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Galaxy Digital Strengthened Its Bitcoin Position with Substantial Holdings
In a recent update, Galaxy Digital Holdings has solidified its presence in the cryptocurrency market by reportedly holding approximately 8,100 Bitcoins. It is essential to note that this massive acquisition is not made by prominent companies like MicroStrategy or Tesla, which have already taken significant positions in the digital asset.
As of the latest data from Bitbo, the company has successfully accumulated a substantial amount of Bitcoin, further solidifying its presence in the blockchain and cryptocurrency landscape. Despite this substantial acquisition, Galaxy Digital’s stock price remains unaffected at a press time value of $20.02 following a 3.36% drop.
Interestingly, there is a recent update that highlights Galaxy Digital’s commitment to digital assets. The company withdrew 200 Bitcoins, valued at approximately $21.31 million, from Bybit and transferred them to Marathon Digital’s cold wallet. This action coincides with Bitcoin’s recent rally, as the leading cryptocurrency crossed the $100,000 milestone before stabilizing.
As reported by CoinMarketCap, BTC was trading at $103,737.75 at press time, reflecting a 2.64% increase over the past 24 hours. Despite slight corrections, Galaxy Digital remains optimistic about Bitcoin’s prospects. Notably, the firm’s CEO Michael Novogratz previously expressed confidence in its long-term potential and forecasted that “Bitcoin is going to $500,000.”
It is essential to note that other institutions are also stepping up their Bitcoin game. The digital asset has gained significant traction among prominent corporations. MicroStrategy stands out as a leader in this regard, having acquired 439,002 Bitcoins valued at $46.9 billion since its inception in 2020. This massive acquisition has redefined the standard for institutional cryptocurrency investment.
Furthermore, Marathon Digital Holdings and Riot Platforms have also made notable moves by securing 40,435 and 16,728 BTC respectively. Meanwhile, Tesla has taken a significant position with 9,720 BTC worth $1.04 billion after previously embracing Bitcoin as both an investment and a payment method.
Source: ambcrypto.com
