After reporting exponential asset growth following its deal to liquidate FTX‘s holdings, Galaxy Digital is looking to acquire assets from other distressed digital asset companies.

According to reporting from the Financial Times, Galaxy Digital tripled its assets under management from $1.7 billion last year to over $5 billion. This surge came after the company was chosen to sell, hedge, and stake FTX’s Bitcoin, Ether, and Grayscale shares to help pay back creditors.

Galaxy Digital has gradually sold FTX’s tokens into the open market, adhering to court-mandated limits to prevent market disruption. View this as a success, Galaxy Global Head of Asset Management Steve Kurz told FT, “We would be interested in acquiring the assets of other bankrupt companies.”

He highlighted FTX’s venture capital portfolio, which holds stakes in startups like artificial intelligence company Anthropic, as one potential target. Galaxy’s years of experience with its crypto venture capital subsidiary could uniquely situate it for such an acquisition.

This FTX deal proved “massive” for Galaxy Digital, providing the opportunity for further beneficial bankruptcy mandates, Rosenblatt Securities Senior Research Analyst Andrew Bond told FT. However, it remains to be seen whether the court overseeing FTX’s bankruptcy will approve any such arrangements.

Galaxy Digital has focused heavily on the ETF space as well, rapidly expanding its assets and joining the competitive race for a spot Bitcoin ETF. The company is teaming up with Invesco and Cboe Global Markets to try to win approval from the Securities and Exchange Commission (SEC).

Galaxy Digital Head of Asset Management Steve Kurz said positive dialogue with the SEC, surging Bitcoin prices, and support from major institutions like BlackRock suggest the long-awaited spot Bitcoin ETF could finally happen in 2023. FT reported Galaxy Digital aims to transition its stock exchange listing from Toronto to the Nasdaq as its crypto business grows.