Mike Novogratz’s Galaxy Digital 6,000 ETH Purchase Signals Institutional Interest

In a surprising move, Galaxy Digital Holdings, led by Mike Novogratz, has made a substantial purchase of 6,000 ETH, worth $19.8 million. This acquisition highlights the increasing interest from institutional investors in Ethereum, signaling a growing recognition of its potential. Interestingly, this purchase was made during a period of notable price drop for Ethereum, but Galaxy Digital saw this as an opportunity rather than a deterrent. Fenbushi Capital, an Asia-based blockchain-focused venture capital firm, also joined in by acquiring 5,207.4 ETH, worth $17.2 million. Both firms withdrew their ETH from Binance after the market fell. These acquisitions come at a time when Ethereum has experienced volatility due to macroeconomic uncertainty and regulatory developments. Despite the current price action, Galaxy Digital’s decision to accumulate Ethereum suggests a long-term strategy that looks beyond market swings. This strategy seems to be paying off, as Galaxy Digital has reported a profit, with its shares up approximately 39% this year, after nearly tripling in 2023.