Galaxy Digital CEO Mike Novogratz is increasing his stake in the company following an 8% drop in GLXY shares on Thursday. The executive stated that he perceives a significant gap between the current market valuation and the actual worth of the business.
Novogratz attributes the company's long-term potential to growth in onchain finance and AI infrastructure. He described these sectors as generational shifts that remain independent of political cycles or short-term market volatility.
The company reported progress on its Helios project in Texas, where the first phase is complete. The facility has secured 800 megawatts of capacity through long-term contracts. Galaxy plans to continue its engagement with local lawmakers regarding energy and economic interests.
The stock decline occurred during a broader market downturn. Bitcoin fell 5.2% to $75,800, while Ether dropped 7% to $2,250. Major indices including the Nasdaq Composite and S&P 500 also saw declines of 5% and 3.4%, respectively.
Other companies in the sector faced significant losses. Coinbase and MicroStrategy shares fell 9%, while Robinhood and Circle declined 10%. Bitcoin miners and AI infrastructure firms, including Cipher Mining, Bitdeer, and CleanSpark, saw drops exceeding 13%.
