About Mike Novogratz
In late April and May 2026, Mike Novogratz, founder and CEO of Galaxy Digital, commented on market conditions, Bitcoin, and his company's performance. He described the current stock market as being in a "bubble" and "euphoric," driven by AI mania and anticipated mega-IPOs from companies like SpaceX and OpenAI. Novogratz stated that "great markets, great bubbles end with something symbolic" and suggested that the IPOs of such companies could serve as that symbol. He advised that investors "keep dancing when the music's playing" but be prepared to exit quickly, recommending the purchase of put options rather than shorting stocks. Regarding the Federal Reserve, he predicted that Fed Chair Kevin Warsh would be cutting rates by the end of 2026, which he said could provide "the last juice that this market needs."
On Bitcoin and MicroStrategy, Novogratz said the "major reason Bitcoin rallied so impressively" was Michael Saylor's strategy of selling stock to buy more Bitcoin, but he expressed doubt that Saylor could "reignite that flywheel." He noted that MicroStrategy now trades more like an ETF and that if Bitcoin fell significantly, it "is not going to be a very good stock to own." Asked about a U.S. strategic Bitcoin reserve, Novogratz said the government would "categorically" not use taxpayer dollars to buy Bitcoin, though he gave 50/50 odds that it might do "something symbolically," such as placing seized Bitcoin into a reserve. During Galaxy Digital's Q1 2026 earnings call, Novogratz reported that the company's trading volumes remained flat despite a 20% drop in crypto prices, which he called "the first time we've really started to see a decoupling of our business from the price." He described the broader industry as transitioning toward infrastructure for tokenized assets and said Galaxy is becoming "less cyclical to crypto" due to its data center business.
Source: AI-verified profile updated from Mike Novogratz's recent appearances.
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✨ AI-enhanced transcript with speaker attribution
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Interviewer0:00
For the week, joining us for more, Michael Novogratz, Chairman and CEO of Galaxy Digital. Mike, it's good to have you. How did you get involved in all of this? I think of you and Bitcoin. Is this related? When did you start tweeting and getting really into the Reddit retail trading craze?
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Mike Novogratz0:16
Well, you know, my son, who's 18, warned me a few days before the whole squeeze. He's like, 'Dad, you got to see what's going on.' And so I watched, kind of first with amusement, right? As a bunch of young kids, you know, were relatively savvy and figured out how to really squeeze some of the best hedge fund managers in the world. What fascinated me was as the squeeze went on, it became a social movement, right? And it became David versus Goliath, right? The little guy versus the big guy, the generational millennials and Gen Z versus the baby boomers. And then it got really nihilistic. You've got, 'I don't care if we lose money, we're gonna burn down Wall Street.' And you know, when Robinhood had its issues with not enough regulatory capital because it was growing so fast, it got ugly. There were death threats. There was just an anger that I don't see in markets often, right? It was an anger that was reminiscent of the anger at the Capitol three weeks earlier, where they were tearing down, you know, our sacred institution. And so I found the whole thing fascinating. I found it frustrating as well, in that there were senior people, right? Guys that should know better that were egging on this horde. And it wasn't the social side, but I was like, GameStop was trading 20, 30 billion dollars a day. And so guys that got in early, great, but you were bringing all kinds of new participants at levels that were guaranteed losers. And so now we've had to go from 500 back to 100, on its way back to 46. And you know, there's a lot of people that lost a lot of money that didn't have to. And you know, listen, that's the markets. You can say we're all big boys, but it felt like we worked the little guy into a frenzy, you know? The retail investor, and they sucked in tons of new people at bad levels, right?
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Interviewer2:00
So did you have a position at any point in all of this? Because I was wondering, because you did put out that tweet in the middle of it comparing it to Black Lives Matter and comparing it to the Capitol insurrection. So just for full transparency, were you just, you know, right? Or did you have positions when it got very high and stupid levels?
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Mike Novogratz2:19
I was lucky enough not to be short. You know, I don't spend that much time in the stock market. I did a lot of selling of the XRT, which is the retail ETF, which has a lot of GameStop and other names like that in it. And you know, I was on your sister show in the morning, and it was very clear. I was like, people are going to lose all their money if they're buying it here. And that wasn't to say people that shorted it weren't smart. They were great. But guys getting into it two or three days later, you know, those shorts never work. Stocks without a purpose, right? Mean stocks, you know, don't work because the people that are in them decide they're going to sell them to take profit so they can go buy a car or a new suit, depending on how much they had. And the guys that bought them, as soon as they start going down, like, 'Oh, what did I just do?' And so, you know, as I said, gravity took over, and it was a kind of classic pump and dump. And we see it in the crypto markets often, right? You saw it with a crypto called Dogecoin, which was literally set up as a joke and got up to an 8 billion market cap.
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Interviewer3:24
Shepard Smith here. Thanks for watching CNBC on YouTube.
