GBTC - Galaxy Digital Considers Buying More Assets From Distressed Or Bankrupt Companies | Benzinga
Galaxy Digital, a cryptocurrency group led by U.S. billionaire Mike Novogratz, is actively seeking to acquire more assets from bankrupt digital asset companies.
This strategy follows their successful deal involving the sale of coins held by the failed crypto exchange FTX (CRYPTO: FTT), which significantly increased their funds under management.
In August, Galaxy was appointed by FTX's administrators to manage the sale, hedging, and staking of FTX's Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH) holdings, as well as its investments in Grayscale's Bitcoin Trust (OTC: GBTC).
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This move has reportedly boosted Galaxy's assets under management from $1.7 billion a year ago to $5.3 billion.
Galaxy has seen a welcome surge in assets amidst struggles to rebound from last year's cryptocurrency market crash, which resulted in a $94 million ...