Galaxy Digital (GLXY) has announced the launch of its miner financial services, and that it's going to start its own bitcoin mining operations.
- Per a release, the publicly traded digital asset management firm is integrating its existing business lines to miner-focused financial services – internally referred to as "MiFi" – including lending, investment and risk management offerings.
- Galaxy Digital Mining, the firm's mining branch, under development since before October, will also oversee the firm's own mining operation.
- Fidelity's former director of mining, Amanda Fabiano, is leading the mining operations.
- In a statement, Fabiano said Galaxy's proprietary mining operation helps the company "deeply understand and solve for the financial needs of miners."
- Galaxy shares have nearly doubled in the past three months, trading at $8.48 in post-market hours.
Update (Jan. 14, 23:08 UTC): Context added throughout.
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.