Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
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.
Don’t Miss:
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.”
Watch on YouTube: https://t.co/KaAUO7xw4c pic.twitter.com/c2Lb7pNwMV
Trending: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100.
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.
See Also: Buffett’s Secret to Wealth? Private Real Estate—Get Institutional Access Yourself
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.
Image via Shutterstock
Read Next: Private-Market Real Estate Without the Crowdfunding Risk—Direct Access to Institutional-Grade Deals Managed by a $12B+ Real Estate Firm
Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That’s why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, professional financial guidance, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn’t tied to the fortunes of just one company or industry.
Fundrise has over a decade of experience managing billions in private markets for hundreds of thousands of clients. Their venture capital offering lets individual investors gain exposure to private technology companies with low minimums, diversified holdings, and a long-term focus on growth before public markets. For investors looking to expand beyond stocks and bonds, Fundrise provides a simple way to diversify into private tech ventures starting with just $10.
Rad AI’s award-winning artificial intelligence technology helps transform data chaos into actionable insights, enabling the creation of high-performing content with measurable ROI. Their Regulation A+ offering allows investors to participate at $0.85 per share with a minimum investment of $1,000, providing an opportunity to diversify portfolios into early-stage AI innovation. For investors seeking exposure to the rapidly growing AI and tech sector, Rad AI offers a chance to get in on the ground floor of a data-driven growth story.
Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.
Home equity is one of the largest sources of wealth in the U.S., yet it has long been difficult for investors to access. Homeshares gives accredited investors exposure to this asset class through the U.S. Home Equity Fund I, managed by Nada Asset Management. With more than $10 million in Home Equity Agreements, the fund offers institutional-grade access to home equity without owning or managing property, providing a differentiated way for qualified investors to diversify real estate exposure.
As demand for electric vehicles and energy storage grows, lithium has become a key driver of the clean energy transition — and an asset class many investors haven’t tapped. EnergyX’s Lithium Ion Transport and Separation (LiTAS) technology offers a “brine to battery” solution, providing early-stage investors a way to gain exposure to lithium production and the energy sector. With investments starting at $1,000, EnergyX allows investors to diversify beyond traditional stocks and bonds into a fast-growing segment of the green economy.
Lightstone DIRECT gives accredited investors direct access to institutional-grade real estate, going beyond typical crowdfunding platforms. By cutting out middlemen, it aligns investor and manager interests while providing exposure to a $12B+ portfolio spanning multifamily, industrial, hospitality, retail, office, and life science properties. This approach allows investors to diversify their portfolios across multiple property types and markets, gaining professional-grade real estate exposure without the fees or misalignment common on other platforms.
Domain Money helps professionals and households earning $100,000+ take control of their finances with personalized, CFP professional-led guidance. By offering tailored financial planning, Domain empowers users to make smarter, more confident decisions across investments, retirement, taxes, and overall wealth strategy.
Gameflip is a next-generation marketplace where users buy, sell, and “flip” digital gaming items. Backed by Silicon Valley VCs, PayPal, and a visionary EA co-founder, the platform has over $200 million in lifetime sales and a community of 7.4 million users. For investors looking to diversify into early-stage startups and the growing gaming economy, Gameflip offers exposure to a high-growth digital market beyond traditional investments.
This article Mike Novogratz Tells Scaramucci Crypto Treasuries Will Trade Below NAV Without Real Strategy: ‘Not Going To Get Shareholder Value Just By…’ originally appeared on Benzinga.com
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
