Galaxy Digital had previously reported exposure of around $76.8 million tied to troubled crypto exchange FTX.
FTX intends to initiate the sale, staking, and hedging of its crypto assets. For this purpose, the bankrupt crypto exchange is seeking to rope in Mike Novogratz and Galaxy Digital as its investment advisers as part of its ‘Digital Asset Management and Monetization Program.’
Implementing hedging strategies for Bitcoin and Ether will serve as a method to mitigate FTX’s exposure to unfavorable price fluctuations prior to their sale, according to the petition filed on August 24th. The lawyers overseeing FTX’s dissolution also asked the bankruptcy court if it’s permitted to engage in various activities, including staking its dormant cryptocurrency holdings.
Novogratz and Galaxy will be tasked with “creating and preserving value” for the FTX estate, considering the substantial funds being currently held in crypto assets.The company expressed its concerns that selling all its holdings at once could lead to a significant price drop, ultimately benefiting short sellers and other participants in the market.
The development comes days after FTX’s former chief and disgraced founder, Sam Bankman-Fried’s bail was revoked.not guilty in a Manhattan federal court to seven criminal charges in a new indictment.
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