Galaxy Digital’s Ethereum Supply Grows by $1 Billion in ETH

The launch of Ethereum (ETH) ETFs has been confirmed, and the hype is really starting to build. Galaxy Digital Holdings, an investment fund specializing in crypto, recently raised nearly $1 billion in ETH.

This comes just days before spot Ethereum ETFs are set to launch in the United States.

Strategic acquisition

The company announced on Friday that it has acquired the ETH tokens through the acquisition of node operator CryptoManufaktur. While the terms of the deal were not disclosed, the acquisition increased Galaxy Digital’s total staked crypto tokens by approximately 43%.

“Galaxy is rapidly expanding its staking capabilities and ability to provide enterprise-grade technical expertise and support to strategic parts of the digital asset ecosystem,” said Zane Glauber, head of Galaxy’s blockchain infrastructure team.

The purchase of CryptoManufaktur brings Galaxy Digital’s total staked Ethereum value to approximately $3.3 billion. With a market cap of approximately $410 billion for Ethereum, the company now controls nearly 1 percent of the total supply of Ethereum.

Currently, the total amount of Ethereum tokens staked within the network is near an all-time high, with over 33.2 million tokens staked. This represents a value of approximately $114 billion and about 28 percent of the total supply of ETH tokens.

Ethereum ETF’s

As previously mentioned, we are on the eve of the launch of the Ethereum ETFs, scheduled for July 23. In the meantime, the U.S. Securities and Exchange Commission (SEC) has asked asset management companies to file final versions of registration statements for the ETFs.

Following the launch of Bitcoin ETFs earlier this year, the introduction of Ethereum ETFs marks another major milestone. With these ETFs on the horizon and Bitcoin’s strong price performance, the rest of the summer promises to be very positive for the crypto sector.

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