Galaxy Digital Seeking to Score Deals From Defunct Cryptocurrency Companies

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Galaxy Digital, a digital assets and blockchain financial services company, is seeking to score deals with defunct cryptocurrency companies to acquire their assets. According to reports, the company is eyeing FTX’s venture capital portfolio, which has a sizable stake in artificial intelligence (AI) disruptor Anthropic, among others.

Galaxy Digital Aiming to Complete Bankruptcy Sales for Disgraced Crypto Businesses

Galaxy Digital, a cryptocurrency and blockchain financial services company, is targeting the asset sales of crypto businesses to grow its capital. According to a recent FT report, the firm led by American billionaire Mike Novogratz would be eyeing other crypto-bankrupt companies to facilitate the sale of their assets.

The company, which was selected to sell FTX’s tokens, saw its assets under management (AUM) climb from $1.7bn to more than $5bn after this. The now-defunct exchange selected Galaxy due to his “extensive experience in areas relevant to digital asset management and trading.”

Galaxy’s next target would be FTX’s venture capital portfolio, which has a sizable stake in Anthropic, a disrupting artificial intelligence (AI) company that has raised capital from Google and Amazon and has a valuation of over $18bn.

Steve Kurz, global head of asset management at Galaxy, explained that Galaxy Digital qualifies for these tasks due to its experience and performance. He stated:

We have a crypto venture team that has been investing off our balance sheet for five years. The record that we have on that side of our asset management business means we’d be a good candidate for something like that.

Galaxy Digital, which is also seeking approval to offer a bitcoin spot ETF, is bullish on the future of bitcoin. Kurz declared:

The world doesn’t understand the impact that these vehicles and a bitcoin ETF will have to bitcoin and crypto over time.

Novogratz believes that a spot bitcoin ETF will be approved this year.

What do you think about Galaxy Digital’s appetite for crypto from defunct businesses? Tell us in the comments section below.

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