Galaxy Digital CEO Mike Novogratz expressed concerns that unless these cryptocurrency asset management companies transform into operational businesses capable of creating shareholder value (rather than just holding digital assets), their trading prices will continue to trade well below their net asset values. He believes that the era of quickly gaining premiums through stock speculation is over and cited few successful cases in the past. Meanwhile, inspired by the MicroStrategy model, such companies are emerging like mushrooms after rain, with over 200 companies holding a total market value of $150 billion. However, many of these companies are criticized for holding tokens with high volatility.