Author: Zhang Feng
In the wave of cryptocurrency assets moving from the fringes to the mainstream, Galaxy Digital has gradually grown into an important bridge connecting traditional finance with the world of digital assets. Founded by former Goldman Sachs partner Michael Novogratz, the company occupies a unique position in the crypto asset management field, leveraging its distinctive "Wall Street genes" and full-stack service model. This article will delve into the basic model of Galaxy Digital's crypto asset management from multiple perspectives.
1. The Crypto Evolution of Wall Street's Traditional Financial Genes
The establishment of Galaxy Digital was not a coincidence, but a strategic layout by traditional financial elites who have a profound understanding of blockchain technology. Founder Michael Novogratz, as a typical representative of "Wall Street manufacturing," worked at Goldman Sachs for 11 years and became a fixed income partner, before joining Fortress Investment Group.

In September 2025, at the Eastern Economic Forum held in Vladivostok, Russia, a senior advisor to Russian President Vladimir Putin, Anton Kobyakov, made a striking statement. He warned that the United States is conspiring to reshape the global financial system using crypto assets and stablecoins to secretly devalue its national debt, which amounts to $37 trillion. This viewpoint quickly sparked widespread discussion in international media and the economic community. Kobyakov pointed out that the U.S. intends to transfer its debt into the "crypto cloud" and shift the losses onto other countries around the world through a system reset, making the latter "scapegoats." Although this claim sounds bold, it is not without foundation. It echoes similar assertions made earlier by MicroStrategy CEO Michael Saylor, who suggested that the U.S. government sell its gold reserves to buy Bitcoin in order to reshape the global reserve asset landscape.
The scale and pressure of the United States national debt
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In the past couple of days, Buffett's decision to close all positions in BYD has made headlines in many financial media outlets.
When I saw this message, I wasn't surprised at all, just a little curious as to why the old gentleman is only closing all positions now?
I first got in touch with BYD entirely because of reading a series of books on the transcripts of the Berkshire Hathaway shareholder meetings.
In this series of books, BYD and its founder are among the few Chinese companies and entrepreneurs that are repeatedly mentioned.
According to the description in the book, Buffett bought shares of this company mainly because of Munger's insistence. The old man revealed that among the few times he had disagreements with Munger in this life, BYD was one of them. At that time, Munger slammed the table and insisted that Buffett buy BYD.
Later, there were other channels that reported further news, saying that one of the main reasons Munger was interested in this company was because of Li Lu.
I definitely do not believe that Buffett and Munger's buying is entirely due to others' recommendations; I believe