Galaxy Digital founder and CEO Michael Novogratz believes the surge of companies adding cryptocurrencies to their balance sheets may have reached its peak. Speaking during the firm’s Q2 2025 earnings call, Novogratz said the focus is now shifting from attracting new entrants to scaling existing players.
“We’ve probably gone through peak treasury company issuance,” Novogratz said. “The question now is which of the existing companies become monsters.”
Galaxy’s Q2 2025 results are in. pic.twitter.com/xDRzhaxShY
— Galaxy (@galaxyhq) August 5, 2025
Crypto treasury firms, which raise capital and allocate a significant portion to digital assets such as Bitcoin and Ethereum, have become an increasingly important part of the market. Public companies, including Strategy, formerly MicroStrategy, GameStop, Trump Media and Technology Group, SharpLink Gaming, and Bit Digital, are among the most notable participants, according to the earnings call.
Ethereum treasury adoption is also growing. Tom Lee’s BitMine and Joe Lubin’s SharpLink are leading the way, and Novogratz expects both to continue expanding. However, he warned that new entrants may find it increasingly difficult to compete as the space becomes more crowded.
Galaxy Digital, which manages approximately $2 billion in crypto holdings for more than 20 treasury-focused firms, has built a steady stream of recurring income from this business. The company’s Q2 results reflected this strength. Galaxy posted $30.7 million in net income, reversing a $295 million loss in the previous quarter. The firm also added 4,272 Bitcoin, increasing its total crypto holdings to 17,102 Bitcoin valued at $3.56 billion.
Treasury gains, loan growth, and the expansion of its Helios data center operations all contributed to the turnaround. In addition, Galaxy disclosed in a filing with the SEC that it is exploring the tokenization of its publicly traded shares, a move aimed at integrating blockchain technology more deeply into its operations.
Galaxy has also transferred 17,123 Bitcoin valued at roughly $1.98 billion to centralized exchanges within 12 hours, raising concerns about growing sell pressure in the cryptocurrency market.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
