Galaxy Digital Offloads 80,000 BTC, Returns to Profit, Gains Wall Street Trust
Galaxy Digital, led by Mike Novogratz, helped a long-term whale sell 80,000 BTC (≈$9 billion) via its OTC desk while facilitating large ETH purchases for institutional clients. The firm’s Q2 report showed a net income of $30.7 million, rebounding from a $125.6 million loss a year earlier. Assets under management climbed to $9.09 billion, with $1.2 billion in cash and stablecoins, and staking volume up 27% to $9 billion through partnerships like Fireblocks. Bitcoin holdings rose by 4,272 to 17,102 BTC, while ETH positions decreased to 90,500. Galaxy’s Nasdaq listing (GLXY) has seen its share price jump 48% year-to-date, reflecting growing market confidence. This performance underscores Galaxy Digital’s deep liquidity, strong OTC capabilities, and its pivotal role bridging traditional finance and on-chain markets, earning it the reputation as Wall Street’s most crypto-savvy institution.
Bullish
Galaxy Digital’s successful execution of an $9 billion whale sale and return to profitability signals stronger institutional liquidity and market resilience. Its deep OTC capabilities and robust Q2 financials boost confidence in crypto markets. The managed off-loading of 80,000 BTC without major price disruption mirrors past events where unmanaged large sales caused volatility. With rising AUM, staking growth, and solid Nasdaq performance, traders are likely to view this as a bullish catalyst for Bitcoin and broader crypto adoption, supporting both short-term price stability and long-term institutional inflows.