Galaxy Expands into Liquid Staking as Development Company for Liquid Collective

Executive Summary

• Galaxy Digital announced the acquisition of Alluvial Finance, making Galaxy the Development Company for the Liquid Collective liquid‑staking protocol.
• The deal expands Galaxy’s institutional staking infrastructure and adds Alluvial’s on‑chain engineering talent and proprietary Staking Management System.
• Liquid Collective’s assets under management have grown to ~ $1 billion in 2025; combined with Galaxy’s $6.6 billion of assets under stake, the move positions Galaxy as a leading provider of enterprise‑grade liquid‑staking services.

Key Details

• Acquisition Target: Alluvial Finance – a staking software development firm that previously served as Liquid Collective’s development organization.
• Strategic Rationale: Enhances Galaxy’s end‑to‑end trading and investment services for institutions, deepens its digital infrastructure platform, and gives full responsibility for developing/maintaining the Liquid Collective protocol.
• Integration Actions: Immediate onboarding of Alluvial’s engineering team; integration of a customizable Staking Management System and developer tools to streamline exchange, custodian, and asset‑manager integrations.
• Liquid Collective Metrics: Launched 2023; assets on platform tripled in 2025 to approximately $1 billion.
• Galaxy Assets Under Stake: Approximately $6.6 billion as of Sept. 30, 2025, spanning Ethereum, Solana and other protocols.
• Governance: Liquid Collective will continue operating under The Liquid Foundation (TLF), an ownerless foundation; TLF plans to broaden governance by inviting additional institutional stakeholders (digital‑asset trusts, ETF issuers, liquidity providers, custodians, exchanges).
• Quotes:
• “Galaxy is doubling down on building the next generation of institutional staking products and access to non‑custodial worldwide.” – Michael Novogratz, Founder & CEO, Galaxy Digital.
• “Galaxy stepping in as our Development Company builds on that foundation… will accelerate product innovation and expand access to compliant liquid staking globally.” – Chris Matta, CEO, Liquid Collective.

Notable Quotes

• Michael Novogratz (Founder & CEO, Galaxy): “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.”
• Chris Matta (CEO, Liquid Collective): “Liquid Collective was built to give institutions a safe, transparent, and enterprise‑grade path into liquid staking… Galaxy stepping in as our Development Company builds on that foundation.”