Galaxy CEO expects ‘one piece of good news every week’

Mike Novogratz shared some remarks on Trump securing the presidency

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


Galaxy Digital reported its third quarter earnings this morning, though founder Mike Novogratz’s remarks on the election stood out to me most. 

“The last quarter seems a little less relevant right now given that this is kind of a whole new world,” the CEO noted. 

He was, of course, alluding to Donald Trump’s win and the impact the president-elect’s pledges, if fulfilled, could have on the crypto industry. Not to mention the flood of pro-crypto Congress members elected Tuesday.

Galaxy’s stock, which is listed on the Toronto Stock Exchange, rose about 25% Wednesday, and went up another 16% Thursday, as of 2 pm ET.

Novogratz did not publicly support Trump. “I was actually on the other side,” he noted on today’s call.

“But I was always pro-crypto, and I thought, let’s do the best we can to have a bipartisan agreement,” the exec said.

Novogratz noted the crypto-friendly people Trump will have around him. Outside of JD Vance, he mentioned RFK Jr., Peter Thiel and Howard Lutnick. Here’s a reminder of what Lutnick, the CEO of Cantor Fitzgerald, said about bitcoin in September.

The Galaxy CEO said he is expecting “one piece of good news every week” for the next one or two years. 

Among those could be new appointments at the SEC, FDIC and OCC, he said — adding that he expects SAB 121 will be “repealed very quickly.” 

That SEC accounting guidance is what many say has kept a number of traditional players out of the crypto industry. President Joe Biden vetoed Congress’ bipartisan resolution that would have invalidated SAB 121.

“When you bring in the [BNY Mellons] and the State Streets as custodians, [and] when you allow TradFi competitors to own crypto on their balance sheet, it is going to unleash a tsunami of institutional participation,” Novogratz said.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

Research Report Templates.png

Research

An overview of the Base Ecosystem, with a focus on market leaders.

article-image

About 270 million HYPE has been claimed, valued around $7.6 billion

article-image

Stanford professors David Mazières and Dan Boneh will lead the lab alongside a cohort of graduate student researchers

article-image

With more companies holding BTC, bitcoin yielding strategies could become “a new corporate finance norm,” CoinShares posed

article-image

The proposal comes after Polygon governance considered a controversial use of bridged liquidity for yield

article-image

Can the community balance its decentralized ethos with the need for inclusivity and constructive debate?

article-image

DAWN is positioning itself as a decentralized protocol for gigabit-level internet access