Assets under management at Mike Novogratz’s Galaxy Digital have tripled from $1.7 billion a year ago to $5.3 billion now, said Steve Kurtz, head of global asset management, in the Financial Times. It was reported on Monday, citing an interview with Kurz.
The increase follows the selection of Galaxy by FTX’s bankruptcy estate manager last August to manage certain holdings of the failed cryptocurrency exchange. Now the company is interested in acquiring the assets of other bankrupt companies.
“We have a cryptocurrency venture team that has been investing on our balance sheet for five years,” Kurz told the FT. A potential target could be FTX’s VC portfolio of real estate and technology companies, which includes a stake in AI startup Anthropic.
“Our track record in the asset management business means we are the right candidates for that job,” Kurz continued.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.