New Galaxy Digital Mining business launches in 2021, integrating with existing business lines to offer trade and risk management solutions, principal lending and equity investments, and M&A advisory services for bitcoin miners. In addition to providing financial services to miners, Galaxy Digital Mining will also mine bitcoin on a proprietary basis.
NEW YORK, Jan. 14, 2021 /CNW/ - Galaxy Digital (TSX: GLXY), a diversified financial services and investment management company in the digital asset sector, announces the launch of Galaxy Digital Mining, a new business unit committed to providing bitcoin miners with a comprehensive suite of financial services and products. Galaxy Digital Mining will serve as a one-stop financial services platform for miners—drawing the firm's expertise in trading and risk management, investing and lending, and corporate advisory under one umbrella, tailored to the needs of the mining sector.
Leading this new business is Amanda Fabiano, who joined Galaxy from Fidelity Investments, where she oversaw the firm's mining investments and initiatives as Director of Bitcoin Mining. The team working alongside her brings deep experience at the intersection of traditional finance and digital assets, with backgrounds spanning real asset financing, non-traditional securitization, structured products, investment banking, and strategic advisory.
Simultaneously, Galaxy Digital Mining has also established its own proprietary bitcoin mining operation, hosting its machines at a third-party datacenter in the U.S. "Bitcoin mining is the foundation of the Bitcoin network. By mining ourselves, we are able to deeply understand and solve for the financial needs of miners, while also enhancing the strength of the industry and thus the strength of the Bitcoin network", said Fabiano.
"Through consistent and dedicated coverage of this sector over the past two years, we have had the opportunity to review every major proposed project, and our brand and market position uniquely enable us to connect operators and equipment providers with capital. Going forward, we see major opportunities in mining project financing, equipment financing, digital asset-backed financing, as well as working capital optimization and hedging solutions for mine operators and investors utilizing Galaxy Digital Trading's industry-leading capabilities," added Galaxy's Co-President, Chris Ferraro.
If you are interested in learning more about Galaxy Digital Mining's capabilities, please email [email protected].
About Galaxy Digital
Galaxy Digital is a diversified financial services and investment management company in the digital asset, cryptocurrency and blockchain technology sector. Galaxy Digital's team has extensive experience spanning investing, portfolio management, capital markets, venture capital, asset management, and blockchain technology. Galaxy Digital operates in the following businesses: Trading, Asset Management, Principal Investments, Investment Banking and Mining. Galaxy Digital's CEO and Founder is Michael Novogratz. Additional information about the Company's businesses and products is available on www.galaxydigital.io.
The TSX has neither approved nor disapproved the contents of this press release.
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements"). All statements, other than statements of historical or current fact, included herein, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things, the Company's ability to realize its goal of serving as a one-stop financial services platform for miners and the opportunities in the mining business. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Forward looking statements are subject to the risk that the price of bitcoin, the mining industry or global economy do not perform as anticipated, that revenue or expense expectations may not be met or may be materially less or more than those anticipated, that the mining financing business is not able to gain traction with clients and partners and those other risks contained in the MD&As and Annual Information Form (AIF) for the year ended December 31, 2019 and available on SEDAR at www.sedar.com. Factors that could cause actual results of the Company and its businesses to differ materially from those described in such forward-looking statements include, but are not limited to, a decline in the digital asset market or general economic conditions or a delay or failure in developing infrastructure for the mining business or achieving mandates. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance on the forward-looking statements and information contained in this release. The forward-looking statements in this press release are applicable only as of the date of this release or as of the date specified in the relevant forward-looking statement and Galaxy Digital undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.
SOURCE Galaxy Digital Holdings Ltd.