out across administrations and market cycles.
We’ve…
— Mike Novogratz (@novogratz) November 5, 2026
The blue wave has weighed on companies like ours. I get it. But let’s not confuse politics with long-term fundamentals.
Finance is moving onchain and demand for AI is exploding. These are generational shifts that will play out across administrations and market cycles.
We’ve…
— Mike Novogratz (@novogratz) November 5, 2026
Novogratz described both as generational trends that would continue across political administrations and market cycles. Galaxy has spent years building its business around those areas, he said.
The entrepreneur also pointed to progress at the company’s Helios project in Texas, where Phase I was completed on schedule and 800 megawatts had been leased under long-term contracts.
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Novogratz said Galaxy would maintain its engagement with the state’s lawmakers and communities under the new administration, emphasizing reliable electricity, water protection and local economic interests.
The stock decline came as Bitcoin fell 5.2% over 24 hours to $75,800, extending its losses below the $76,000 level. Ether dropped 7% to $2,250, while the Nasdaq Composite and S&P 500 fell 5% and 3.4%, respectively.
Losses spread across digital asset companies and Bitcoin miners with AI infrastructure businesses.
Coinbase and Strategy each fell 9%, while Robinhood and Circle declined 10%, per Yahoo Finance. Among miners, Keel Infrastructure dropped 18%, while Cipher Mining, Bitdeer, IREN, TeraWulf and CleanSpark each lost more than 13%.
