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Galaxy Digital plans to complete its acquisition of GK8, a cryptocurrency self-custody platform.
Mike Novogratz’ company won an auction for the GK8 earlier this week.
The sale of GK8 is part of the ongoing Celsius bankruptcy proceedings.
Judge Martin Glenn approved the sale of self-custody cryptocurrency platform GK8 to Galaxy Digital on Tuesday, December 13. This latest development is part of the bankruptcy proceedings of cryptocurrency lender Celsius Network.
Galaxy Digital, owned by Mike Novogratz, provides crypto-focused financial services. The company won the auction for his GK8 earlier this month.
Terms of the deal were not disclosed at this time. However, Galaxy spokesman Michael Wursthorn previously revealed that the price the company is paying for his GK8 is significantly lower than what Celsius paid him a year ago.
Celsius acquired the cryptocurrency self-custody platform for $115 million at the height of the November 2021 bull market.
Celsius has been struggling in recent months, and as a result, CEO Alex Mashinski going down From his position in September. His resignation came after Celsius filed for his July 2022 Chapter 11 bankruptcy.
Galaxy Digital has revealed that the acquisition of GK8 will allow it to expand its prime brokerage services. The acquisition will add approximately 40 people from GK8 to the Galaxy Digital team, including blockchain engineers and cryptographers.
A judge approved the transaction, but regulatory approval is required. The deal will help Galaxy expand its global footprint by opening a new office in Tel Aviv, Israel, the company added.
Celsius has put some of its assets up for sale since filing for bankruptcy months ago.Last week, U.S. Bankruptcy Judge Martin Glenn gave Celsius Return approximately $44 million worth of cryptocurrency To customers of Lender’s custody programs.
At the time, the judge said he hoped his creditors would recover as soon as possible. It may help you resolve.
