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Galaxy Digital to Start Mining for Bitcoin on Its Own, Provide Financial Services to Miners
Fidelity's former director of mining, Amanda Fabiano, is leading the mining operations.
By Zack Voell
Updated Sep 14, 2021, 10:56 a.m. Published Jan 14, 2021, 10:46 p.m.
Galaxy Digital (GLXY) has announced the launch of its miner financial services, and that it's going to start its own bitcoin mining operations.
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- Per a release, the publicly traded digital asset management firm is integrating its existing business lines to miner-focused financial services – internally referred to as "MiFi" – including lending, investment and risk management offerings.
- Galaxy Digital Mining, the firm's mining branch, under development since before October, will also oversee the firm's own mining operation.
- Fidelity's former director of mining, Amanda Fabiano, is leading the mining operations.
- In a statement, Fabiano said Galaxy's proprietary mining operation helps the company "deeply understand and solve for the financial needs of miners."
- Galaxy shares have nearly doubled in the past three months, trading at $8.48 in post-market hours.
Update (Jan. 14, 23:08 UTC): Context added throughout.
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