Michael Novogratz’s Galaxy Digital Acquires $1B in Ethereum Staking Assets

"Galaxy is rapidly expanding its blockchain infrastructure and staking capabilities,” Zane Glauber, Head of Galaxy's Blockchain Infrastructure team, said. “Our acquisition of CMF is an important milestone that significantly enhances our position as a leading technical partner to protocols and builders.”

This acquisition aims to enhance Galaxy's Blockchain Infrastructure team, which offers staking and validator services to investors, protocols, and digital asset platforms.

CryptoManufactur was established in 2020 to build infrastructure for Chainlink's blockchain oracle project. It later expanded into automated proof-of-stake node deployment infrastructure on Ethereum. 

Increasing Ethereum Assets Under Stake

The deal elevates Galaxy Digital's ether assets under stake from approximately $2.3 billion to $3.3 billion, reflecting an addition of about $1 billion. This acquisition is part of Galaxy's broader strategy to strengthen its blockchain infrastructure, adding to its crypto trading and investment management services. Terms of the deal remain undisclosed.

In December 2022, Galaxy Digital won an auction to buy self-custody platform GK8 from the bankrupt crypto lender Celsius Network. This acquisition highlighted Galaxy's strategy to identify and acquire valuable assets from distressed companies in the crypto industry. The recent purchase of CMF aligns with this approach, enhancing Galaxy's technical infrastructure and staking portfolio.