Galaxy Digital eyeing assets held by distressed crypto firms: FT

Dec. 18, 2023

By Jacob Oliver

After reporting exponential asset growth following its deal to liquidate FTX‘s holdings, Galaxy Digital is 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 to sell, hedge, and stake FTX’s Bitcoin, Ether, and Grayscale shares to help pay back creditors.

Galaxy Digital has gradually sold FTX’s tokens into the open market, adhering to court-mandated limits to prevent market disruption. View this as a success, Galaxy Global Head of Asset Management Steve Kurz told FT, “We would be interested in acquiring the assets of other bankrupt companies.”

He highlighted FTX’s venture capital portfolio, which holds stakes in startups like artificial intelligence company Anthropic, as one potential target. Galaxy’s years of experience with its crypto venture capital subsidiary could uniquely situate it for such an acquisition.

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