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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.
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.
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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 else.”
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Scaramucci then asked what Novogratz would do if he were in charge of a cryptocurrency treasury company.
“I would be looking for an idea where I could play off the skill set of the people in my firm,” Novogratz replied.
He added that the idea should be to turn them into something different from exchange-traded funds, which can create a “narrative.”
Notably, both Scaramucci and Novogratz have engagements with digital asset treasury companies.
Scaramucci currently serves as a strategic advisor to AVAX One Technology Ltd. (NASDAQ:AVX), a firm focused on Avalanche (CRYPTO: AVAX).
Novogratz’s Galaxy Digital, along with Web3 infrastructure firm Jump Crypto, and venture capitalist Multicoin Capital, led a private investment in public equity into Forward Industries, Inc. (NASDAQ: FORD), currently the biggest SOL-focused treasury company.
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Cryptocurrency treasury firms have surged in popularity, inspired by the explosive success of Strategy Inc. (NASDAQ:MSTR), the world’s largest Bitcoin (CRYPTO: BTC) holder. Notably, MSTR is also trading 86% below the value of its BTC holdings.
At least 200 such companies now exist with a combined market capitalization of around $150 billion, up over threefold from a year earlier, according to an analysis by law firm DLA Piper.
However, a lot of them have been criticized for chasing obscure, volatile tokens. Moody’s Ratings Senior Analyst Cristiano Ventricelli said earlier that equities of such companies face more pressure when markets drop.
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