Celsius Sells GK8 To Galaxy Digital

The Celsius Network’s official Twitter account verified the report. The future of the company and its assets remained unclear for weeks. This was due to the insolvent crypto lender searching for a prospective buyer.

According to the report:

Today, @GalaxyHQ, a financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sectors, confirmed their intention to acquire substantially all of the assets, liabilities, and contracts of GK8.

Celsius has made it clear that the company’s estate will receive the selling revenues for the benefit of all stakeholders. Although the transaction’s facts were initially kept a secret. The Celsius Official Committee of Unsecured Creditors already announced that GK8 purchased it for about $44 million.

However, this cost was far less than what Celsius paid for GK8 in November 2021. When they forked over a staggering $115 million to buy the Israeli cybersecurity firm.

Galaxy Digital made headlines earlier this year after it backed out of a $1.4 billion plan to buy BitGo, a Palo Alto-based exchange for digital assets. Following the incident, BitGo sued Galaxy for $100 million to recover damages.

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According to a news release from Galaxy Digital, the acquisition was contingent upon receiving regulatory and judicial approvals and meeting other closing requirements. The investing company will hire 40 more employees, and Additionally, it is anticipated to increase its global reach.

Galaxy’s founder and CEO, Mike Novogratz, said:

The acquisition of GK8 is a crucial cornerstone in our effort to create a truly full-service financial platform for digital assets, ensuring our clients will have the option to store their digital assets at or separate from Galaxy without compromising versatility and functionality.

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