Investing
Why Crypto Billionaire Mike Novogratz Bought Facebook Stock
- Galaxy Digital CEO cites risk that Powell pulls back support
- Bought Facebook stock in anticipation of Novi digital wallet
This article is for subscribers only.
Billionaire investor Mike Novogratz said he’s bought Facebook Inc. stock to benefit from crypto’s ascent and is also shorting the five-year Treasury as a hedge against policy makers pulling back monetary support.
“I’m short a lot of interest rates,” Novogratz, chief executive officer of Galaxy Digital Holdings Ltd., said Tuesday in a Bloomberg Television interview. “To me, being short the five-year part of the yield curve is a great hedge for any portfolio, crypto or non-crypto.”