The volume of assets managed by Galaxy Digital, headed by Mike Novogratz, tripled over the year - from $1.7 billion to $5.3 billion, the Financial Times reports.

The increase in the figure is mainly due to the fact that in August the administrators of the bankruptcy estate of FTX chose Galaxy to manage some of the assets of the bankrupt crypto exchange. The firm is now interested in acquiring other insolvent companies.

“We have a cryptocurrency-focused venture team that invests on our balance sheet over a five-year period,” said Galaxy Digital head of asset management Steve Kurtz.

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