{"id":141952,"date":"2023-09-01T20:35:12","date_gmt":"2023-09-01T15:05:12","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=141952"},"modified":"2023-09-01T20:35:12","modified_gmt":"2023-09-01T15:05:12","slug":"ftx-ropes-in-mike-novogratz-galaxy-digital-to-manage-it-crypto-holdings-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ftx-ropes-in-mike-novogratz-galaxy-digital-to-manage-it-crypto-holdings-crypto-news\/","title":{"rendered":"FTX Ropes in Mike Novogratz, Galaxy Digital to Manage it Crypto Holdings &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>FTX intends to initiate the sale, staking, and hedging of its crypto assets. For this purpose, the bankrupt crypto exchange is seeking to rope in Mike Novogratz and Galaxy Digital as its investment advisers as part of its \u2018Digital Asset Management and Monetization Program.\u2019<\/p>\n<p>Implementing hedging strategies for Bitcoin and Ether will serve as a method to mitigate FTX\u2019s exposure to unfavorable price fluctuations prior to their sale, according to the petition filed on August 24th.<\/p>\n<ul>\n<li>The lawyers overseeing FTX\u2019s dissolution also asked the bankruptcy court if it\u2019s permitted to engage in various activities, including staking its dormant cryptocurrency holdings.<\/li>\n<li>Novogratz and Galaxy will be tasked with \u201ccreating and preserving value\u201d for the FTX estate, considering the substantial funds being currently held in crypto assets.<\/li>\n<li>The move is expected to maximize the return to creditors.<\/li>\n<li>The company expressed its concerns that selling all its holdings at once could lead to a significant price drop, ultimately benefiting short sellers and other participants in the market.<\/li>\n<li>The court <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/restructuring.ra.kroll.com\/FTX\/Home-DocketInfo\" data-wpel-link=\"external\">filing<\/a> read,<\/li>\n<\/ul>\n<blockquote>\n<p>\u201cHedging of Bitcoin and Ether- two digital assets for which there is a liquid hedging market \u2013 will provide a means to lessen the Debtors\u2019 exposure to adverse price movements in Bitcoin and Ether prior to their sale. Additionally, the Debtors will stake certain of their Digital Assets to generate passive yield.\u201d<\/p>\n<\/blockquote>\n<ul>\n<li>Galaxy Digital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/galaxy-digital-held-77-million-in-ftx-exposure-earnings-show\/\" data-wpel-link=\"internal\">disclosed<\/a> a financial exposure of nearly $77 million \u2013 comprising both cash and digital assets \u2013 to FTX in its third-quarter earnings report last November.<\/li>\n<li>The development comes days after FTX\u2019s former chief and disgraced founder, Sam Bankman-Fried\u2019s bail was revoked.<\/li>\n<li>He had recently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/sbf-pleads-not-guilty-again-complains-about-lack-of-vegan-food-in-prison-report\/\" data-wpel-link=\"internal\">pleaded<\/a> not guilty in a Manhattan federal court to seven criminal charges in a new indictment.<\/li>\n<\/ul>\n<div class=\"code-block code-block-12\" style=\"margin: 8px 0;clear: both\">\n<div><span style=\"font-size:11px;color: gray\">SPECIAL OFFER (Sponsored)<\/span><br \/>\n<b>Binance Free $100 (Exclusive): <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/binancebanner\" data-wpel-link=\"internal\">Use this link<\/a> to register and receive $100 free and 10% off fees on Binance Futures first month<\/b> (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/buy-bitcoin-5-easy-steps\/\" data-wpel-link=\"internal\">terms<\/a>).<\/p>\n<p><b>PrimeXBT Special Offer: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptopotato.com\/pl\/primexbt2\" data-wpel-link=\"internal\">Use this link<\/a> to register &amp; enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.<\/b><\/p>\n<\/div>\n<\/div>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>FTX intends to initiate the sale, staking, and hedging of its crypto assets. For this purpose, the bankrupt crypto exchange is seeking to rope in Mike Novogratz and Galaxy Digital as its investment advisers as part of its \u2018Digital Asset Management and Monetization Program.\u2019 Implementing hedging strategies for Bitcoin and Ether will serve as a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":52980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-141952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/141952","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=141952"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/141952\/revisions"}],"predecessor-version":[{"id":146796,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/141952\/revisions\/146796"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/52980"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=141952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=141952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=141952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}