Dec 04 2025
Galaxy Digital (NASDAQ: GLXY) today announced its acquisition of Alluvial Finance, the development company behind Liquid Collective, the leading enterprise-grade liquid staking protocol. With the completion of this acquisition, Galaxy will assume the role of Development Company for Liquid Collective.
This milestone partnership underscores Galaxy and Liquid Collective's shared mission: to build the institutional foundation for liquid staking, a rapidly expanding segment of digital assets that allows staked assets to remain productive while earning onchain rewards.
Setting a New Standard for Institutional Liquid Staking
In light of recent SEC guidance affirming that liquid staking protocols are not securities, institutional participation in staking has accelerated. Yet, most existing liquid staking tokens (LSTs) remain designed for retail markets, lacking the KYC/AML compliance, validator due diligence, and governance frameworks required by enterprises.
Liquid Collective fills this critical market gap. Built collaboratively by industry leaders, it offers institutions a compliant, secure, and scalable way to participate in Proof of Stake networks like Ethereum and Solana. The protocol already serves 30+ integrated partners, including Coinbase, Anchorage Digital, BitGo, Kraken, and FalconX, and has surpassed $1 billion in assets on platform.
With Galaxy as its Development Company, Liquid Collective is now poised to extend this institutional-grade framework to a broader range of assets and products, creating the industry's first comprehensive institutional liquid staking infrastructure.
Galaxy: Powering Institutional Adoption
Galaxy brings a uniquely powerful set of complementary capabilities to Liquid Collective's mission:
Institutional Validator Infrastructure – Galaxy operates validator infrastructure across more than 10 blockchains, with concentrated investment and expertise in Ethereum and Solana. The firm provides core development support, operational expertise, and plays an active role in advancing network growth and institutional participation across the staking ecosystem.
OTC Trading and Liquidity Provision – As one of the world's leading crypto trading and investment firms, Galaxy provides OTC liquidity to over 1,500 institutional counterparties, facilitating deep liquidity for digital assets, including liquid staking tokens. By aggregating liquidity across its client network and ecosystem partners, Galaxy delivers scalable access and efficient distribution for institutional investors.
Strategic Partnerships & Distribution – Galaxy oversees approximately $6.6 billion of assets under stake through network of integrated exchanges and custodians. Additionally, Galaxy's venture portfolio of 120+ companies expands the Collective's reach and adoption across the institutional ecosystem.
Product Development & Treasury Expertise – Galaxy will assist with protocol development, token structuring, and treasury management strategies.
Through this multi-year partnership, Galaxy will drive Liquid Collective's growth across product development, platform distribution, and market liquidity support, while maintaining the Collective's independence as a neutral, open standard for institutional staking.
"This acquisition represents a significant milestone in our mission to build the institutional infrastructure for liquid staking. Galaxy's deep expertise in validator operations, institutional distribution, and market liquidity perfectly complements Liquid Collective's collaborative, compliance-first approach. Together, we're positioned to deliver the industry's most comprehensive institutional liquid staking solution."
—Chris Matta, CEO, Liquid Collective
A Neutral, Independent Network with Institutional Governance
Liquid Collective will continue to operate as an independent protocol, stewarded by The Liquid Foundation (TLF), an ownerless foundation established to ensure neutrality, transparency, and institutional governance.
To strengthen this commitment, TLF will launch an institutional expansion initiative, inviting key stakeholders such as digital asset trusts (DATs), ETF issuers, liquidity providers, custodians, and exchanges to join the Collective's governance. This expansion will ensure oversight aligned with institutional standards while preserving Liquid Collective's open, collaborative nature.
Introducing New Leadership
As part of this next chapter, Chris Matta joins Liquid Collective as CEO to accelerate its institutionalization and commercial expansion. Matta brings over a decade of asset management experience and previously led the launch of the first Ethereum and Solana staking ETFs in North America. His appointment reflects Liquid Collective's deepening engagement with the traditional finance community and its focus on developing compliant, scalable staking solutions for regulated markets.
Joining him are Evan Thomas and Chad Peterson, both former Alluvial leaders who bring complementary expertise in legal, regulatory, and ecosystem development. Evan, serving as General Counsel, will oversee legal, regulatory, and policy initiatives, drawing from his experience leading legal efforts at Alluvial and Wealthsimple's crypto platform, where he helped launch Canada's first regulated staking product. Chad, as Head of Ecosystem Operations, leads ecosystem partnerships and operational initiatives.
Together, this leadership team combines deep experience across asset management, regulation, and decentralized infrastructure, positioning Liquid Collective to deliver a neutral, enterprise-grade liquid staking standard for the next era of institutional participation in onchain finance.
Press release can be found here.
About Galaxy Digital
Galaxy Digital (NASDAQ: GLXY) is a technology-driven financial services and investment management firm that provides institutions, startups, and qualified individuals with a full suite of financial solutions spanning the digital assets ecosystem. Galaxy's team has extensive experience investing, trading, and operating in digital assets and blockchain technology, with a proven track record of identifying and executing on opportunities in the digital asset ecosystem. Galaxy is headquartered in New York City, with offices in Chicago, London, Amsterdam, Tokyo, Hong Kong, the Cayman Islands (registered office), and New Jersey.
About Liquid Collective
Liquid Collective is an open and interoperable staking network, built and supported by a broad collective of industry leaders. Liquid Collective's staking tokens, including Liquid Staked ETH (LsETH) and Liquid Staked SOL (LsSOL), provide secure, liquid, and flexible access to staking, for individuals and institutions alike.
The Liquid Foundation team can be contacted at info@liquidcollective.io.
