Key Takeaways
- • Galaxy Digital acquires Alluvial Finance and assumes development company role for Liquid Collective, an institutional liquid staking platform supporting Ethereum and Solana with $1 billion in total value locked at press time (down from $1.75 billion peak in August 2025).
- • Liquid Collective enables institutions to stake ETH or SOL while maintaining asset liquidity for trading; the protocol charges a 10% service fee on staking rewards distributed to ecosystem participants and treasury, generating $380,492 in October 2025 revenue from $3.8 million in total fees.
- • Galaxy gains control of Liquid Collective's codebase, Alluvial's staking infrastructure tools for exchanges and custodians, and onboards Alluvial's engineering team to accelerate platform development and institutional adoption.
- • Galaxy plans to expand Liquid Collective's asset coverage beyond ETH and SOL, though specific assets and timelines remain undisclosed; the expansion reinforces Galaxy's position in institutional on-chain infrastructure spanning trading, custody, lending, and staking services.
Summary
Galaxy Digital, led by founder and CEO Mike Novogratz, has acquired Alluvial Finance and assumed the role of development company for Liquid Collective, an institutional-grade liquid staking platform. The transaction strengthens Galaxy's infrastructure offerings for institutional clients seeking to participate in blockchain-based staking while maintaining capital deployment flexibility.
Liquid Collective, launched in 2023, allows institutions to stake Ethereum or Solana while keeping those assets liquid for trading purposes. The platform peaked at $1.75 billion in total value locked in August 2025, according to DefiLlama data, though liquidity has since moderated to approximately $1 billion at the time of the announcement. The protocol operates on a fixed 10% service fee structure applied to staking rewards, which are distributed among ecosystem participants and a treasury reserve. In October 2025, the platform achieved its highest monthly revenue, collecting $380,492 from total fees of $3.8 million.
Through the Alluvial acquisition, Galaxy obtains direct control over the codebase powering Liquid Collective, along with Alluvial's institutional-focused staking infrastructure tools designed for exchanges, custodians, and asset managers. The New York-based firm is integrating Alluvial's engineering team to accelerate development and expansion efforts.
Galaxy frames the acquisition as a natural extension of its existing institutional infrastructure business, which currently encompasses trading, custody, lending, and staking services. The firm has signaled plans to expand Liquid Collective beyond its current dual-asset offering of ETH and SOL to support additional blockchain assets, though specific assets and deployment timelines have not been disclosed. The acquisition positions Galaxy to capture growing demand for institutional-grade liquid staking solutions as institutions increasingly seek on-chain participation with operational flexibility.
Liquid Collective will continue operating under the oversight of a non-profit foundation, maintaining its governance structure despite Galaxy's assumption of technical development responsibilities.
Liquid Collective, launched in 2023, allows institutions to stake Ethereum or Solana while keeping those assets liquid for trading purposes. The platform peaked at $1.75 billion in total value locked in August 2025, according to DefiLlama data, though liquidity has since moderated to approximately $1 billion at the time of the announcement. The protocol operates on a fixed 10% service fee structure applied to staking rewards, which are distributed among ecosystem participants and a treasury reserve. In October 2025, the platform achieved its highest monthly revenue, collecting $380,492 from total fees of $3.8 million.
Through the Alluvial acquisition, Galaxy obtains direct control over the codebase powering Liquid Collective, along with Alluvial's institutional-focused staking infrastructure tools designed for exchanges, custodians, and asset managers. The New York-based firm is integrating Alluvial's engineering team to accelerate development and expansion efforts.
Galaxy frames the acquisition as a natural extension of its existing institutional infrastructure business, which currently encompasses trading, custody, lending, and staking services. The firm has signaled plans to expand Liquid Collective beyond its current dual-asset offering of ETH and SOL to support additional blockchain assets, though specific assets and deployment timelines have not been disclosed. The acquisition positions Galaxy to capture growing demand for institutional-grade liquid staking solutions as institutions increasingly seek on-chain participation with operational flexibility.
Liquid Collective will continue operating under the oversight of a non-profit foundation, maintaining its governance structure despite Galaxy's assumption of technical development responsibilities.
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