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Galaxy Digital’s Strategic Shift in Cryptocurrency Portfolio
In a recent filing with the SEC for the second quarter, Galaxy Digital unveiled an updated snapshot of its digital asset holdings. This latest report highlights a strategic pivot towards increasing Bitcoin exposure while scaling back investments in Ethereum and XRP.
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Increased Bitcoin Holdings
The Q2 SEC filing from Galaxy Digital indicates a significant increase in their Bitcoin reserves, now totaling 17,102 BTC. This marks a considerable rise from the 12,830 BTC reported in Q1, demonstrating a strong bullish stance on Bitcoin.
Reduction in Ethereum and XRP Holdings
Conversely, Galaxy Digital’s Ethereum and XRP holdings have seen a noticeable reduction. The firm’s Ethereum reserves have decreased to 90,521 ETH from 155,026 ETH in the previous quarter. Similarly, their XRP holdings have been reduced to 15.38 million from 16.9 million.
Diverse Digital Asset Portfolio
Apart from the major cryptocurrencies like Bitcoin, Ethereum, and XRP, Galaxy Digital maintains a diverse portfolio of digital assets. As of Q2, the firm holds 263 million USDC, a decrease from 426 million in Q1. The company has also expanded its positions in SOL and USDG, now holding 1 million SOL and 47.1 million USDG, up from 955,072 SOL and 30.5 million USDG respectively.
Strategic Asset Adjustments
Galaxy Digital has divested its SUI holdings, previously at 12 million, while acquiring 2.3 million HYPE in Q2. Among its portfolio, Bitcoin, USDC, and Ethereum represent the most significant holdings by value, with XRP being the smallest at $34.4 million. Overall, the company’s total cryptocurrency holdings are valued at $3.5 billion.
Position in the Market
With its current Bitcoin holdings, Galaxy Digital ranks as the eighth-largest public holder of BTC. The company’s CEO, Mike Novogratz, remains optimistic about Bitcoin’s future, forecasting a potential rise to $800,000 within the next decade.
Exploring Tokenization of Common Stock
Galaxy Digital’s SEC filing also outlines plans to explore the tokenization of its Class A common stock. This initiative could introduce various market risks and uncertainties, potentially impacting the stock’s trading value.
In alignment with this strategy, Galaxy Digital has inked a deal with Superstate Services, set to take effect on May 20, 2025. This agreement appoints Superstate Services as the digital asset transfer agent, responsible for managing an Allowlist of wallet addresses belonging to investors who have completed the necessary onboarding. Only these verified investors will be able to engage in holding and transfers of the tokenized Galaxy stocks.
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