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Galaxy Digital aims to purchase assets from companies that have collapsed due to the troubles in the cryptocurrency market, particularly from the FTX exchange. This development comes at a time when FTX has increased its assets from 1.7 billion dollars to 5.4 billion dollars instead of paying creditors.
Galaxy Digital is trying to strengthen its balance sheet by acquiring assets from FTX’s extensive real estate and venture capital portfolio. Among these assets is an investment in Anthropic, a competitor to OpenAI, and this move took place after the court approved the liquidation of FTX’s assets.
Rosenblatt Securities analyst Andrew Bond believes that this could be a turning point for Galaxy Digital and predicts that the company may secure more profitable deals in the future. Galaxy Digital reported a loss of 94 million dollars in the third quarter and suffered a loss of 77 million dollars during the collapse of FTX.
Despite its losses, the company continues to invest in various areas. Owning shares in major companies such as Fireblocks and PolygonLabs in the crypto custody space demonstrates the company’s diversified investment strategy.
In addition to focusing on FTX’s crypto assets, Galaxy Digital continues to be active in trading and investment banking. It is continuing its work with CME Group and Invesco for a Bitcoin ETF and has reached an agreement with Deutsche Bank’s DWS Group and Flow Traders to launch a euro-backed stablecoin.
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