Galaxy Digital’s Kurz: The Great Convergence Driving Crypto Infrastructure on Wall Street

Galaxy Digital’s Steve Kurz explains a multi-cycle shift from assets to infrastructure, driven by infrastructure growth and rising institutional adoption, reshaping crypto’s role on Wall Street.

Rich by Coin

2026-02-14

Galaxy Digital’s asset management chief, Steve Kurz, describes the recent crypto softness as a sign of healthy deleveraging, supported by infrastructure growth and growing institutional adoption. He argues the defining story of this cycle is the transition from assets to infrastructure, as traditional payment rails and crypto infrastructure converge to reshape the global financial services landscape.

Kurz notes that the ecosystem now features more sophisticated tools and risk management frameworks, making the current drawdown less alarming than past cycles. He emphasizes that the pullback is not a systemic collapse but a wave of deleveraging driven by tighter liquidity and risk controls.

The Great Convergence envisions crypto becoming integrated into Wall Street’s infrastructure, bringing crypto-native assets into a broader global asset dashboard. Public blockchains are increasingly seen as institutional-grade infrastructure, with Galaxy continuing to focus on infra and asset management as inflows from banks, fintechs, and institutional owners grow. Galaxy’s AUM stood around $12 billion at year-end, underscoring momentum in both infrastructure and capital markets. The firm anticipates fintech 2.0 dynamics and ongoing collaboration between banks, asset managers, and crypto-native platforms, prompting a longer-term, constructive outlook for 2026 and beyond.