Galaxy Digital Boosts Ethereum Staking with Acquisition of CryptoManufaktur

Galaxy Digital Holdings Ltd. (TSX: GLXY) has made a strategic move to bolster its Ethereum staking capabilities by acquiring nearly all assets of CryptoManufaktur LLC (CMF). This acquisition includes CMF’s three-person engineering team, led by founder Thorsten Behrens, who will join Galaxy's blockchain infrastructure team.

"Our acquisition of CMF is an important milestone that significantly enhances our position as a leading technical partner to protocols and builders," said Zane Glauber, Head of Galaxy's Blockchain Infrastructure team.

The deal aims to fortify Galaxy's Blockchain Infrastructure team, which provides staking and validator services to investors, protocols, and digital asset platforms.

CryptoManufaktur, founded in 2020, initially focused on building infrastructure for Chainlink's blockchain oracle project and later expanded into automated proof-of-stake node deployment infrastructure on Ethereum.

This acquisition boosts Galaxy Digital's ether assets under stake from approximately $2.3 billion to $3.3 billion, marking a $1 billion increase. This move is part of Galaxy's broader strategy to enhance its blockchain infrastructure, complementing its crypto trading and investment management services. The financial terms of the deal were not disclosed.

Earlier, in February, Galaxy Digital had acquired 26,000 ETH worth $76.2 million from Coinbase Prime and Binance, demonstrating its commitment to consolidating its crypto holdings and staking capabilities.

In December 2022, Galaxy Digital won an auction to acquire the self-custody platform GK8 from the bankrupt crypto lender Celsius Network, highlighting its strategy to identify and secure valuable assets from distressed companies in the crypto industry. The recent acquisition of CMF aligns with this approach, significantly enhancing Galaxy's technical infrastructure and staking portfolio.