Galaxy Digital, the publicly traded crypto firm headed by renowned financier Michael Novogratz, has recently announced the acquisition of almost all the assets of CryptoManufaktur LLC (CMF), a blockchain node operator.
This strategic transaction allows Galaxy to significantly increase its Ethereum assets in staking, marking a crucial step in its expansion into the blockchain infrastructure sector.
A Significant Increase in Ethereum Assets in Staking
This acquisition enables Galaxy Digital to add approximately $1 billion in Ethereum assets to its staking portfolio, bringing the total to $3.3 billion. This represents a 43% increase in staked ETH for Galaxy, further strengthening its position in the blockchain infrastructure market.
CMF, founded in 2020, initially focused on building infrastructure for the blockchain oracle project Chainlink. Over time, the company expanded its scope to include the automated deployment of proof-of-stake node infrastructures on Ethereum. This diversification allowed CMF to become a significant player in the blockchain infrastructure sector.
Strengthening Galaxy Digital’s Technical Team
Thorsten Behrens, the founder of CMF, along with two other engineers from his team, will join Galaxy Digital’s blockchain infrastructure team. This team specializes in providing staking and blockchain validation services for qualified investors, protocols, and digital asset platforms. The integration of the CMF team will enhance Galaxy’s technical expertise and strengthen its ability to offer cutting-edge solutions to its clients.
Continued Expansion of Galaxy Digital
Galaxy is rapidly developing its capabilities and expertise in blockchain infrastructure and staking. Our acquisition of CMF is a key milestone that reinforces our position as the preferred technical partner for protocols and developers in the digital asset ecosystem.
Under the leadership of Michael Novogratz, Galaxy Digital continues to expand its business beyond cryptocurrency trading and investment management. Novogratz, with his strong background on Wall Street, including stints at Goldman Sachs and Fortress Investment Group, is an influential figure in the crypto and financial media realm.
With this acquisition, Galaxy Digital is not only increasing its Ethereum assets in staking but also strengthening its team with top technical talent, allowing it to provide even more robust and advanced services to its clients.
