Galaxy Digital – financial services and crypto investment management entity formed by Mike Novogratz – is reportedly making moves to establish its presence across the mining sphere, via releasing new Bitcoin mining operations. 

Specifically, following 12 months of efforts put in the cause of rolling out a wider variety of offerings and activities, the firm has reportedly disclosed details of two new forays, focusing on the Bitcoin mining industry, for 2021. 

The first initiative will reportedly be a new business unit, where Galaxy claims it will function as “a one-stop financial services platform for miners.” 

The unit – goes by the name Galaxy Digital Mining – is reportedly spearheaded by Amanda Fabiano – with previous experience working as Fidelity Investments director of mining.

Galaxy’s services for miners will, initially, cover trading and risk management, investing and lending, together with corporate advisory. 

“We see major opportunities in mining project financing, equipment financing, digital asset-backed financing, as well as working capital optimization and hedging solutions.” Co-president Chris Ferraro has reportedly shared some remarks, regarding how Galaxy Digital Mining is inline with the firm’s overall roadmap.

Together with financial services rolled out for miners, Galaxy Digital Mining has additionally set up a proprietary Bitcoin mining operation and has selected a 3rd-party data facility based in the US to place the rigs.  

Fabiano reportedly shared that the two sides of the unit’s activities will be complimentary, claiming that “by mining ourselves, we are able to deeply understand and solve for the financial needs of miners.”