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Galaxy Digital Holdings has recently strengthened its Bitcoin position by acquiring approximately 8,100 Bitcoins, making it one of the largest institutional holders of the digital asset. It is essential to note that this significant move does not involve MicroStrategy or Tesla, two well-known companies in the cryptocurrency space.
Despite Galaxy Digital’s impressive acquisition, the company’s stock price remains relatively unaffected, trading at $20.02 after a 3.36% drop. Interestingly, the firm recently withdrew 200 Bitcoins worth approximately $21.31 million from Bybit and transferred them to Marathon Digital’s cold wallet, as reported by The Data Nerd in their latest Twitter post.
This development aligns with Bitcoin’s recent rally that saw it cross the $100,000 milestone and peak at $107,000 before stabilizing. According to CoinMarketCap, BTC was trading at $103,737.75 at press time, indicating a 2.64% increase over the past 24 hours.
It is not surprising that Galaxy Digital remains optimistic about Bitcoin’s prospects, given its CEO Michael Novogratz’s previous statement expressing confidence in its long-term potential and stating, “Bitcoin is going to $500,000.”
Source: ambcrypto.com
