- Mike Novogratz, the CEO of Galaxy Digital, told CNBC’s Squawkbox that he thinks ETH could start to outperform Bitcoin within 3-6 months, driven by the rise of Ethereum treasury companies.
- Novogratz said that if ETH can crack the US$4,000 mark it will enter a period of price discovery. He also said he was targeting around US$150k for Bitcoin this cycle.
- The Galaxy CEO said the strength of ‘inflation trades’ — assets like gold, silver and crypto — was being driven by rising inflation in the US, pressure to cut interest rates coming from Trump and China’s new policy of ‘reflation’.
Speaking on CNBC’s Squawkbox program, CEO of digital asset investment firm Galaxy Digital, Mike Novogratz, said he believes ETH could be primed to steal the spotlight from Bitcoin.
I think ETH probably has a chance to outperform Bitcoin in the next 3 to 6 months.
Novogratz believes we could soon see the price of ETH surge above US$4,000 (AU$6.2k) and enter a phase of price discovery, driven largely by the emergence of large-scale Ethereum treasury companies such as SharpLink Gaming and BitMine Immersion.
“Listen, Ether’s caught up a lot. It feels like if ETH takes out US$4000 it goes into price discovery,” Novogratz said.
Now we have not just one, we have two major ETH treasury companies and another one coming, you know, and they’re raising capital everyday and buying Ether and so there’s not a lot of supply of ETH.

On Bitcoin, Novogratz said he thinks somewhere around the US$150k (AU$233k) mark is likely:“US$150k seems to me a decent target, just when I kinda draw funny lines on my charts.”
He argued the trend of corporates stockpiling cryptocurrencies is spreading to smaller coins and supporting price action across the broader crypto market.
“Listen crypto, you know, is on a heater — in old school parlance,” Novogratz said. “The main driver right now is this plethora of balance sheet companies — MicroStategy lookalikes that are showing up — not just in Bitcoin but in crypto across the board.”
Interestingly, following his appearance on Squawkbox, Galaxy Digital almost immediately sold 80,000 BTC valued at around US$9 billion (AU$13.9b) on behalf of one of its clients. The sale is one of the largest single sales of BTC ever recorded. According to Galaxy Digital, the client was a “Satoshi-era investor” and the sale formed part of their “broader estate planning strategy.”
Related: Galaxy Digital Set to List on Nasdaq, Relocates to Delaware
The Music Is Still Playing On Inflation Trades: Novogratz
Novogratz said the strong performance of what he calls inflation trades — assets like gold, silver, Bitcoin and crypto more broadly — is underpinned by mounting inflation pressure in the US, the likelihood of rate cuts forced through by Trump, and a new policy of ‘reflation’ in China.
“The backdrop of all this though, is a Fed who is being pressured, daily almost, by the administration to cut rates,” Novogratz said.
And we’re in this very interesting stand off — either Powell cuts rates and it gives a tailwind to the market, or he doesn’t and that pressure builds. And in time he’s gonna be gone one way or the other.

It’s Novogratz’s view that no matter what current Fed Chair Jerome Powell does, come May of 2026, he’ll be replaced by a more accommodating chair who will do what Trump wants and cut interest rates. The Galaxy Digital CEO said the market knows this is coming and it’s adding to the fire under inflation trades.
I think that’s why gold is breaking out to new highs, silver’s breaking out to new highs, Bitcoin is on a tear, the yield curve is steep. The inflation trades are working and they’re gonna continue to work.

Related: China Fires Shot at Dollar: Digital Yuan Expansion Begins
Another element Novogratz highlighted is China’s newly adopted official policy of boosting inflation, which he refers to as ‘reflation’. Combined with the situation in the US, China’s policy makes inflation trades even more attractive, according to Novogratz.
“And so I’m just thinking about the two biggest economies — one who is gonna pressure rates lower even if they shouldn’t go lower, and one who is going to reflate — and so you wanna stay long the inflation trades,” explained Novogratz.
You wanna dance til the music stops — the music is still playing on these inflation trades.

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