Mike Novogratz Tells Scaramucci Crypto Treasuries Will Trade Below NAV Without Real Strategy: ‘Not Going To Get Shareholder Value Just By…’
Galaxy Digital Inc. (NASDAQ: GLXY) CEO Mike Novogratz expressed concern Wednesday about the current state of cryptocurrency treasury companies, emphasizing the importance of creating shareholder value beyond just owning the underlying asset.
Novogratz Questions Current Landscape
Speaking to SkyBridge Capital founder Anthony Scaramucci, Novogratz said that these companies will continue to trade below their net asset value, between 80% and 95%, unless the management “turns them into companies.”
“Remember the guys running those, the CEOs of those DATs, and the boards, their job is shareholder value. So, what I’m feeling pretty comfortable about is you’re not going to get shareholder value just by owning the underlying asset,” he argued.
The Galaxy CEO said that the era of hyping people into bidding up the stock and selling it at a premium, in which old investors profit from new investors, is over.
“It worked for Michael Saylor. It worked for Tom Lee,” he added. “It worked for nobody …
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