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

Galaxy Digital, the asset management firm led by Mike Novogratz, has experienced a significant increase in assets under management, according to the Financial Times. The company’s assets have tripled from $1.7 billion to $5.3 billion in just one year. This growth can be attributed in large part to Galaxy Digital being selected by FTX’s bankruptcy estate administrators to manage certain holdings of the failed crypto exchange. Now, Galaxy Digital is actively seeking to acquire assets from other bankrupt companies in the crypto space. Steve Kurz, the global head of asset management at Galaxy Digital, revealed that the firm has a dedicated crypto venture team that has been investing off their balance sheet for the past five years. Potential acquisition targets include FTX’s VC portfolio, which consists of real estate and technology companies. The portfolio includes a stake in an AI start-up called Anthropic. Kurz believes that Galaxy Digital’s strong track record in asset management makes the firm an attractive candidate for these types of acquisitions.