Speaking during Galaxy Digital’s Q2 earnings call, Novogratz highlighted concerns that a few dominant firms might monopolize the sector, potentially restricting liquidity and fundraising opportunities for new entrants.
This comes amid a surge in firms raising capital to purchase Bitcoin, inspired by the success of Strategy (NASDAQ:MSTR). Strategy, led by Michael Saylor, is the largest corporate Bitcoin holder and has gained significantly as investors sought indirect exposure through its stock.
Despite Strategy’ aggressive Bitcoin acquisitions and new entrants like Japan’s Metaplanet Inc (TYO:3350), Bitcoin prices continued to decline on Wednesday.
