Galaxy Digital to acquire custodian GK8 from bankrupt Celsius

Galaxy will support GK8’s self-custody solution in the ongoing development of GalaxyOne, a new prime offering for institutional investors combining trading, lending, cross-portfolio margining and derivatives with the company’s risk-management processes. Mike Novogratz’s firm said the acquisition represents a “crucial cornerstone” in the firm’s effort to build a full-service financial platform for digital assets. Celsius filed for Chapter 11 bankruptcy protection in July following the collapse of Terra’s ecosystem. The lender froze customer withdrawals in June as it faced mounting liquidity issues. At the time, FTX had considered a deal with Celsius.