Bloomberg Talks Podcast Summary
Episode: Galaxy Digital CEO & Founder Michael Novogratz Talks AI, Stocks
Date: September 23, 2025
Host: Bloomberg Crypto Team
Featured Guests:
- Mike Novogratz (Founder & CEO, Galaxy Digital)
- Marco Santori (CEO, Soulmate, formerly Brera Holdings)
Episode Overview
This episode of Bloomberg Talks features a deep dive into the current state of crypto and stock markets with Mike Novogratz, founder and CEO of Galaxy Digital, alongside insights from Marco Santori, CEO of the freshly rebranded Soulmate. The conversation weaves through crypto’s latest volatility, the influence of AI on stocks, the emergence of "digital asset treasuries" (DATs), and the transformative regulatory landscape in the US. The hosts probe the intersection of policy, industry innovation, and politics—highlighting crypto’s impact on markets and elections.
Key Discussion Points & Insights
1. Crypto Market Volatility & Recent Sell-Off
Timestamps: 00:22–02:40
- Crypto markets experienced a significant uptick over prior months—Ethereum tripled, Solana surged, and overall market sentiment was strong.
- Recent volatility is attributed to overleveraged positions and sizeable selling, especially from Chinese mining entities.
- A bearish commentary from Arthur Hayes (noted thought leader) targeting Hyper Liquid, a top-10 decentralized exchange token, sparked sell pressure market-wide.
- Novogratz emphasized perspective: Despite softness, Bitcoin and crypto are still up “significantly on the year.”
Quote:
“If you had told someone four months ago that you're going to be nervous with Bitcoin at 112, they would, they would have a big grin on their face.”
— Mike Novogratz [01:38]
2. Crypto and Stock Market Correlation & the AI Bubble
Timestamps: 02:40–04:23
- The idea that crypto leads stock prices is met with skepticism; sometimes it’s leading, sometimes lagging.
- The “AI theme” is fueling euphoria and froth in the stock market, particularly in tech giants like Nvidia, OpenAI, and Oracle.
- Market valuations are “as high as we see them,” creating tension between momentum and financial fundamentals.
Quote:
“We are in a euphoric moment in stocks... that creates bubble-like excitement. But it’s got valuations that get you really nervous... The last leg of great bull markets always surprises people.”
— Mike Novogratz [03:12]
3. The Crypto Cycle and Regulatory Game-Changers
Timestamps: 04:23–06:35
- Historically, crypto moves in four-year cycles, peaking near December (citing 2017, 2021).
- Major legislative milestones:
- The “Genius Act” (Stablecoin legislation) passed.
- Anticipation of a second bill (defining security vs. commodity) expected by November.
- Novogratz predicts these regulatory “bookends” will unleash new participation, mainstream use (like stablecoins on iPhones), and possibly disrupt the standard crypto cycle.
Quote:
“With those two bookends of legislation, it’s going to unleash a tremendous amount of new participation... There’s almost zero chance in the next few years you won’t be able to use stablecoins on your iPhone.”
— Mike Novogratz [05:37]
4. The Rise of Digital Asset Treasuries (DATs)
Timestamps: 07:09–11:55
- Over 85 DAT companies have launched in 2025, moving away from the old “foundation” model (nonprofits in tax havens).
- Marco Santori frames DATs as a permanent, efficient replacement to ecosystem foundations, capable of raising and allocating capital dynamically.
- Soulmate’s rebranding signals a strong conviction in Solana over Ethereum, largely due to Solana’s technological scalability and throughput advantages.
- Novogratz stresses the importance of scale and capital access, predicting most successful DATs will become public, enduring companies.
Quote:
“You got to stop looking at treasury companies as trades… There are going to be as many treasury companies as there are coin accumulation strategies over the next 20 years. This is not a fad, not a trend, it’s not going away.”
— Marco Santori [07:42]
Quote:
“The wonderful thing about these treasury companies is, they brought in so much more capital at a quick pace, and that capital is what will build this industry.”
— Mike Novogratz [11:03]
5. Solana vs. Ethereum: Why Build on Solana?
Timestamps: 09:00–10:24
- Ethereum enabled “smart contracts” and ecosystem composability but failed to scale at the base layer.
- Solana’s high throughput and base-layer scalability mark it as the future infrastructure for sophisticated, high-frequency transactions.
Quote:
“When I discovered Solana… it was a light bulb moment that went off. This is clearly the future.”
— Marco Santori [09:58]
6. Regulation, Politics, and Crypto’s Growing Clout
Timestamps: 13:47–17:58
- Mike Novogratz supports open participation—including the Trump family—so long as rules are followed and disclosures made.
- Political implications: Democratic skepticism toward crypto may have inadvertently increased its political salience, especially with younger, male voters.
- Novogratz suggests crypto’s financial support and ownership base played a substantial role in the latest election outcomes.
Quote:
“I do think it’s an issue in politics. Right. The Democrats are going to make a big deal about what they perceive as grift... But there’s enough Democrats that see the value in crypto, that see the political value in being seen as pro technology, pro innovation.”
— Mike Novogratz [15:26]
Quote:
“There were 80 million crypto owners in America. A lot of them are single issue voters who care a lot about this industry... It was so dumb for Democrats to be anti crypto. It turned people off.”
— Mike Novogratz [17:25]
7. Vision for the Near Future: "On Chain" Everything
Timestamps: 18:14–18:57
- Novogratz says every crypto company must be actively moving business “on chain,” responding to the new SEC head’s on-chain push.
- Galaxy Digital’s financials and stock are strong; morale and industry optimism are at a high point.
Quote:
“When the head of the SEC says we think markets should move on chain, we should listen… We feel good about… a great quarter, and a great year.”
— Mike Novogratz [18:18]
8. A Light-hearted Wrap: Novogratz's Tattoos
Timestamps: 18:57–19:10
- Mike’s famous for his Luna tattoo. When asked if he’s gotten a Solana tattoo:
“All my tattoos are, are going to be kept hidden for a long time.”
— Mike Novogratz [19:04]
Notable Quotes & Moments
-
Market Resilience Perspective:
“You have to keep things in context. We're still up significantly on the year.”
— Mike Novogratz [01:54] -
On Democratically Driven Regulatory Shifts:
“We have the most crypto friendly sec one could imagine.”
— Mike Novogratz [06:23] -
Solana’s Technological Edge:
“Solana doesn't have to do that. It can scale to hundreds of thousands of transactions per second at the base layer…”
— Marco Santori [09:33] -
DATs Powering the Future:
“I think you're going to need scale, right? Because scale begets scale.”
— Mike Novogratz [10:47]
Key Segment Timestamps for Reference
- [00:22] Crypto Market Volatility Explainer
- [02:40] Stock & Crypto Cycle Parallels, AI Bubble
- [04:41] Crypto’s Four-Year Cycle and Regulatory Shifts
- [07:42] The DAT Model Explained
- [09:00] Solana vs. Ethereum Debate
- [10:47] What Determines DAT Success?
- [14:40] White House, Trump, and Crypto: Conflict or Opportunity?
- [16:51] Political Impact of Crypto in Elections
- [18:14] On-Chain Adoption & Outlook
- [19:04] Mike’s Secret Tattoos
Summary Tone & Takeaway
This episode captures the exuberance, complexity, and shifting sands of crypto and traditional finance in late 2025. Regulatory clarity is setting the stage for unprecedented mainstream adoption. The market’s cyclical rhythms are being re-examined in light of new laws, technology races (Solana!), and growing political stakes. Mike Novogratz and Marco Santori offer both macro vision and granular anecdotes, driving home the message: Crypto’s next era is here and it’s getting institutional—fast.