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Judge Approves Sale of Self-Custody Platform to Galaxy Digital in Celsius Bankruptcy
Galaxy, the crypto-focused financial services firm, had won the auction for GK8 earlier in the month.
Judge Martin Glenn has approved the sale of crypto self-custody platform GK8 to Galaxy Digital as part of the bankruptcy proceedings ofcrypto lender Celsius Network, according to a court order issued on Tuesday.
Mike Novogratz’s crypto-focused financial services firm had won the auction for GK8 earlier in the month.
STORY CONTINUES BELOW
Terms of the deal were not disclosed, but Galaxy spokesman Michael Wursthornsaid earlier that the price was materially less than what Celsius paid for it a year ago. Celsius acquired GK8 in November 2021 for $115 million, as reported.
Galaxy's aim with the acquisition is to expand its prime brokerage offering. Around 40 people would be joining Galaxy's team, including blockchain engineers and cryptographers.
The deal, which is subject to regulatory approval, would expand Galaxy's global footprint with a new office in Tel Aviv, Israel, according to the firm.
Following a downturn in the crypto market, Celsius filed for bankruptcy protection in July and put several of its assets up for sale.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
