Galaxy Digital's assets under management triple as it eyes holdings of other bankrupt crypto firms: Financial Times

The Block2023/12/20 03:51

By:The Block

Quick Take Galaxy’s Digital’s assets under management tripled within the last year from $1.7 billion to $5.3 billion, the Financial Times reports.

Assets under the management of Mike Novogratz's Galaxy Digital have tripled from $1.7 billion a year ago to a current $5.3 billion, the Financial Times reported on Monday , citing an interview with global head of asset management Steve Kurz.

The increase was mostly attributed to Galaxy being chosen in August by administrators of FTX's bankruptcy estate to manage certain holdings of the failed crypto exchange. Now, the firm is interested in acquiring assets of other bankrupt companies.

"We have a crypto venture team that has been investing off our balance sheet for five years," Kurz told the FT. Potential targets could be FTX's VC portfolio of real estate and technology companies that includes a stake in AI start-up Anthropic.

"The record that we have on that side of our asset management business means we’d be a good candidate for something like that," Kurz continued.

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