'I don't think we've seen the high of the year in equities,' Michael Novogratz says

Michael Novogratz
Anjali Sundaram | CNBC

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The U.S. stock market will likely bounce back higher than it was before the coronavirus sell-off by the end of the year, Galaxy Digital CEO Michael Novogratz said on Friday.

"I don't think we've seen the high of the year in equities, unless (the outbreak) really puts us into a depression," Novogratz said on CNBC's "Closing Bell."

The U.S. stock market suffered its worst week since 2008, with the Dow Jones Industrial Average dropping 12%. The index closed at 24,906 on Friday, down from a record close of 29,551 on Feb. 12.