Galaxy

Galaxy CEO Mike Novogratz says crypto’s speculative phase is drawing to a close as markets correct; Bitcoin is down more than 21% year-to-date and roughly 50% below its October peak. His comments come amid rising investor caution and renewed focus on fundamentals.

Galaxy has authorized a 12-month repurchase program for up to $200 million of Class A shares, a move to shore up its stock after declines that tracked Bitcoin. The buyback signals management confidence and may provide near-term support for crypto-linked equities.

Galaxy is launching a $100 million long-short hedge fund that will trade both crypto tokens and traditional equities, aiming to hedge as the “up-only” market phase fades. The strategy is pitched to institutional investors seeking downside protection and diversified exposure.

Galaxy has issued a $75 million tokenized collateralized loan obligation on Avalanche, anchored by a $50 million investment from Grove as tokenized RWAs top $20 billion marketwide.

Galaxy’s head of tokenization, Thomas Cowan, says institutional interest in tokenization is now “independent of the price of Bitcoin,” as firms focus on utility and operational benefits. The shift suggests demand is driven by product value rather than crypto market cycles.