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Galaxy Digital Boosts Bitcoin Holdings, Reduces Ethereum and XRP Exposure
Crypto investment firm Galaxy Digital has released its Q2 SEC filing, revealing notable changes in its digital asset portfolio. The report highlights an increased allocation to Bitcoin, accompanied by reductions in Ethereum and XRP holdings.
Bitcoin Holdings Rise Significantly
According to the filing, Galaxy Digital now holds 17,102 BTC, up from 12,830 BTC in the first quarter. This growth underscores the firm’s bullish stance on Bitcoin, positioning it as the company’s primary digital asset by value. CEO Mike Novogratz has expressed confidence in Bitcoin’s long-term potential, forecasting it could reach $800,000 over the next five to ten years.
Ethereum and XRP Holdings Decline
While Bitcoin exposure increased, Galaxy Digital scaled back on Ethereum and XRP. Ethereum holdings dropped to 90,521 ETH from 155,026 ETH in Q1, and XRP holdings fell to 15.38 million from 16.9 million coins. Other assets in the portfolio include USDC, SOL, USDG, and newly acquired HYPE tokens. USDC holdings decreased from 426 million to 263 million, SOL rose slightly to 1 million, and USDG increased to 47.1 million. The firm also divested 12 million SUI tokens held in the first quarter while accumulating 2.3 million HYPE tokens.
Portfolio Overview
Bitcoin, USDC, and Ethereum constitute the largest positions by value, with XRP representing the smallest allocation at a carrying value of $34.4 million. Galaxy Digital’s total crypto holdings now amount to approximately $3.5 billion, making it the eighth-largest public BTC treasury company.
Exploring Tokenization of Common Stock
In addition to portfolio updates, the SEC filing revealed that Galaxy Digital is exploring the possibility of tokenizing its Class A common stock. The company noted that this initiative may introduce risks and uncertainties affecting market behavior and stock price. To facilitate this effort, Galaxy Digital signed an agreement with Superstate Services on May 20, 2025, designating it as the firm’s digital asset transfer agent. The platform will maintain an Allowlist of wallet addresses for investors who complete onboarding requirements, ensuring that only verified participants can hold, transfer, and facilitate tokenized stock transactions.