Galaxy Digital Adds 400 BTC After Strategic Withdrawals

Galaxy Digital, a digital asset and blockchain leader, has been actively moving substantial amounts of Bitcoin between exchanges, and recent data highlights a notable increase in its BTC holdings. Just half an hour ago from the reporting time, the company reportedly added 400 BTC to its reserves, amounting to approximately $23.4 million. 

This recent transaction follows a larger series of movements, further underlining Galaxy Digital’s active presence in the cryptocurrency market. Over the past few weeks, the company has been managing significant amounts of Bitcoin, shifting its assets across different exchanges and addresses.

Galaxy Digital’s Withdrawals from Binance

From July 27th to August 2nd, Galaxy Digital withdrew an impressive total of 6,950 BTC from Binance. This transfer, valued at around $464 million, occurred during a period of fluctuating market conditions. The average price for these withdrawals was $66,776 per Bitcoin. These withdrawals align with Galaxy Digital’s strategy of reallocating its assets across different exchanges. Moreover, these transactions showcase the firm’s focus on adjusting its portfolio amidst broader market trends. The timing and scale of these withdrawals are indicative of strategic repositioning.

In the week following these withdrawals, Galaxy Digital proceeded to recharge another 2,050 BTC to the exchange between August 3rd and August 6th. These deposits, worth approximately $112 million, suggest a shift in the company’s approach. If these 2,050 BTC were sold during this period, it would have resulted in a loss of around $24.78 million. This potential loss may reflect the challenges associated with timing market entries and exits, particularly during periods of high volatility.

Portfolio Composition and Performance

Galaxy Digital’s broader portfolio includes a variety of digital assets, led by Bitcoin and Ethereum. According to recent figures, the total portfolio is valued at approximately $490 million, reflecting a decrease of $8.72 million. BTC remains the most significant asset, with 3.228K BTC holdings valued at $187.11 million. 

Meanwhile, Ethereum constitutes a substantial portion as well, with 59.993K ETH valued at $154.36 million. Despite the overall decrease, MATIC and COMP have shown slight gains, with MATIC increasing by $22.30K and COMP by $12.54K. Stablecoin holdings, notably USDC and USDT, remain stable without value changes.