Galaxy Digital assets under management reach $5.3 billion

Galaxy Digital, led by Mike Novogratz, saw assets under management triple over the year to $5.3 billion, from $1.7 billion. The Financial Times reports this.

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The increase is largely due to the August decision by the administrators of the FTX estate to appoint Galaxy to manage some assets of the failed cryptocurrency exchange. The firm is now looking to acquire other insolvent companies.

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\n\”We have a cryptocurrency-focused venture team that will invest funds on our balance sheet over five years,\” said Galaxy Digital’s head of asset management Steve Kurz.

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According to him, potential targets could include real estate and emerging-technology companies from FTX’s venture portfolio, including the AI startup Anthropic.

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In October, Invesco and Galaxy Digital filed with the U.S. Securities and Exchange Commission to launch an Ethereum-based ETF.

In December, the Mike Novogratz-led firm, together with Deutsche Bank’s DWS Group and market maker Flow Traders announced the launch of a euro-pegged stablecoin.