Galaxy, a crypto investment and research firm, recently announced the acquisition of “substantially all” of the assets of CryptoManufaktur (CMF), a firm founded to create an automated, secure Ethereum 2.0 (PoS) node deployment offering. According to the announcement, this move will enhance Galaxy’s technical and infrastructure capabilities.
Galaxy Expands its Footprint in the Crypto Industry
Meanwhile, Galaxy gets a big boost from CMF’s assets integration, with CryptoManufaktur bringing $1 billion in Ethereum assets. This takes Galaxy’s total staked Ethereum assets to an impressive $3.3 billion. The increase in assets improves Galaxy’s financial standing and broadens its business model.
Furthermore, Galaxy has acquired the blockchain node operator to access advanced technologies and infrastructures supporting various blockchain projects. The three-person engineering team from CryptoManufaktur, led by founder Thorsten Behrens, will join Galaxy’s blockchain infrastructure team. This team provides staking and validator services to qualified investors, protocols, and digital asset platforms.
In addition to the technological and infrastructural benefits, this acquisition signifies Galaxy Digital’s commitment to expanding its footprint in the crypto industry.
Galaxy Opens Up a New Fund
In April, Mike Novogratz’s Galaxy started a venture fundraise of $100 million to support early-stage crypto startups. As per the report, most of the capital for the fund will originate from external investors.
The investment firm indicated that the minimum investment in startups through this fund will be $1 million. This sizable commitment underscores the firm’s confidence in supporting promising ventures within the crypto space.
Recent investments by Galaxy ventures in crypto startups include leading a $2.7 million funding round in February for Citrea. Citrea is a project dedicated to zero-knowledge rollups (ZK-rollups) introduction to the Bitcoin (BTC) network, highlighting Galaxy’s commitment to advancing blockchain technology.
Galaxy to Launch New Crypto ETFs
Last month, State Street Global Advisors (SSGA), a renowned asset manager, and Galaxy Digital planned to introduce a new line of crypto-based exchange-traded funds (ETFs). In their joint announcements, both firms noted the rising demand for digital asset exposure from institutional and retail investors alike.
According to a new filing with the U.S. Securities and Exchange Commission (SEC), the two proposed the SPDR Galaxy Digital Asset Ecosystem ETF. It intends to invest in publicly traded companies within the crypto sector, including exchanges, mining firms, hardware wallet providers, and crypto-focused venture capital firms, both domestically and internationally.
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