THELOGICALINDIAN - Bitcoin Bull Michael Novogratzs aggregation Galaxy Digital has acquired two cryptocurrency firms in alertness to accommodated a bigger beachcomber of institutional appeal for bitcoin
Big Wave of Institutional Demand for Bitcoin Incoming
Galaxy Digital Holdings appear Friday that it has acquired two cryptocurrency trading firms: Drawbridge Lending and Blue Fire Capital.
New York City-headquartered crypto cyberbanking casework and advance administration aggregation Galaxy Digital provides trading, asset management, and advance cyberbanking services.
“Institutional investors and corporates are acceptable added abreast and adequate with agenda assets and they are more acquisitive the purpose and accent of cryptocurrency in their advance strategies,” commented Mike Novogratz, architect and CEO of Galaxy Digital.
During his company’s Q3 2024 balance alarm on Friday, Novogratz said that the Covid-19 communicable was “really an accelerant for the cryptocurrency business for bitcoin, for blockchain, for aggregate that we do … I see an astonishing befalling for our aggregation and for the space.” Bitcoin is trading at $16,250 at the time of writing. Novogratz explained that the cryptocurrency is trading at this amount “not because there’s a abstract aberration activity on,” elaborating:
Recently, acclaimed billionaire broker Bill Miller said that he thinks “every above bank, every above advance bank, every above aerial net account close is activity to eventually accept some acknowledgment to bitcoin or what’s like it.” JPMorgan’s analysts additionally said, “some investors that ahead invested in gold ETFs, such as ancestors offices, may be attractive at bitcoin as an another to gold.”
Chicago-based Drawbridge Lending is a CFTC-regulated aggregation that provides bartering and alone loans on anchored bitcoin captivated at a able custodian. Blue Fire Capital, additionally based in Chicago, provides advance allowance and trading casework with a focus on crypto assets.
Novogratz continued:
What do you anticipate about Galaxy Digital’s acquisitions of two crypto firms? Let us apperceive in the comments area below.
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