The surge of companies adding cryptocurrencies to their balance sheets may be hitting a plateau, according to Galaxy Digital (NASDAQ:GLXY) CEO Michael Novogratz.
What Happened: Speaking during the firm’s second-quarter earnings call, Novogratz said the peak of new treasury firms entering the space may already be behind us, shifting attention toward which existing players can scale and dominate the market, Bloomberg reported.
Treasury companies, which raise capital publicly and hold assets like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: BTC), and Solana (CRYPTO: BTC), gained popularity amid a more supportive U.S. regulatory environment.
While early entrants mirrored Michael Saylor’s Bitcoin-centric playbook, newer firms are diversifying into a broader set of crypto assets.
Novogratz …