Mike Novogratz, CEO of Galaxy Digital, has called for Bitcoin treasuries to transform into companies with tangible products and services. Speaking on a podcast with Anthony Scaramucci, Novogratz emphasized that shareholder value cannot be achieved merely by holding crypto assets. He noted that nearly 40% of Bitcoin treasuries trade below their crypto holdings' value, and over 60% purchased Bitcoin at prices higher than current levels. Novogratz highlighted the structural issues facing Bitcoin and Ethereum treasuries, as ETFs now offer direct exposure, reducing the need for treasury wrappers. He suggested that distressed treasuries should consider buying back discounted stock and leveraging their assets to create new business models, such as neobanks, to remain viable. Novogratz's comments reflect a broader industry shift as companies seek sustainable revenue models beyond mere asset accumulation.
Mike Novogratz Urges Bitcoin Treasuries to Evolve into Real Businesses
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