- Galaxy Digital conducted a major Bitcoin sale of 80,000 coins for a client.
- Major firms quickly bought the Bitcoin, supporting market prices, according to Mike Novogratz.
- Public companies like Trump Media and Strategy drove recent demand with large purchases.
- Galaxy Digital partnered with over 20 crypto asset treasury firms for asset management services.
- Despite lower-than-expected profits, Galaxy Digital reported strong growth in digital asset business and assets on its platform.
Galaxy Digital managed one of the largest Bitcoin sales to date, selling 80,000 Bitcoin on behalf of a single client. The sale took place during the second quarter, a period when buying demand from major firms was high, according to CEO Mike Novogratz during the company’s latest earnings call.
Novogratz stated that the sale was absorbed “almost instantaneously” by Bitcoin treasury companies. He said this demand came primarily from firms holding cryptocurrencies on their balance sheets. “Demand met supply,” he said, adding that as long as this continues, “crypto prices are going to look pretty good.”
Some major public companies have fueled this demand. Strategy (formerly known as MicroStrategy) recently bought 21,000 Bitcoin worth $2.3 billion. Trump Media and Technology Group, the owner of social platform Truth Social, acquired 18,400 Bitcoin valued at $2 billion, according to data from Bitcoin Treasuries. These large-scale acquisitions have led analysts to describe such companies as a buoyant force for cryptocurrency prices.
Novogratz also highlighted that the trend extends to Ethereum, with firms like SharpLink Gaming and BitMine Immersion purchasing hundreds of millions of dollars’ worth of the cryptocurrency weekly. The recent Bitcoin sale by Galaxy involved an early digital asset investor, described by the company as an “important exit” in digital asset history.
Last month, Galaxy Digital went public on the Nasdaq. Its shares fell 5.6% to $27.29 on Tuesday, based on Yahoo Finance data, but have risen about 13% so far this year.
For the second quarter, Galaxy Digital reported $30.7 million in profit, which was below the expected $85 million, according to MarketScreener. However, the company experienced record results in July for its digital asset operating business.
Novogratz said Galaxy Digital has added nearly $2 billion in assets on its platform by partnering with more than 20 crypto treasury firms. He explained that these partnerships generate recurring income for the company by providing asset management and execution services, such as fulfilling large buy and sell orders.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- ClickFix Social Engineering Scam Surges, Replaces Browser Threats
- Ethereum Eyes Major Overhaul With ‘Lean’ Code for Speed, Security
- White House Plans Order Against Banks Over Conservative De-Banking
- Bitcoin Transaction Fees Plunge to Record Lows, Sparking Security Worry
- Figure Technology Files Confidential IPO, Joins Crypto Market Surge
