{"id":382886,"date":"2023-12-18T20:10:54","date_gmt":"2023-12-18T20:10:54","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=382886"},"modified":"2023-12-18T20:10:44","modified_gmt":"2023-12-18T20:10:44","slug":"galaxy-digital-eyeing-assets-held-by-distressed-crypto-firms-ft","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/galaxy-digital-eyeing-assets-held-by-distressed-crypto-firms-ft\/","title":{"rendered":"Galaxy Digital eyeing assets held by distressed crypto firms: FT"},"content":{"rendered":"<p>After reporting exponential asset growth following its deal to liquidate <a href=\"https:\/\/cryptoslate.com\/companies\/ftx\/\">FTX<\/a>&#8216;s holdings, <a href=\"https:\/\/cryptoslate.com\/companies\/galaxy-digital\/\">Galaxy Digital<\/a>\u00a0is looking to acquire assets from other distressed digital asset companies.<\/p>\n<p>According to reporting from the <em><a href=\"https:\/\/www.ft.com\/content\/6279dd10-6232-43d4-b2c9-c902a9f59461\">Financial Times<\/a><\/em>, Galaxy Digital tripled its assets under management from $1.7 billion last year to over $5 billion. This surge came after the company was chosen to sell, hedge, and stake FTX's <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a>, <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ether<\/a>, and <a href=\"https:\/\/cryptoslate.com\/companies\/grayscale-investments\/\">Grayscale<\/a> shares to help pay back creditors.<\/p>\n<p>Galaxy Digital has gradually sold FTX's tokens into the open market, adhering to <a href=\"https:\/\/cryptoslate.com\/ftx-wants-court-to-allow-up-to-200m-weekly-crypto-sale-restart-hedging-btc\/\">court-mandated limits<\/a> to prevent market disruption. View this as a success, Galaxy Global Head of Asset Management Steve Kurz told <em>FT<\/em>, &#8220;We would be interested in acquiring the assets of other bankrupt companies.&#8221;<\/p>\n<p>He highlighted FTX's venture capital portfolio, which holds stakes in startups like artificial intelligence company <a href=\"https:\/\/cryptoslate.com\/companies\/anthropic\/\">Anthropic<\/a>, as one potential target. Galaxy's years of experience with its crypto venture capital subsidiary could uniquely situate it for such an acquisition.<\/p>\n<p>This FTX deal proved &#8220;massive&#8221; for Galaxy Digital, providing the opportunity for further beneficial bankruptcy mandates, Rosenblatt Securities Senior Research Analyst Andrew Bond told <em>FT<\/em>. However, it remains to be seen whether the court overseeing FTX's bankruptcy will approve any such arrangements.<\/p>\n<p>Galaxy Digital has focused heavily on the ETF space as well, rapidly expanding its assets and joining the competitive race for a spot Bitcoin ETF. The company is teaming up with Invesco and <a href=\"https:\/\/cryptoslate.com\/companies\/cboe-global-markets\/\">Cboe Global Markets<\/a> to try to win approval from the Securities and Exchange Commission (SEC).<\/p>\n<p>Galaxy Digital Head of Asset Management Steve Kurz said positive dialogue with the SEC, surging Bitcoin prices, and support from major institutions like <a href=\"https:\/\/cryptoslate.com\/companies\/blackrock\/\">BlackRock<\/a> suggest the long-awaited spot Bitcoin ETF could finally happen in 2023. <em>FT<\/em> reported Galaxy Digital aims to transition its stock exchange listing from Toronto to the Nasdaq as its crypto business grows.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After reporting exponential asset growth following its deal to liquidate FTX&#8216;s holdings, Galaxy Digital\u00a0is looking to acquire assets from other distressed digital asset companies. According to reporting from the Financial Times, Galaxy Digital tripled its assets under management from $1.7 billion last year to over $5 billion. This surge came after the company was chosen [&hellip;]<\/p>\n","protected":false},"author":1419,"featured_media":382926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77901,77968,35372],"tags":[79035,77530],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Galaxy Digital eyeing assets held by distressed crypto firms: FT<\/title>\n<meta name=\"description\" content=\"After tripling assets under management by way of its deal with FTX, Galaxy Digital is looking at other bankrupt companies&#039; portfolios.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/galaxy-digital-eyeing-assets-held-by-distressed-crypto-firms-ft\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Galaxy Digital eyeing assets held by distressed crypto firms: FT\" \/>\n<meta property=\"og:description\" content=\"After tripling assets under management by way of its deal with FTX, Galaxy Digital is looking at other bankrupt companies&#039; portfolios.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/galaxy-digital-eyeing-assets-held-by-distressed-crypto-firms-ft\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-18T20:10:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-18T20:10:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/DALL\u00b7E-2023-12-18-14.02.09-Refine-the-cover-image-to-be-more-dynamic-and-realistic-reducing-any-cartoon-like-qualities.-Depict-Galaxy-Digital-as-a-fishing-boat-in-a-detailed-an.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1792\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jacob Oliver\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jacob Oliver\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/galaxy-digital-eyeing-assets-held-by-distressed-crypto-firms-ft\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/galaxy-digital-eyeing-assets-held-by-distressed-crypto-firms-ft\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jacob-oliver\/#person\",\"name\":\"Jacob Oliver\",\"url\":\"https:\/\/cryptoslate.com\/author\/jacob-oliver\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jacob-oliver\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jacob-oliver\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/jacob-oliver-editor-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/jacob-oliver-editor-300x300.jpg\",\"caption\":\"Jacob Oliver\"},\"jobTitle\":\"Former Editor\",\"description\":\"Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. 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