The crypto billionaire is calling 2026 a "transition year" — and betting his firm's future on data centers, not Bitcoin's price.
Mike Novogratz has never been subtle. The Princeton wrestler turned Goldman Sachs macro trader turned crypto billionaire has a Bitcoin tattoo on his arm and, infamously, a Luna tattoo that became a punchline when the stablecoin collapsed to near-zero in 2022, wiping out $554 million in a single quarter.
He didn't slow down then. He isn't slowing down now. Galaxy Digital, the $17 billion digital assets firm he founded, posted a $216 million loss in the first quarter of 2026 as crypto markets fell roughly 21%. On the earnings call, Novogratz called it a transition and pointed to something most crypto CEOs can't: flat trading volumes despite the drawdown, which he said marked the first time Galaxy's business had genuinely started to decouple from price.
"For digital assets, this is a transition year — we're moving from the 'crypto casino' to a technology embedded across industries worldwide." — MIKE NOVOGRATZ, GALAXY Q1 2026 EARNINGS
The new hedge fund $100 million raised from family offices, institutions, and high-net-worth investors will allocate up to 30% in crypto tokens and the rest in financial services stocks Galaxy believes will be reshaped by digital asset adoption. It can go long or short, a structure designed to profit from the winners and losers as banking infrastructure gets rewired.
The bigger bet may be the data center. Galaxy recently delivered its first data hall at its Helios campus in West Texas under a lease with CoreWeave, a deal Novogratz says could generate over $1 billion in annual revenue at full buildout and the "single most important de-risking event" in the firm's history.
Revenue that doesn't move with Bitcoin. That's new for Galaxy, and for crypto broadly.
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