Galaxy exec: Companies holding crypto is only Phase One
The post Galaxy exec: Companies holding crypto is only Phase One appeared on BitcoinEthereumNews.com. This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. It seems like just about every day we get an update on a company buying bitcoin, ETH or another altcoin — establishing a crypto reserve for the first time, or adding to its pile. But firms forming and getting these assets on their balance sheet is just phase one, Galaxy asset management head Steve Kurz told me last week. “To the extent that companies are able to use capital-markets tooling to achieve escape velocity, they’re going to be able to build potential operating businesses and ecosystems around the networks they’re supposed to back,” he said. Foundations pushing various decentralized systems are generally not exploring the systems’ use cases in the same pointed (and commercial) way, Kurz noted. He added: “So what will be interesting in determining how many are successful is: To what degree do those ecosystems become more vibrant, and where is the synergy between that and the business model of these companies that will have success?” The original (and behemoth) in this space, Strategy, now holds 607,770 BTC (acquired for ~$43.6 billion) after its latest 6,220 BTC buy. Trump Media said this morning it has accumulated $2 billion of bitcoin and has another $300 million earmarked for an options-acquisition strategy for BTC-related securities. Also revealed this morning was the creation of The Ether Machine via the combination of The Ether Reserve and Nasdaq-listed Dynamix Corporation. Labeling its aim of “enabling public market investors to access Ethereum yield,” the public vehicle expects to launch with ~400,000 ETH (worth more than $1.5 billion). We saw Bitcoin Standard Treasury Company say last week it plans to launch with holdings of 30,021 BTC after merging with SPAC Cantor Equity Partners. And a week before that, ReserveOne said it…
The post Galaxy exec: Companies holding crypto is only Phase One appeared on BitcoinEthereumNews.com.
This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. It seems like just about every day we get an update on a company buying bitcoin, ETH or another altcoin — establishing a crypto reserve for the first time, or adding to its pile. But firms forming and getting these assets on their balance sheet is just phase one, Galaxy asset management head Steve Kurz told me last week. “To the extent that companies are able to use capital-markets tooling to achieve escape velocity, they’re going to be able to build potential operating businesses and ecosystems around the networks they’re supposed to back,” he said. Foundations pushing various decentralized systems are generally not exploring the systems’ use cases in the same pointed (and commercial) way, Kurz noted. He added: “So what will be interesting in determining how many are successful is: To what degree do those ecosystems become more vibrant, and where is the synergy between that and the business model of these companies that will have success?” The original (and behemoth) in this space, Strategy, now holds 607,770 BTC (acquired for ~$43.6 billion) after its latest 6,220 BTC buy. Trump Media said this morning it has accumulated $2 billion of bitcoin and has another $300 million earmarked for an options-acquisition strategy for BTC-related securities. Also revealed this morning was the creation of The Ether Machine via the combination of The Ether Reserve and Nasdaq-listed Dynamix Corporation. Labeling its aim of “enabling public market investors to access Ethereum yield,” the public vehicle expects to launch with ~400,000 ETH (worth more than $1.5 billion). We saw Bitcoin Standard Treasury Company say last week it plans to launch with holdings of 30,021 BTC after merging with SPAC Cantor Equity Partners. And a week before that, ReserveOne said it…
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