Galaxy Digital acquired the self-custody platform GK8 from Celsius for $44.1 million

According to ChainCatcher news, Galaxy Digital is spending $44.1 million to acquire Celsius Network's self-custody platform GK8, which is over 60% lower than Celsius's acquisition price for GK8 last year. Celsius had acquired GK8 for $115 million in November 2021. According to a court document, the deal for GK8 was reached at a purchase price of $44 million in cash plus a $100,000 deposit.

Ryan Kielty, a partner at the restructuring firm Centerview Partners, which was hired to oversee the asset auction, stated that six companies submitted initial bids when the auction process began, but only Galaxy submitted a final bid and deposit before the deadline, with terms that included requiring GK8 co-founders Lior Lamesh and Shahar Shamai to stay with the company.

It is reported that the acquisition is still subject to court approval, and Galaxy Digital is expected to add nearly 40 employees. (Bloomberg)