Bitcoin may be the biggest crypto, but you should look elsewhere for the real fireworks.
That’s according to Galaxy Digital CEO Mike Novogratz, who says the $4 trillion digital assets market is entering a new phase: one led by altcoins and alternative asset treasuries.
“Bitcoin’s in consolidation right now,” he told CNBC. “You’re seeing a lot of these treasury companies in other coins take their shot. It’s bringing energy and money into the space.”
Novogratz pointed to Forward Industries’ $1.6 billion raise as an example. The Solana-focused corporate treasury firm is backed by Galaxy, Jump Crypto, and Multicoin Capital.
“That’s new dollars into crypto,” Novogratz said. “It’s just getting started.”
The comments come as crypto and financial industries are rapidly becoming more mixed.
For instance, Nasdaq has filed to allow tokenised versions of stocks and exchange-traded funds to trade onchain, potentially transforming market infrastructure.
Yet, crypto’s $4 trillion market capitalisation has a “long way to go” compared to the $400 trillion of global wealth, he stressed.
Regulators are shifting gears too.
US Securities and Exchange Commission Chair Paul Atkins recently vowed to “move all markets onchain.” Novogratz hailed the stance as “a radical departure” that’s “pushing things in the right direction.”