Skip to content

Galaxy’s Mike Novogratz Says Two-Thirds of Crypto Hedge Funds Will Fail

  • Billionaire investor spoke at Piper Sandler conference
  • Novogratz blames the challenging global macro backdrop
Video player cover image
Crypto Bear Market Opportunities
Updated on

Mike Novogratz, the founder and chief executive officer of Galaxy Digital Holdings Ltd., said two-thirds of the hedge funds that invest in cryptocurrencies will fail as a consequence of the current market downturn. 

“Volume will go down, hedge funds will have to restructure,” Novogratz said at the Piper Sandler Global Exchanges & Brokerage Conference in New York. “There are literally 1,900 crypto hedge funds. My guess is two-thirds will go out of business.”