Cryptocurrency financial services firm Galaxy Digital has bought Vision Hill Group, an asset manager and data shop, for an undisclosed sum.
Galaxy announced the deal Monday, saying Vision Hill will become part of Galaxy’s fund management division. The New York City-based Vision Hill develops market intelligence products such as hedge fund indices and a buy-side database called “VisionTrack” for institutional clientele.
The acquisition continues a string of recent data plays by big-name crypto firms hungry to bolster their institutional research appeal. Coinbase bought Skew in April and NYDIG bought Digital Assets Data in January. Those companies, and Galaxy, have expanded their business footprints over a busy 12 months of M&A. Galaxy even splashed 10 figures on crypto custodian BitGo.
"Galaxy Fund Management is rapidly expanding its capabilities to ultimately provide institutional-grade exposure to every investable corner of digital assets so that institutions can easily get involved in this booming industry," Steve Kurz, Galaxy Digital’s head of asset management, said in a statement.
Vision Hill CEO Scott Army said his firm has worked with Galaxy since 2019.
"Our mission is to empower institutional investors with data-driven solutions so that they can get the most out of digital assets," Army said in a statement.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.