Galaxy Buys $1B Ethereum from CryptoManufaktur for Staking

Reports show Galaxy Digital has bought nearly all assets of blockchain node operator CryptoManufaktur. The purchase involves approximately $1 billion in Ethereum assets. With the new purchase, Galaxy Digital’s Ethereum has added 43% holdings, bringing the company’s total assets to $3.3 billion. 

Galaxy ramps up ETH stocks

The crypto community is gearing up for the launch of spot Ethereum ETFs in the United States. According to Bloomberg’s Eric Balchunas spot ETH ETFs could go live on July 23rd, 2024. 

As industry giants and traders prepare for the added aspect of the Ethereum trade, Galaxy Digital, the publicly traded crypto firm led by Michael Novogratz, has purchased almost all CryptoManufaktur LLC assets.

JUST IN: GALAXY BUYS ~$1 BILLION IN ETHEREUM ASSETS UNDER STAKE FROM NODE OPERATOR CRYPTOMANUFAKTUR TO EXPAND ITS STAKING PORTFOLIO

— BSCN Headlines (@BSCNheadlines) July 19, 2024

The deal has increased the company’s ETH assets under stake by about 43%.  In a report shared with CoinDesk, CMF founder Thorsten Behrens is set to join Galaxy’s blockchain infrastructure team. The team provides staking and blockchain validator services to qualified investors, protocols, and digital-asset platforms.

Ethereum has been under a recovery strain with the rest of the crypto community amid market downturns and BTC sell-offs. At this time, the second largest crypto is valued at $3,407, a 1.6% decline in the last 24 hours. However, its value is 10.9% higher than it was a week ago.

Zane Glauber, head of Galaxy’s blockchain infrastructure team, points out that “Galaxy is rapidly expanding its blockchain infrastructure and staking capabilities and capacity to provide enterprise-grade technical expertise and support to strategic corners of the digital-asset ecosystem […] Our acquisition of CMF is an important milestone that significantly enhances our position as a leading technical partner to protocols and builders.”

Also Read: Solana ($SOL) projects optimism ahead of Spot Ether ETF’s final approval