Mike Novogratz, CEO of Galaxy Digital Inc. (NASDAQ:GLXY), pledged on Monday that the company will match the federal government’s initial $1,000 funding to the “Trump Accounts” program for eligible children of employees.
Novogratz Hails ‘Trump Accounts’ Initiative
Novogratz, who was present during the White House launch of the initiative, said he’s always “excited about investing in the future,” which is why his firm plans to match the government’s contribution dollar for dollar.
“2,000 total off the bat. This is what access looks like,” Novogratz said. “Proud to be part of this historic program.”
President Donald Trump announced the funding of the first 500,000 “Trump Accounts” on Monday with an initial $1,000 contribution for eligible children born between 2025 and 2028.
The initiative is designed to help families build long-term wealth by giving children an early stake in the stock market. Parents, relatives and employers can make additional contributions over time.
Following Coinbase, Galaxy Makes Its Move
Galaxy Digital focuses on cryptocurrency, blockchain infrastructure, artificial intelligence and high-performance computing, while CEO Novogratz is one of the most vocal and influential Bitcoin (CRYPTO: BTC) bulls.
But Galaxy is not the first cryptocurrency company to support the Trump Accounts initiative. Earlier this year, Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong also committed to matching the $1,000 contribution for employees’ children.
Interestingly, when a reporter asked whether Bitcoin would be added to the Trump Accounts in the future, Trump replied that “something could happen in that regard” as well.
Besides cryptocurrency firms, several other Wall Street giants have also backed the Trump Accounts program.
Micron Technology Inc. (NASDAQ:MU) committed $250 million to the initiative last week, following similar matching contribution initiatives from Dell Technologies Inc. (NYSE:DELL), SoFi Technologies Inc. (NASDAQ:SOFI) and JPMorgan Chase & Co (NYSE:JPM).
Price Action: Galaxy shares were down 0.35% in overnight trading after closing 3.29% higher at $25.40 during Monday’s regular trading session. Year-to-date, the stock has grown 13.60%.
According to Benzinga’s Edge Stock Rankings, the stock shows a weaker price trend across short, medium, and long terms, paired with a poor value ranking, despite a moderately high Momentum score.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock/ ibragimova
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