Mike Novogratz describes ‘unfair, infuriating’ path to Galaxy Digital’s Nasdaq listing
TORONTO — Mike Novogratz said he spent nearly four years and more than $25 million trying to take crypto firm Galaxy Digital public in the United States.
“It felt un-American, unfair, infuriating,” Novogratz said.
Novogratz told CNBC that a process that should take 45 to 90 days stretched out to 1,320 days. He said it took nine rounds of comments with the Securities and Exchange Commission.
“One of the things that people didn’t understand about the crypto tax is that you needed to be very well capitalized — and a pretty big, strong company — just to stay in the game,” he said.
The billionaire crypto mogul will finally ring the opening bell at the Nasdaq Friday under the ticker GLXY with his company trading on U.S. public markets for the first time in a direct listing.
Novogratz said Galaxy’s auditing costs were significantly higher than those of firms like Jefferies — a consequence of the regulatory scrutiny that comes with being a crypto company. He said he expects those fees to drop by as much as 40% now that Galaxy is listed on the Nasdaq.
Yet instead of breaking Galaxy, the ordeal seemed to harden it.
“Scarcity makes you tougher,” Novogratz said. “We funded our company mostly through investment gains and trading.”
“We weren’t the only company that suffered,” Novogratz said, pointing to eToro, the Israeli trading platform, that went public on Nasdaq this week. Its listing was one of the first major fintech IPOs since 2021, signaling that investor appetite for crypto-adjacent firms is returning after years of regulatory caution and market volatility.
Until now, Galaxy Digital’s home on the public markets has been on the Toronto Stock Exchange, where the New York-based company went public in 2020, because U.S. regulators were too wary of crypto.
The TSX has become a testing ground for digital asset firms that couldn’t gain traction in American markets, even as U.S. investors and capital loomed just across the border.
But for Novogratz, whose ambitions were always bigger, the U.S. was the stage that mattered.
“Our visibility, volume, and notoriety in the Canadian market versus the U.S. is one to 30 — the U.S. market is 30 times deeper,” he said. “If we had been in the U.S. markets those four years, we’d be a different company.”
The former hedge fund manager turned crypto entrepreneur has built a reputation for direct and candid conversations. In Washington, he witnessed first-hand how crypto evolved from a fringe curiosity to a central issue in American politics.
“I was at the vice president’s inaugural ball as a representative Democrat,” Novogratz said.
In a room of roughly 300 attendees, he said he counted around 20 crypto CEOs — a striking show of the industry’s growing influence in Washington.
“I mean, it was shocking — the crypto representation down in D.C. over the inauguration — and Democrats noticed that. So I think, in earnest, there’s a core group of Democrats, and a big one, probably the majority of Democrats, that just want to pass crypto legislation that’s good for America, and move on, and, quite frankly, get crypto off the map as an electoral issue,” he said.
The turning point came with the election of President Donald Trump, a political shift that Novogratz saw unfolding in real-time.
“The flip got switched… the old regime knew the new regime was coming, and so they started to be much more supportive,” he said.
Conversations that had once been closed suddenly opened.
Novogratz met incoming SEC Chair Paul Atkins around the time of the inauguration. Atkins wasn’t yet in the role, but his stance was clear — he prioritized fair disclosure and leaned pro-business, pro-risk. Their conversation was high-level, focused on the regulator’s approach, but it left Novogratz with a sense of optimism.
“Ringing the bell is kind of the starting line, not the finish line,” said Novogratz.
Japanese equipment giant Kubota brought 22 new or updated machines to the 2025 bauma expo earlier this year, but tucked away in the corners was a new retrofit kit that can help existing customers decarbonize more quickly, and more affordably.
No matter how badly a fleet may want to electrify, harsh economic realities and the greater up-front costs typically associated with battery electric remain high hurdles to overcome, but new retrofit options from major manufacturers are popping up to help lower those obstacles.
The latest equipment maker to put its name on the retrofit list is Kubota, who says its kit can be installed by a trained dealer in a single day.
That’s right! By this time tomorrow, your diesel-powered Kubota KX019 or U27-4 excavator (shown) could be fitted with an 18 or 20 kWh li-ion battery pack and electric drive motors and ready to get to work in a low-noise or low-vibration work environment where emissions are a strict no-no. Think indoor precision demolition or historic archeological excavation.
Then, if necessary, it can go right back to diesel power.
From diesel to electric and back again
If that sounds familiar, that’s because we’ve talked about a similarly flexible power solution from ZQUIP. The battery packs and diesel engines are much larger in that application, but the basic sales pitch remains the same: electric when it benefits your operation, diesel it doesn’t.
Kubota says its modular retrofit kits is a response to the increasing global demand for sustainable alternatives by focusing on making machinery that’s flexible and repairable enough to be “reusable,” and offer construction fleet managers a longer operational lifespan, superior ROI (return on investment), and lower TCO (total cost of ownership) than the competition.
Kubota’s solution also notably reduces maintenance costs and operational overheads. With no engine and associated components, servicing time and expenses are considerably reduced, saving customers both time and money. Additionally, with electricity costing far less than fossil fuels, it offers a highly economical advantage.
International Rental News reports that other changes to the excavators include a more modern cab controls with a digital instrument cluster, a 60 mm wider undercarriage for more stability, and an independent travel circuit allows operators to use the boom, dipper, bucket, and auxiliary functions without an impact on tracking performance.
Kubota’s new kit, first shown at last year’s Hillhead exhibition in the UK, will officially be on sale this summer – any day now, in fact – though pricing has yet to be announced.
Electrek’s Take
If you’re wondering how it is that we’re still talking about bauma 2025 a full quarter after the show wrapped up, then I haven’t done a good enough job of explaining how positively massive the show was. Check out this Quick Charge episode (above) then let us know what you think of Kubota’s modular power kits in the comments.
SOURCE | IMAGES: Kubota, via International Rental News.
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Elon Musk isn’t happy about Trump passing the Big Beautiful Bill and killing off the $7,500 EV tax credit – but there’s a lot more bad news for Tesla baked into the BBB. We’ve got all that and more on today’s budget-busting episode of Quick Charge!
We also present ongoing coverage of the 2025 Electrek Formula Sun Grand Prix and dive into some two wheeled reports on the new electric Honda Ruckus e:Zoomer, the latest BMW electric two-wheeler, and more!
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Environment
FERC: Solar + wind made up 96% of new US power generating capacity in first third of 2025
Solar and wind accounted for almost 96% of new US electrical generating capacity added in the first third of 2025. In April, solar provided 87% of new capacity, making it the 20th consecutive month solar has taken the lead, according to data belatedly posted on July 1 by the Federal Energy Regulatory Commission (FERC) and reviewed by the SUN DAY Campaign.
Solar’s new generating capacity in April 2025 and YTD
In its latest monthly “Energy Infrastructure Update” report (with data through April 30, 2025), FERC says 50 “units” of solar totaling 2,284 megawatts (MW) were placed into service in April, accounting for 86.7% of all new generating capacity added during the month.
In addition, the 9,451 MW of solar added during the first four months of 2025 was 77.7% of the new generation placed into service.
Solar has now been the largest source of new generating capacity added each month for 20 consecutive months, from September 2023 to April 2025.
Solar + wind were >95% of new capacity in 1st third of 2025
Between January and April 2025, new wind provided 2,183 MW of capacity additions, accounting for 18.0% of new additions in the first third.
In the same period, the combination of solar and wind was 95.7% of new capacity while natural gas (511 MW) provided just 4.2%; the remaining 0.1% came from oil (11 MW).
Solar + wind are >22% of US utility-scale generating capacity
The installed capacities of solar (11.0%) and wind (11.8%) are now each more than a tenth of the US total. Together, they make up almost one-fourth (22.8%) of the US’s total available installed utility-scale generating capacity.
Moreover, at least 25-30% of US solar capacity is in small-scale (e.g., rooftop) systems that are not reflected in FERC’s data. Including that additional solar capacity would bring the share provided by solar + wind to more than a quarter of the US total.
With the inclusion of hydropower (7.7%), biomass (1.1%), and geothermal (0.3%), renewables currently claim a 31.8% share of total US utility-scale generating capacity. If small-scale solar capacity is included, renewables are now about one-third of total US generating capacity.
Solar is on track to become No. 2 source of US generating capacity
FERC reports that net “high probability” additions of solar between May 2025 and April 2028 total 90,158 MW – an amount almost four times the forecast net “high probability” additions for wind (22,793 MW), the second-fastest growing resource. Notably, both three-year projections are higher than those provided just a month earlier.
FERC also foresees net growth for hydropower (596 MW) and geothermal (92 MW) but a decrease of 123 MW in biomass capacity.
Taken together, the net new “high probability” capacity additions by all renewable energy sources over the next three years – i.e., the bulk of the Trump administration’s remaining time in office – would total 113,516 MW.
FERC doesn’t include any nuclear capacity in its three-year forecast, while coal and oil are projected to contract by 24,373 MW and 1,915 MW, respectively. Natural gas capacity would expand by 5,730 MW.
Thus, adjusting for the different capacity factors of gas (59.7%), wind (34.3%), and utility-scale solar (23.4%), electricity generated by the projected new solar capacity to be added in the coming three years should be at least six times greater than that produced by the new natural gas capacity, while the electrical output by new wind capacity would be more than double that by gas.
If FERC’s current “high probability” additions materialize, by May 1, 2028, solar will account for one-sixth (16.6%) of US installed utility-scale generating capacity. Wind would provide an additional one-eighth (12.6%) of the total. That would make each greater than coal (12.2%) and substantially more than nuclear power or hydropower (7.3% and 7.2%, respectively).
In fact, assuming current growth rates continue, the installed capacity of utility-scale solar is likely to surpass that of either coal or wind within two years, placing solar in second place for installed generating capacity, behind only natural gas.
Renewables + small-scale solar may overtake natural gas within 3 years
The mix of all utility-scale (ie, >1 MW) renewables is now adding about two percentage points each year to its share of generating capacity. At that pace, by May 1, 2028, renewables would account for 37.7% of total available installed utility-scale generating capacity – rapidly approaching that of natural gas (40.1%). Solar and wind would constitute more than three-quarters of installed renewable energy capacity. If those trend lines continue, utility-scale renewable energy capacity should surpass that of natural gas in 2029 or sooner.
However, as noted, FERC’s data do not account for the capacity of small-scale solar systems. If that’s factored in, within three years, total US solar capacity could exceed 300 GW. In turn, the mix of all renewables would then be about 40% of total installed capacity while the share of natural gas would drop to about 38%.
Moreover, FERC reports that there may actually be as much as 224,426 MW of net new solar additions in the current three-year pipeline in addition to 69,530 MW of new wind, 9,072 MW of new hydropower, 202 MW of new geothermal, and 39 MW of new biomass. By contrast, net new natural gas capacity potentially in the three-year pipeline totals just 26,818 MW. Consequently, renewables’ share could be even greater by mid-spring 2028.
“The Trump Administration’s ‘Big, Beautiful Bill’ … poses a clear threat to solar and wind in the years to come,” noted the SUN DAY Campaign’s executive director, Ken Bossong. “Nonetheless, FERC’s latest data and forecasts suggest cleaner and lower-cost renewable energy sources may still dominate and surpass nuclear power, coal, and natural gas.”
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