Galaxy Digital Acquires CryptoManufaktur LLC to Enhance Ethereum Staking Assets

Galaxy Digital Acquires CryptoManufaktur LLC to Strengthen Ethereum Staking Capabilities

Galaxy Digital, the publicly traded cryptocurrency firm helmed by Michael Novogratz, has successfully acquired nearly all the assets of blockchain node operator CryptoManufaktur LLC (CMF). This strategic acquisition is set to enhance Galaxy’s Ethereum assets under staking by approximately 43%. The details of the agreement were announced in a press release shared exclusively with CoinDesk, although specific financial terms remain undisclosed.

Founded by Thorsten Behrens, CMF was initially launched in 2020 to develop infrastructure for the blockchain oracle project Chainlink. The company later diversified its operations to provide automated proof-of-stake node deployment infrastructure specifically for the Ethereum network. With this acquisition, Galaxy Digital is gaining about $1 billion in Ethereum assets under stake, bringing its total Ethereum staking assets to an impressive $3.3 billion.

Galaxy Digital has been on a growth trajectory, broadening its footprint in blockchain infrastructure in addition to its core business areas of crypto trading and investment management. Novogratz, a prominent figure in the cryptocurrency space and a familiar face on business networks such as CNBC, is known for his extensive experience in traditional finance, having held executive roles at Goldman Sachs and the hedge fund Fortress Investment Group.

In the press release, Zane Glauber, head of Galaxy’s blockchain infrastructure team, emphasized the significance of this acquisition, stating, “Galaxy is swiftly expanding its blockchain infrastructure and staking capabilities, enhancing our ability to provide enterprise-level technical expertise and support to key players in the digital asset ecosystem. Our acquisition of CMF marks a pivotal milestone that substantially strengthens our role as a leading technical partner for protocols and builders.”