This week Mike Novogratz joins the show to reflect on his path from a successful trading career to building and running Galaxy. We deep dive into the state of markets, what defines the most successful macro traders, Galaxy's AI data center opportunity, running a public company & more. Enjoy!

--

Follow Mike: https://x.com/novogratz

Follow Jason: https://x.com/JasonYanowitz

Follow Empire: https://twitter.com/theempirepod

--

Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh

Start your day with crypto news, analysis and data from David Canellis.

Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts

--

Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults.

Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo!

--

peaq, the Machine Economy Computer, proudly sponsors the Empire podcast.

peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots.

It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub.

For more about peaq, check out www.peaq.xyz

--

Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3.

Key elements for Mantle as the ""Blockchain for Banking"":

- Transactions posted to the blockchain

- Compatibility with TradFi rails

- Integrated DeFi features

Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier.

Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'.

--

GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries.

Discover how GEODNET is changing the world: [https://geodnet.com]

--

Timestamps:

(00:00) Introduction

(06:32) Mike's Outlook For Markets in 2025

(14:53) Are Markets Frothy, AI Capex & The Minsky Moment

(24:26) Ads (Blockdaemon, Peaq)

(25:36) What Will The Next Four Years For Crypto Look Like?

(30:44) What Makes The Most Successful Macro Traders?

(40:25) Ads (Blockdaemon, Peaq)

(41:35) Hyperliquid

(44:19) The AI Data Center Buildout

(54:34) Ads (Mantle, Geodnet)

(55:59) Galaxy's Crypto Business

(59:06) Tokenizing Galaxy's Stock

(01:03:14) Running A Public Company & The IPO Window

(01:07:03) Final Thoughts

--

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

K#456 Richard Borek: Der Münzhändler