Galaxy CEO Sees The AI Wealth Boom In A Knicks Crowd — Says Crypto Interest Has Dried Up

Galaxy has been moving from Bitcoin mining to AI infrastructure, with a 1.6-gigawatt Texas data-center project underway.

• Galaxy CEO Mike Novogratz believes that the US economy has become a "tale of two cities," arguing that AI-generated wealth is supporting spending among affluent consumers.
• He pointed to Knicks Finals tickets priced as high as $75,000 as evidence of growing disposable income among investors benefiting from the AI boom.
• As Novogratz argued that crypto has fallen out of favor with investors, ARK Invest's Cathie Wood pointed to quantum-computing concerns.

Galaxy (GLXY) CEO Mike Novogratz pointed to the free-spending crowd at a New York Knicks game as a sign of the wealth generated by the artificial intelligence (AI) boom, and said crypto interest has faded.

Novogratz pointed to soaring New York Knicks Finals ticket prices, a popular basketball team competing in this year's NBA Finals, which he said ranged from about $75,000 for seats near the court to several thousand dollars for upper-level seats, during the All Things Market podcast with Anthony Scarmucci. 

The pricing, he argued, reflects a growing pool of consumers with “a lot of disposable income” tied to gains from AI-related companies and investments. 

"This AI revolution is real," Novogratz said, adding that firms like Anthropic and SpaceX (SPCX) are creating a new wave of wealth that would create “a zillion new millionaire(s), and centi millionaires,” to continue supporting high-end spending.

Novogratz contrasted the AI-driven wealth boom with waning interest in digital assets, saying crypto has lost investor attention as AI dominates market narratives. "Nobody cares about crypto right now," he said, arguing that capital is increasingly flowing toward AI rather than digital assets.

Galaxy Beyond Bitcoin Mining

Galaxy has also expanded its presence in data-center infrastructure. Novogratz said the company was developing “the largest single-campus data center in the United States,” a 1.6-gigawatt facility in West Texas. The project is already about half leased and could be fully committed by July 4 or by the end of the summer, he said.

The executive added that the data-center business now accounts for more than half of Galaxy's value, highlighting the growing importance of infrastructure operations within the company. More than 1,000 construction workers are currently on site, with that figure expected to rise to around 2,500 at peak construction, according to Novogratz.

Galaxy's push into data-center infrastructure follows a shift that began in early 2025, when the company started repurposing its Helios campus, also in West Texas, from Bitcoin mining operations to hosting AI and high-performance (HPC) computing workloads.

GLXY stock was down over 1% during after hours trading. On Stocktwits, the retail sentiment around GLXY stayed in the ‘bullish’ zone, as chatter stayed in the ‘extremely high’ levels over the past day. 

Has Bitcoin Lost The Spotlight?

ARK Invest CEO Cathie Wood also explained on Friday that Bitcoin’s (BTC) near-term outlook had become less clear-cut, pointing to concerns over quantum computing risks and potential selling pressure from Strategy’s (MSTR) Michael Saylor. 

Still, Wood said some on-chain indicators suggest bearishness toward Bitcoin has reached extreme levels, and that a drop in gold prices could put upward pressure on the Bitcoin-to-gold ratio.

Bitcoin’s price was trading at $62,513, up over 2% during the last 24 hours, but the cryptocurrency suffered a decline of more than 15% during the past week. 

On Stocktwits, the retail sentiment around BTC stayed in the ‘extremely bearish’ zone, while chatter around it stayed in the ‘high’ levels over the past day. 

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