Mike Novogratz, CEO of Galaxy Digital, announced during the company’s Q2 earnings call that a recent sale of 80,000 Bitcoin was quickly absorbed by buying firms in the market. This sale was completed on behalf of a single client and is considered one of the largest transactions in the cryptocurrency space. Novogratz highlighted that institutional firms, including Strategy (formerly MicroStrategy) and Trump Media, significantly contributed to the demand, purchasing 21,000 Bitcoin worth $2.3 billion and 18,400 Bitcoin worth $2 billion, respectively. He indicated that as long as this buying continues, Bitcoin prices should remain stable. Galaxy Digital is also benefiting from partnerships with over 20 new crypto asset treasury firms, helping to generate recurring income and manage large-scale crypto transactions. Despite Galaxy reported a Q2 profit of $30.7 million, it fell short of the anticipated $85 million, though July proved to be a record month for its digital asset operations.

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