Large-scale Bitcoin sale executed by Galaxy Digital for a staggering $9 billion value
In a significant development for the cryptocurrency market, Galaxy Digital, a New York-based diversified digital assets company, has announced the facilitation of a noteworthy sale of over 80,000 Bitcoin. The total sale amounted to approximately $9 billion, making it one of the largest notional cryptocurrency transactions on record.
The sale was part of an estate planning strategy by an early Bitcoin investor, who had acquired their position during the Satoshi-era when Bitcoin traded for dollars or even cents per coin. This represents one of the most significant exits from the digital asset market by a Satoshi-era investor.
The price of Bitcoin, the largest cryptocurrency by market capitalization, has been on an upward trend. Prior to the weekend, Bitcoin was trading at around $114,000. Following the announcement of the sale, the price of Bitcoin remained largely stable, currently trading near $119,000, approximately $5,000 higher than pre-weekend levels.
Galaxy Digital offers a range of services to institutional clients, including trading, advisory, asset management, and custody services. The company also invests in data center infrastructure to support artificial intelligence and high-performance computing applications.
The growing infrastructure supporting institutional-scale cryptocurrency operations is evident in this transaction. Institutional adoption of Bitcoin is expanding, with companies like Grayscale Bitcoin Trust and others building substantial treasury positions in digital assets.
This sale by Galaxy Digital showcases the maturing of the cryptocurrency market and the increasing confidence of institutional investors in digital assets. As more companies and individuals turn to cryptocurrencies for investment and transactions, the market is expected to continue its growth trajectory.
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