Galaxy becomes Liquid Collective development company

Executive Summary

• Galaxy Digital Inc. has acquired Alluvial Finance, the former development organization for Liquid Collective, to become the leading enterprise-grade liquid staking protocol's development company.
• The acquisition allows Galaxy to assume full responsibility for developing and maintaining the Liquid Collective protocol, integrating Alluvial’s engineering team and technology to deepen its digital infrastructure platform.
• Liquid Collective has grown significantly, tripling its assets on platform to approximately $1 billion in 2025, while Galaxy operates one of the largest institutional staking platforms with $6.6 billion in assets under stake.

Key Details

• Transaction Structure: Galaxy Digital Inc. acquired Alluvial Finance, a staking software development firm.
• Strategic Rationale: The move advances Galaxy’s mission to deliver end-to-end trading and investment services for institutions by expanding its role in liquid staking tokens and giving the company full responsibility for the Liquid Collective protocol.
• Integration Details: Galaxy is on-boarding Alluvial's team of on-chain engineers and technology, including a customizable staking management system and developer tools designed to streamline integration for exchanges, custodians, and asset managers.
• Liquid Collective Growth: The protocol launched in 2023 in partnership with Alluvial and has tripled its assets on platform to approximately $1 billion in 2025.
• Galaxy’s Staking Scale: Galaxy operates approximately $6.6 billion in assets under stake (as of Sept. 30, 2025), serving a global base of more than 1,200 institutional counterparties.
• Operational Independence: Liquid Collective will continue to operate independently under The Liquid Foundation (TLF), an ownerless foundation established to ensure neutrality and governance. TLF plans to broaden its framework to include institutional stakeholders such as digital-asset trusts, ETF issuers, and custodians.
• Future Expansion: Galaxy intends to leverage its institutional expertise to expand the protocol across new assets and protocols, deepen validator participation, and broaden access to compliant liquid-staking products globally.

Notable Quotes

• "Galaxy has always built the infrastructure institutions need to operate confidently on chain from trading and custody to lending and staking. Becoming Liquid Collective's development company is a natural extension of that mission," said Michael Novogratz, founder and chief executive officer of Galaxy.
• "Liquid Collective was built to give institutions a safe, transparent and enterprise-grade path into liquid staking," said Chris Matta, chief executive officer of Liquid Collective. "Galaxy stepping in as our development company builds on that foundation. Their engineering depth, global footprint and track record with institutional partners will accelerate product innovation and expand access to compliant liquid staking globally."