Galaxy Digital, one of the major exchanges in the cryptocurrency market, is planning to purchase assets from troubled crypto companies, including the bankrupt exchange FTX. This move 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 purchasing 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 purchase took place after the court approved the liquidation of FTX’s assets.
Rosenblatt Securities analyst Andrew Bond notes that Galaxy Digital’s move could be a turning point for the company’s future and managing FTX’s assets could enable the company to take on more profitable ventures in the future.
Despite declaring a loss of 94 million dollars in the third quarter, Galaxy Digital continues to make promising investments in other areas, even after experiencing a 77 million dollar drop during the collapse of FTX. The company holds shares in major firms in the crypto custody field, such as Fireblocks and PolygonLabs.
In addition to FTX’s crypto assets, Galaxy Digital continues to be active in trading and investment banking. It is continuing its efforts for a Bitcoin ETF with CME Group and Invesco and has formed partnerships to launch a Euro-backed stablecoin with Deutsche Bank’s DWS Group and Dutch market maker Flow Traders.