Financial services firm Galaxy Digital executed significant blockchain transactions recently, moving approximately 30,000 Bitcoin (BTC) to major cryptocurrency trading platforms.
The transferred Bitcoin holdings carried an estimated value of $3.5 billion at the time of the transactions. Market analysts observed that the clear designation of these platforms as the direct recipients strongly suggests Galaxy Digital was engaged in active liquidation strategies for a large portion of its Bitcoin assets.
Concurrently, Galaxy Digital withdrew 1.15 billion USDT (Tether) from its holdings. The exchange of significant Bitcoin for the US dollar-pegged stablecoin typically indicates a strategy to lock in value or bolster cash-like reserves.
Despite these substantial transfers, the company maintains a significant reserve of Bitcoin. Galaxy Digital currently holds 18,504 BTC in its custody. This remaining Bitcoin reserve carries an approximate value of $2.14 billion based on current market valuations.