{"id":508288,"date":"2022-11-09T20:15:00","date_gmt":"2022-11-09T17:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/galaxy-digital-discloses-77m-exposure-to-ftx-48m-likely-locked-in-withdrawals\/"},"modified":"2022-11-09T20:15:00","modified_gmt":"2022-11-09T17:15:00","slug":"galaxy-digital-discloses-77m-exposure-to-ftx-48m-likely-locked-in-withdrawals","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/galaxy-digital-discloses-77m-exposure-to-ftx-48m-likely-locked-in-withdrawals\/","title":{"rendered":"# Galaxy Digital discloses $77M exposure to FTX, $48M likely locked in withdrawals"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40a9207d913\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40a9207d913\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/galaxy-digital-discloses-77m-exposure-to-ftx-48m-likely-locked-in-withdrawals\/#%E2%80%9D_Galaxy_Digital_discloses_77M_exposure_to_FTX_48M_likely_locked_in_withdrawals_%E2%80%9C\" >&#8221; Galaxy Digital discloses $77M exposure to FTX, $48M likely locked in withdrawals &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Galaxy_Digital_discloses_77M_exposure_to_FTX_48M_likely_locked_in_withdrawals_%E2%80%9C\"><\/span>&#8221; Galaxy Digital discloses $77M exposure to FTX, $48M likely locked in withdrawals &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvOWYzNjUwNzAtZjc5Yi00YTNlLWJiMTctOWJlMzA5NTc0NTM2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>In its latest quarterly earnings call on Nov. 9, blockchain financial services firm Galaxy Digital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newswire.ca\/news-releases\/galaxy-announces-third-quarter-2022-financial-results-857736016.html\">disclosed<\/a> that it had an exposure of $76.8 million consisting of cash and digital assets to troubled cryptocurrency exchange FTX. Of this amount, Galaxy Digital said that $47.5 million are currently in the withdrawal process.<\/p>\n<p>The day prior, FTX announced it had halted all withdrawals after the combination of a consumer bank run and a devastating price decline in its native FTT token, which the exchange uses for collateral, led to a liquidity crisis.\u00a0<\/p>\n<p>Despite of the current situation, Galaxy Digital said it has $1.5 billion in liquidity, including $1.0 billion in cash and another $235.8 million in stablecoins, to cushion losses. During the quarter ended Sept. 30, the company&#8217;s partner capital declined by 12% year over year to $1.8 billion, citing the backdrop of a declining cryptocurrency market capitalization.<\/p>\n<p>Galaxy Digital primarily derives its revenue from advisory fees, management fees, lending income, mining income, and changes in the fair value of investments and derivatives. Year over year, the company&#8217;s revenue declined by 84.9% to $32.7 million in the third quarter. This was due to far lower levels of profit from capital investments compared to the same period last year.<\/p>\n<p>Going forward, the company plans to complete its reorganization and migrate from the Canadian Toronto stock exchange to the U.S-based NASDAQ exchange next year. Effective mid-January 2023, co-president Damian Vanderwilt intends to step down and transition to an advisor and board member. From May 16 to Oct. 24, the firm used some of its cash to repurchase <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately $52 million worth of its shares outstanding.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/galaxy-digital-discloses-77m-exposure-to-ftx-48m-likely-locked-in-withdrawals\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Galaxy Digital discloses $77M exposure to FTX, $48M likely locked in withdrawals &#8220; In its latest quarterly earnings call on Nov. 9, blockchain financial services firm Galaxy Digital disclosed that it had an exposure of $76.8 million consisting of cash and digital assets to troubled cryptocurrency exchange FTX. Of this amount, Galaxy Digital said&#8230;<\/p>\n","protected":false},"author":1,"featured_media":508289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvOWYzNjUwNzAtZjc5Yi00YTNlLWJiMTctOWJlMzA5NTc0NTM2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,117,73711],"class_list":["post-508288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-business","tag-investments"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/508288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=508288"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/508288\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/508289"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=508288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=508288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=508288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}