During a Jul. 24, 2025, interview with CNBC, Galaxy Digital CEO Mike Novogratz claimed that Ether is going to outperform Bitcoin in three to six months, and that he feels ETH will “knock on the 4,000 ceiling a few times.” Shortly after the interview’s release, Galaxy transferred approximately 10,000 BTC to Binance and several other cryptocurrency exchanges. Is Galaxy Digital turning away from Bitcoin to embrace Ethereum? What makes corporations bet big on Ethereum these days?
Summary
- Galaxy Digital’s Novogratz believes Ether has a sharper potential than Bitcoin, stating in the interview that ETH will outperform BTC in three to six months
- Following the interview, Galaxy sold 10,000 BTC, triggering a short-term price correction
- Galaxy explores the potential benefits of ETH accumulation and yielding as more and more corporations set up ETH treasuries and ETH ETFs inflows outperform BTC ETFs inflows nearly threefold
Novogratz’s thoughts on Ethereum
Replying to whether Novogratz chose to buy Bitcoin or Ether, he said that he already holds both. Then, he explained why he is betting on Ethereum these days.
The CNBC clip where Novogratz mentioned Ethereum
— Autism Capital 🧩 (@AutismCapital) July 25, 2025
Novogratz said, “If [Ether] takes out $4,000, it goes into price discovery, and so we feel kind of destined to at least knock on the 4,000 ceiling a few times.” He outlined the shifting position in Ether’s performance, claiming that the market doesn’t reflect the power of Ether’s narrative and the growing corporate demand for this asset. Novogratz went so far as to forecast that Ether will outperform Bitcoin in three to six months.
The companies buying ETH referred to by Novogratz are BitMine Immersion Technologies and Sharplink Gaming, which reportedly hold 566,766 ETH and 360,807 ETH, respectively. Soon, these companies will be joined by Ether Machine, which plans to get a Nasdaq listing soon with a $1.5 billion Ether bet.
Galaxy’s focus switches from Bitcoin to Ethereum
Galaxy’s digital asset holdings are not limited to Ether. For instance, it also holds bitcoins. As of July 25, Galaxy’s BTC holdings amounted to 13,504 units. Novogratz is not bearish on Bitcoin. During the same interview on CNBC, he predicted that Bitcoin would soon reach $150,000 and expressed little to no doubt about a bullish outcome, at least if Trump doesn’t change his stance on rate policy.
However, on CNBC, Novogratz’s company was introduced as “Ether MicroStrategy of sorts,” and that’s for a reason. First off, following the interview, Galaxy continued to offload its bitcoins to various crypto exchanges. Around 40,000 bitcoins bought earlier from a 2011 Bitcoin whale were transferred to exchanges on July 25. The company sold 10,000 BTC, earning over $1 billion worth of BTC, causing the BTC price to drop from $119,000 to $115,000. According to Lookonchain findings, over $2 billion worth of BTC is still on exchanges.
It’s unclear whether Galaxy will dispose of all its bitcoins. It doesn’t seem probable given Novogratz’s bullish views on Bitcoin.
The second reason why Galaxy is rather an “Ether MicroStrategy” than a Bitcoin treasury is that lately it has increased its involvement in the race for Ethereum. According to Arkham, Galaxy holds 64,858 ETH (around $241.5 million) on its balance. Ether stack remains the second-biggest digital holding of Galaxy.
On July 15, a piece titled “Beyond Bitcoin: Ethereum as a Corporate Treasury Asset” was published on the Galaxy website. It was written by a research analyst, Christopher Rosa. The study analyzes the performance of several Ethereum treasury companies and concludes that, unlike Bitcoin with its passive accumulation strategy, Ethereum offers more options like staking or DeFi yielding methods, which create additional leverage for Ethereum treasury companies.
On top of that, Rosa emphasizes that, unlike Bitcoin treasuries relying on issuing convertible debt to buy BTC, the four biggest ETH treasuries buy ETH through equity issuance, avoiding debt-related risks. Generally, the article outlines Ether’s advantages over Bitcoin as a corporate treasury asset, which signals Galaxy’s changing pivot.
Bullish case for Ethereum
The snowballing bullish news about Ethereum continues to roll throughout July. After a long period of Ethereum hate and unfavorable comparisons of the legendary platform to Solana, Ether finally gains momentum.
Various analysts believe Ether has all the reasons to go higher. For instance, Arthur Hayes of BitMEX anticipates Ether to gain $10,000 by the end of the year. It’s worth adding that he believes Bitcoin will reach $250,000 by that time, so it’s not a bet against Bitcoin.
While Novogratz says Ether can outperform Bitcoin, in some metrics, Ether is already outperforming it. For instance, lately, Ether ETFs have been much more active than Bitcoin ETFs. Ether ETF inflows increased over 10x in July. In six days, they gained over $2.4 billion, with BlackRock’s ETHA becoming a leading crypto ETF, attracting $1.79 billion in inflows and managing over $10 billion. Bitcoin ETF inflows during the same period amounted to “only” $827 million.
Companies continue to grow their ETH treasuries, and new players emerge. As the U.S. adopted the GENIUS Act, which sets rules for stablecoin issuers and generally facilitates such business in America, Ethereum, a layer 1 blockchain, is expected to benefit significantly from the stablecoin boom. As the Ether boom is a relatively new trend, it is difficult to predict its direction at this point.
