FTX files motion for Galaxy Digital to manage recovered crypto holdings
Galaxy Digital set to manage the sale of bankrupt FTX’s crypto holdings and facilitate staking of certain tokens to generate passive yield.
Galaxy Digital set to manage the sale of bankrupt FTX’s crypto holdings and facilitate staking of certain tokens to generate passive yield.
Bitcoin-related funds saw outflows of $13 million over the past week, reversing five weeks of bullish inflows, according to Coinshares analyst James Butterfill.
US-based crypto startups attracted 45% of all VC funding invested in the industry, followed by the United Kingdom claiming 7.7% of capital investment and Singapore with 5.7%.
Galaxy Digital CEO Mike Novogratz was among those over the moon with the news, others warn it could be the start of a major institutional takeover.
Vice Chancellor J. Travis Laster of the Delaware Court of Chancery said Galaxy had a “clean termination right” to the acquisition of BitGo, which it announced in 2022.
The Galaxy Digital CEO said there has been a recent lack of institutional interest in cryptocurrency buying, which has led to deflated enthusiasm in the markets.