0
0
Cryptocurrencies: 12,870
Markets: 940
Marketcap: $ 2.06 T(0.18%)
24h Vol: $ 77.17 B
BTC Dominance: 48.69%

Galaxy Digital Seeks More Acquisitions from Bankrupt Crypto Firms Galaxy Digital Seeks More Acquisitions from Bankrupt Crypto Firms

Deal to handle FTX’s assets boosts funds under management

Crypto hedge fund Galaxy Digital, led by billionaire Mike Novogratz, is looking to acquire additional assets from bankrupt digital asset companies following its deal to handle assets from collapsed crypto exchange FTX, according to people familiar with the matter.

Following Galaxy’s assignment from FTX administrators to sell FTX’s Bitcoin, Ethereum, and Grayscale’s Bitcoin trust holdings, Galaxy’s funds under management grew from $1.7 billion to $5.3 billion. Despite recording a $94 million loss last quarter due to the crypto market crash, the FTX deal has been a positive turn for Galaxy.

Steve Kurz, head of Galaxy’s asset management arm, is interested in assets from other bankrupt firms, reportedly eyeing FTX’s venture capital holdings including a stake in AI company Anthropic. Galaxy Digital’s asset management unit is currently selling FTX’s tokens to help repay the exchange’s creditors.

A U.S. court approved selling FTX’s assets in $100 million weekly lots provided market prices remain undisturbed. Galaxy Digital’s success with the FTX deal could lead to more lucrative mandates, per analyst Andrew Bond.

Galaxy plans to transfer its stock listing from the Toronto Stock Exchange to the Nasdaq and manages funds across various strategies. The firm has also collaborated to launch a euro-denominated stablecoin and is vying for a spot in a bitcoin ETF with Invesco and Cboe Global Markets.

Bitcoin’s price rose 150% this year, crossing $41,000 boosted by anticipation of bitcoin ETFs attracting Wall Street investors. Galaxy is in talks with the SEC about a potential bitcoin ETF approval which Steve Kurz sees as significant for the crypto industry.

Galaxy Digital Seeks More Acquisitions from Bankrupt Crypto Firms

Advertisementspot_img

Latest News