- Galaxy Digital will be acquiring Celsius Network’s GK8 business.
- The acquisition was made at $44.1 million.
- $44 million is 60% lower than what Celsius paid to buy GK8.
According to reports, Galaxy Digital, the financial services, and investment management company, will be paying $44.1 million to buy Celsius Network’s GK8 business. However, this amount is more than 60% lower than what Celsius paid to buy the platform last year. At the time, Celsius paid $115 million.
The takeover was previously announced earlier last week, yet there are pending court approvals that need to be cleared. Also, following the acquisition, Galaxy will have 40 more employees integrated into its organization.
In a press release released earlier, it was stated: The acquisition will be the result of a sale process executed in connection with Celsius Network LLC’s Chapter 11 bankruptcy and is subject to court approvals and other closing conditions.
Regarding the acquisition, Mike Novogratz, Founder, and CEO of Galaxy stated that the acquisition of GK8 was a crucial cornerstone in their effort to create a truly full-service financial platform for
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