Galaxy Digital Considers Buying More Assets From Distressed Or Bankrupt Companies
Portfolio Pulse from Murtuza Merchant
Galaxy Digital, led by Mike Novogratz, is looking to acquire more assets from bankrupt crypto companies following a successful deal with FTX. The company managed FTX's Bitcoin and Ether holdings, as well as investments in Grayscale's Bitcoin Trust, boosting its assets under management from $1.7 billion to $5.3 billion. Galaxy is offloading FTX's tokens under a US court mandate and is interested in FTX's venture capital portfolio. Galaxy is also planning to shift its stock listing to Nasdaq and is working on launching a euro-denominated stablecoin and a spot bitcoin ETF in collaboration with Invesco and Cboe Global Markets.
December 18, 2023 | 7:25 pm
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NEUTRAL IMPACT
Galaxy Digital managed the sale of FTX's holdings in Grayscale's Bitcoin Trust, which may have influenced GBTC's market performance.
While Galaxy Digital's management of FTX's GBTC holdings is significant, the direct impact on GBTC's price is uncertain due to the broader market conditions and the nature of the holdings.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Galaxy Digital's Steve Kurz cited BlackRock's ETF filing as a turning point for crypto, potentially impacting BLK's market perception.
The mention of BlackRock's ETF filing by Galaxy Digital's head of asset management highlights the company's influence in the crypto space, which could positively affect investor sentiment towards BLK.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 30