The administrators of FTX are looking to hire the asset management arm of billionaire Michael Novogratz’s Galaxy Digital Holdings Ltd. to assist manage the bankrupt exchange’s massive pile of digital tokens.
As part of the proposal, FTX is seeking court permission to enter into an investment services agreement with Galaxy Asset Management.
After reviewing other potential investment advisers, the administrators stated they chose Galaxy in cooperation with the official committee of unsecured creditors.
FTX has established “a comprehensive management and monetization” strategy that “will reduce exposure to market volatility and prepare for potential dollarized distribution to creditors,” according to court filings late Wednesday.