Mike Novogratz Tells Scaramucci Crypto Treasuries Will Trade Below NAV Without Real Strategy: 'Not Going To Get Shareholder Value Just By...'

Benzinga01-09

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...

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href=https://www.benzinga.com/crypto/cryptocurrency/26/01/49806511/mike-novogratz-tells-scaramucci-crypto-treasuries-will-trade-below-nav-without-real-strategy-not-going-to-get-shareholder-value-just-by><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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...</p>\n\n<a href=\"https://www.benzinga.com/crypto/cryptocurrency/26/01/49806511/mike-novogratz-tells-scaramucci-crypto-treasuries-will-trade-below-nav-without-real-strategy-not-going-to-get-shareholder-value-just-by\">Source 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Novogratz)告诉斯卡拉穆奇，如果没有真正的策略，加密货币国债的交易价格将低于资产净值：“仅仅通过……无法获得股东价值。”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MSTW":0.6,"MTYY":0.6,"MSTX":0.6,"MSST":0.6,"MSTY":0.6,"MSTY.UK":0.6,"09799":0.6,"MSTP":0.6,"3SMI.UK":0.6,"APED":0.6,"MSTR":1.9,"07399":0.6,"MST":0.6,"SMI3.UK":0.6,"LMI3.UK":0.6,"WNTR":0.6,"MSOO":0.6,"MSTU":0.6,"SMST":0.6,"MSDD":0.6,"MSTK":0.6,"3LMI.UK":0.6,"MSII":0.6,"07799":0.6,"MSTZ":0.6,"09399":0.6,"GLXY":1.95,"IMST":0.6,"BTC":1.88},"content_text":"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 LandscapeSpeaking 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 else.”\n\nScaramucci 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.”Scaramucci, Novogratz Bets On Crypto TreasuriesNotably, 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 companySaylor’s Model Ignites New WaveCryptocurrency 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 $150 billion, up over threefold from a year earlier, according to an analysis by law firm DLA Piper.However, a lot of them have been criticized for chasing obscure, volatile tokens. Moody’s Ratings Senior Analyst Cristiano Ventricelli said earlier that equities of such companies face more pressure when markets drop.Price Action: Shares of  Strategy and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed up 3.18% and 3.03%, respectively, during the regular trading session.Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR and BMNR here.Image via Shutterstock$AVAXAvalanche$13.78-0.72%Overview$BTCBitcoin$90363.00-0.73%$DOGEDogecoin$0.1406-0.83%$ETHEthereum$3090.93-0.40%$SOLSolana$138.450.14%$XRPRipple$2.10-1.14%AVXAVAX One Technology Ltd$1.807.78%BMNRBitMine Immersion Technologies Inc$30.99-0.93%MSTRStrategy Inc$166.28-0.41%Market News and Data brought to you by Benzinga APIs© 2026 Benzinga.com. Benzinga does not provide investment advice. 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