Galaxy Digital CEO: Bitcoin consolidates as treasuries chase alts
Galaxy Digital CEO Mike Novogratz said Bitcoin is in a consolidation phase as new treasury vehicles funnel capital into other chains, led by Solana. He still sees room for a year‑end push if the Fed starts cutting rates.
Bitcoin hovered near $114,000 during Mike Novogratz’s latest interview, but the Galaxy Digital CEO described the tape as consolidation. The reason, he said, is that treasury companies and product launches are drawing flows into other ecosystems.
One example is Forward Industries, a NASDAQ-listed company that recently raised $1.65 billion in fiat and stablecoins to form a Solana treasury. The firm plans to use SOL for staking, trading, and risk management through a partnership with Galaxy Digital.
Novogratz added that a year‑end surge is plausible “as the Fed starts the cutting cycle,” with momentum building as policy turns and on‑chain finance expands. He cited recent remarks from the SEC chair supporting markets moving on‑chain, plus venue announcements, as signs of a broader shift.
He framed the market in three lanes. Bitcoin is “digital gold,” a store of value anchored by a trust community. Ethereum and Solana are competing programmable networks where speed, cost and user experience matter – “not one blockchain to rule them all,” in his words. He called the current phase the “season of SOL,” noting new treasury vehicles, incoming fund launches, and talk of ETFs aimed at that ecosystem.
“You’ve got a blockchain [Solana] fast enough, tailor‑made to be the blockchain for financial markets,” he said, arguing that throughput and quick finality are lining up with the policy push to build on‑chain.
Zooming out, Novogratz contrasted crypto’s ~$4.5 trillion market with $400 trillion in global wealth to argue the asset class has room to grow. The constraint, in his view, was always speed, security and regulatory clarity. With faster chains and a friendlier framework, he said the industry is finally moving “from narrative to plumbing,” with capital following.
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