The M&A streak of the crypto market continued on Monday with the announcement from Galaxy Digital that it has merged with the asset management and investment firm Vision Hill Group.
Based on the information from Galaxy Digital, the acquisition will increase the business of the asset management of the firm, Galaxy Funds Management. What Vision Hill offers professional investors include market data tools and hedge fund indices. The services also include advisory services and portfolio management to big investor clients.
Galaxy Digital also offers related tools like the Galaxy Crypto Index on Bloomberg, which is instrumental in measuring how the largest cryptocurrencies in the market are performing. The firm also offers several inactive crypto funds, which include Galaxy Ethereum Funds and Galaxy Bitcoin Funds.
“As the rate of digital assets’ institutionalization is increasing, the need of support from the institutional-standard platforms are becoming more expedient, and that is what they are building precisely at the Galaxy Digital,” the co-founder and the head of global markets of the firm, Damien Vanderwilt commented.
The former partner of Goldman Sachs added: “The robust capabilities of the data that Scott, Dan, and the other team from Vision Hill have come up with are quite a perfection addition to the full package of the firm’s investment management and financial services driven by technology, promoting the wider adoption of the digital assets in the mainstream industry.”
The details of the deal were not really disclosed. The internal investment banking business of Galaxy Digital pursues the transaction with legal aid from Wardwell & David Polk and other legal firms. The Kluk Farber Law is the legal adviser of the acquired startup, Vision Hill.
The deal surfaced as the growth in the wider sector of crypto asset management increases. As mentioned by Katie Greifield of Bloomberg, the largest Bitcoin ETF in Canada, $BTCC has fared so well irrespective of the price decline in the crypto market, seeing inflows each day in the previous week. Galaxy Digital, however, has applied to own an ETF in the United States.
The transactions come when the wind of deal-making in the crypto space is increasing. The firm also revealed in the past couple of weeks that there are plans to acquire financial and custody services company, BitGo in a deal worth over $1 billion.