ByNina Bambysheva,
Forbes Staff.
Chaos creates opportunity. Few recognize it in the moment; even fewer are willing to write a large check before the dust settles. Former Goldman Sachs trader Michael Novogratz had no trouble writing the check. What he didn’t yet grasp in December 2022 was how consequential his contrarian, defensive bet would be.
That month, with crypto reeling from the collapse of Sam Bankman-Fried’s FTX empire and the bankruptcies rippling outward, Novogratz’s Galaxy committed $65 million to acquire a 160-acre bitcoin mining operation in Dickens County, a sparsely populated expanse of Texas about 330 miles northwest of Austin.
“It most likely will be my best investment by a long shot,” says Novogratz, 61.
