Galaxy Digital Holdings Ltd., a diversified financial services and investment management company in the digital asset, cryptocurrency and blockchain technology sector, completed the acquisitions of two cryptocurrency trading firms, DrawBridge Lending LLC and Blue Fire Capital LLC on November 12. Galaxy Digital also closed a private investment in public equity financing ("PIPE") of $50 million.
Drawbridge is a Chicago-based, CFTC-regulated commodity trading adviser and commodity pool operator that provides hedged financial products to institutional investors in cryptocurrency. Blue Fire, also based in Chicago, is a proprietary trading firm that specializes in cryptocurrency and providing two-sided liquidity for digital assets. Investors in the PIPE include Slate Path Capital LP, CI Investments, NZ Funds and Corriente Advisors.
The S&C team that advised Galaxy Digital on these transactions was led by Andrew Gerlach and Joseph Hearn, and included associate Nathan Baum. Special counsel Jamie Earl advised on certain regulatory matters. Isaac Wheeler advised on tax matters. Mehdi Ansari advised on intellectual property matters. Rebecca Coccaro advised on employment and compensation matters.