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Bankrupt FTX Seeks To Stake and Hedge Crypto Holdings With Help From Mike Novogratz’s Galaxy

Bankrupt cryptocurrency exchange FTX is seeking to hire Galaxy Digital, an investment advisor part of Mike Novogratz's crypto conglomerate, to help sell, stake, and hedge its $3 billion crypto holdings. FTX hopes to return funds to creditors in fiat currency and generate low-risk returns on idle digital assets through staking.

The company is concerned that selling all at once would cause the price to plummet and is turning to market experts to avoid this. The requests must be approved by a Delaware bankruptcy court, which heard that legal fees were costing the company $1.5 million per day.

FTX Galaxy Digital Staking
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