Share this article
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.
Make us preferred on Google
Galaxy Digital (GLXY) has announced the launch of its miner financial services, and that it's going to start its own bitcoin mining operations.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- 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.
More For You
Concerns over Strategy selling bitcoin are 'unfounded,' Michael Saylor says
Strategy Executive Chairman Michael Saylor affirmed the firm’s commitment to a long-term bitcoin strategy following major fourth quarter losses and a continued plunge in prices early this year.
What to know:
- Michael Saylor said concerns that Strategy will be forced to sell bitcoin amid price declines are unfounded and reiterated the company has no plans to stop further acquisition of BTC.
- Saylor framed bitcoin’s sharp price swings as both a risk and a feature of “digital capital,” arguing it will outperform traditional assets over the next four to eight years and stressing that the firm’s balance sheet carries no credit risk.
Top Stories
