Galaxy Digital Justified in Terminating BitGo Acquisition Over Missing Financial Statements
Galaxy Digital has announced that a Delaware court has ruled in its favor in terminating the acquisition of BitGo, a crypto custodian. The court found that Galaxy had a valid reason for terminating the deal after BitGo failed to provide audited financial statements as required by the merger agreement. Galaxy Digital expressed satisfaction with the court's decision to dismiss BitGo's claims. BitGo had previously stated that it would seek over $100 million in compensation for the termination of the deal.
Crypto Investment Firm Galaxy Digital Accelerates Plans to Move Operations Offshore Amid SEC Crackdown
Galaxy Digital, a crypto investment firm, is speeding up its plans to move its operations offshore due to the SEC's crackdown on crypto.
Crypto Market "Lackadaisical" Due to Institutional Investor Shying Away, says Mike Novogratz
Mike Novogratz, CEO of Galaxy Digital, has expressed concern about the lack of institutional excitement in the crypto market, leading to a lackadaisical atmosphere. While retail buyers provide some stability, the absence of large-scale buyers is worrying.
Galaxy Digital Executes First Over-the-Counter Option Trade, Advancing Decentralized Finance Infrastructure
Galaxy Digital's recent over-the-counter (OTC) option trade is a significant step towards integrating the conventional financial system into decentralized finance (DeFi) infrastructure. The collapse of several crypto lenders and FTX's blowup have highlighted the risks of centralized finance (CeFi), which has boosted DeFi's popularity. Galaxy's trade with Ribbon Finance's options trading platform, Aevo, removes credit risk by allowing users to send their collateral to a smart contract rather than a counterparty. This move is crucial in providing the liquidity needed to help DeFi derivatives continue to grow.
Galaxy Digital and CoinFund Collaborate to Trade On-Chain OTC Options Tied to Digital Assets
Galaxy Digital, a crypto-focused firm, has teamed up with crypto investment firm CoinFund to trade on-chain over-the-counter (OTC) options tied to digital assets. Trading OTC options on-chain can alleviate credit risk and protect privacy, making it a next step for finance after the collapse of centralized entities in the segment.
Galaxy Digital Reports Profit in Q1 2023 Under CEO Michael Novogratz's Leadership
Galaxy Digital, a crypto financial services firm, reported a net income of $134 million in the first quarter of 2023, compared to a net loss of $288 million in the previous quarter. The company's asset management division, Galaxy Digital Asset Management, saw a 40% increase in assets under management, while its mining division, Galaxy Digital Infrastructure Solutions, experienced a more than 100% increase in Hashrate Under Management. CEO Michael Novogratz attributed the company's success to its diversified platform and commitment to responsible adoption of digital assets. In light of regulatory scrutiny, Galaxy Digital plans to expand its operations offshore.
Galaxy Digital Returns to Profit in Q1 as Crypto Market Rebounds
Galaxy Digital, a financial services company focused on cryptocurrency, has reported a net income of $134 million for the first quarter of 2022. This marks the first time the company has returned to profitability since the end of 2021. The company attributed its income to gains on digital assets and unrealized gains on investments. Additionally, Galaxy Digital Asset Management recorded assets under management of $2.4 billion, a 40% increase from the previous quarter.
Crypto Evening Briefing: Google Cloud Expands Web3 Startup Support Program With Funding and Grants
Pre-seed companies can receive up to $2,000 in Google Cloud credits, while seeded startups can access up to $200,000 in Google Cloud and Firebase usage, along with other benefits.
Galaxy Digital to Develop ETPs Alongside Asset Manager DWS
Galaxy Digital has partnered with asset manager DWS to develop exchange-traded products (ETPs) for listing in Europe. The ETPs will provide European investors with a cost-effective means of accessing digital asset investment through traditional brokerage accounts. DWS will be Galaxy's "exclusive ally" for crypto ETPs in Europe, according to the announcement. The move comes as similar products are well established in Europe and Canada, providing institutional investors with an entry point to crypto investment without requiring them to take direct control of underlying assets. Galaxy has previously listed exchange-traded funds in Canada alongside CI Global Asset Management.
Crypto VC Funding Hits 2-Year Low- Are U.S. Firms Still Favorite?
A new report published by Galaxy Digital traced the trends in venture capital investing in the crypto industry. The New York-based crypto investment firm found that crypto VC funding has decreased significantly over the past two years.
