Galaxy Digital eyes more assets from bankrupt crypto firms after successful FTX deal
Galaxy Digital, led by Mike Novogratz, is seeking to acquire more assets from bankrupt cryptocurrency companies after successfully selling bitcoin and ether owned by FTX on behalf of the estate's management. This deal tripled Galaxy's assets under management to $5.3 billion. The company has also received court approval to sell FTX's shares of Grayscale and Bitwise investment funds. Galaxy's global head of asset management, Steve Kurz, stated that the company's experience in investing off their balance sheet for five years makes them a good candidate for acquiring assets from other bankrupt companies. Additionally, the company has applied for a spot bitcoin exchange-traded fund with Invesco and is partnering with asset manager DWS to develop exchange-traded products in Europe.
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