Galaxy Digital agreed to purchase high-security custodian GK8 from bankrupt crypto lender Celsius.
GK8 was originally acquired by Celsius for $115 million in late 2021.Galaxy will support GK8's self-custody solution in the ongoing development of GalaxyOne, a new prime offering for institutional investors combining trading, lending, cross-portfolio margining and derivatives with the company's risk-management processes.
Mike Novogratz's firm said the acquisition represents a"crucial cornerstone" in the firm's effort to build a full-service financial platform for digital assets. "Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner," he said.
Celsius filed for Chapter 11 bankruptcy protection in July following the collapse of Terra's ecosystem. The lender froze customer withdrawals in June as it faced mounting liquidity issues. At the time, FTX had considered a deal with Celsius but walked away after seeing the
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