Share this article
Galaxy Digital Makes Twin Acquisitions in Bid to Strengthen Institutional Appeal
The cryptocurrency merchant bank has acquired a lending firm and a trading company as it seeks to become the "go to" platform for institutional access to digital assets, the firm said Friday.
Updated May 9, 2023, 3:13 a.m. Published Nov 14, 2020, 1:24 p.m.
Cryptocurrency merchant bank Galaxy Digital has purchased two firms as it seeks to become the "go to" platform for institutional access to digital assets, the firm said Friday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Announced in a press release, the newly acquired firms are DrawBridge Lending, a "white glove" service for borrowing and investing in digital assets, and Blue Fire Capital, which focuses on providing two-sided liquidity for futures markets and digital assets.
- The terms of the deals were not disclosed, but Galaxy did say the move would bring DrawBridge's over $150 million in third-party assets to the firm.
- "Galaxy Digital's mission is to bring cryptocurrency to traditional finance and vice versa," according to Christopher Ferraro, president of Galaxy Digital.
- The acquisitions "will enable us to further amplify our strong position as a go-to trading desk in digital assets and more rapidly grow our innovative portfolio of trading products and services," he said.
- The news came hours after Galaxy, which was founded by Mike Novogratz, announced net income of $44.3 million for Q3 2020 – well up from a loss of $68.2 million in the same quarter last year.
- Volume at subsidiary Galaxy Digital Trading (GDT) was up 75% compared with Q3 2019 to a record $1.4 billion, which the firm put down to the soaring bitcoin market.
- Novogratz said the acquisitions would help the firm "further meet what we believe will be an even bigger wave of institutional demand."
Also read: Galaxy Digital, IOSG Lead $1.2M Raise for Startup Creating Automated Ethereum Services
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Turkey's Paribu Buys CoinMENA in $240M Deal, Expanding Into High-Growth Crypto Markets
With the acquisition, Paribu gains regulatory foothold in Bahrain and Dubai and access to the region's fast-growing crypto user base.
What to know:
- Paribu acquires Bahrain- and Dubai-based CoinMENA for up to $240 million.
- Deal marks Turkey’s biggest fintech acquisition and first international crypto M&A, the firm said.
- The move taps into the MENA region’s fast-growing crypto user base and supportive regulatory hubs.
Top Stories
