EddieJayonCrypto

 19 Dec 23

tl;dr

Galaxy Digital, a crypto financial services firm, has found new focus in boosting its balance sheet with assets from distressed crypto companies, particularly after managing FTX's crypto holdings for creditor repayments. Despite suffering a $94 million loss in the third quarter, Galaxy Digital is se...

Galaxy Digital, a crypto financial services firm, has found new focus in boosting its balance sheet with assets from distressed crypto companies, particularly after managing FTX's crypto holdings for creditor repayments. Despite suffering a $94 million loss in the third quarter, Galaxy Digital is seeking to invest in other crypto firms and assets, and is involved in various trading and investment banking activities. Additionally, several bankrupt crypto companies are beginning to repay creditors, including Celsius, BlockFi, and Mt. Gox.

Galaxy Digital's assets under management have swelled from $1.7 billion to $5.4 billion after managing FTX's crypto holdings for creditor repayments. The company is also involved in trading, investment banking, and is pursuing a Bitcoin exchange-traded fund. This move comes as several bankrupt crypto companies are beginning to repay creditors, signaling a potential shift in the crypto market.

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