Galaxy Digital Remains Active in the Private Market
Funding saw a notable increase this week, rising 19.5% to $312 million from $261 million a week prior. Infrastructure and Web3 & NFTs were the two largest categories, raising $103 million and $70 million, respectively. This week's largest deal was a $70 million Series C round raised by Chain Reaction. Chain Reaction is focused on building out infrastructure like semiconductors which are needed for the blockchain industry to continue scaling. Blockchain data is getting increasingly complex, and improved chip technology will help take complex computing to the next level.
Deal counts were concentrated in the Seed Round category, representing 42% of all deals and 32% of total funding. There were four M&A deals this week, with highlights including Consensys acquiring a blockchain notification company, Hal, and Galaxy Digital acquiring GK8, a digital asset custodian. The sale of GK8 stems from Celsius Network’s bankruptcy proceedings and should help accelerate Galaxy’s prime brokerage product offerings.