Orrick Advises Galaxy Digital on First-of-its-Kind Onchain Credit Product

1 minute read | March.26.2026

Galaxy Digital (NASDAQ: GLXY) announced the successful closing of Galaxy CLO 2025-1, a new-issue collateralized loan obligation (CLO) that is tokenized on the Avalanche blockchain.

Orrick advised Galaxy Digital.

THE COMPANY

Galaxy Digital is a global leader in digital assets. Their digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody and tokenization technology.

THE IMPACT

By tokenizing the CLO, Galaxy has taken a major step in bringing private credit onchain, unlocking the potential for instant settlement, enhanced structural transparency, improved secondary-market liquidity, and more efficient use of collateral.

This innovative transaction marks a historic milestone that opens the door for institutional engagement in credit markets onchain. It demonstrates that institutional-grade securitization structures and credit can be brought onchain without sacrificing the rigor, compliance, or standards required by institutional investors.

THE TEAM

The team was led by Orion Mountainspring and included Alexander Radisich, Joseph Perkins, James Larkin, Nathaniel Reisenburg and Adriana Rosa Sunkaraneni.

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Related Lawyers

Orion Mountainspring Partner, Asset‐Backed Securities, Blockchain & Digital Assets

New York

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D:+1 212 506 5017
E: [email protected]

Practice:

Asset‐Backed Securities
Blockchain & Digital Assets
Derivatives
Energy
Fintech
Public Finance
Residential Mortgage‐Backed Securities
Structured Finance

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Orion Mountainspring Partner

New York

Orion’s practice has a special focus on designing bespoke financial transactions, both in the capital markets where he represents issuers, underwriters and investors, and in private transactions where he represents sponsors, lenders, purchasers and sellers in alternative financing arrangements.

He covers public and private conduit and term transactions backed by structured asset classes. These encompass a diverse array of financial instruments, ranging from consumer loans and residential mortgages to commercial mortgages, student loans, solar loans, marketplace lending, auto loans, credit cards, shipping, municipal bonds, and blockchain-enabled financial products.

Alexander Radisich Partner, Structured Finance, Banking & Finance

Los Angeles

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Practice:

Finance Sector
Structured Finance
Banking & Finance

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Alexander Radisich Partner

Los Angeles

Alex has experience structuring securitizations and warehouse financings for a diverse array of asset classes, including forward and reverse residential mortgage loans, commercial and residential solar loans and leases, tax liens, cryptocurrency-backed loans, consumer loans, whole business operating companies and residential transition loans. He helps clients navigate novel regulatory and legal issues to structure bespoke financial transactions in the capital markets.

He also has experience advising clients on securitization and servicing issues in the bankruptcy context. Alex represented Ditech Holding Corporation, one of the nation’s largest mortgage servicers, as special securitization counsel in connection with its bankruptcy proceedings. In this role, he negotiated the terms for the sale of Ditech’s portfolio of agency and non-agency forward mortgage servicing rights and mortgage loans and advised on various securitization and servicing issues that arose with purchasers, securitization trustees and federal agencies.

Joseph Perkins Partner, Technology Companies Group, Blockchain & Digital Assets

Silicon Valley

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D:+1 650 289 7188
E: [email protected]

Practice:

Technology & Innovation Sector
Technology Companies Group
Blockchain & Digital Assets
Japan
Mergers & Acquisitions

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Joseph Perkins Partner

Silicon Valley

Joseph helps companies navigate the evolving digital asset landscape, with particular emphasis on Real World Asset (RWA) tokenization, governance and corporate structuring, stablecoin compliance and implementation, and blockchain-based financial services. He assists clients in navigating regulatory requirements for token launches and blockchain product implementations, while developing fundraising strategies tailored to the digital asset ecosystem. From securities law analysis to federal and state regulatory compliance, Joseph has become a trusted advisor for companies building transformative blockchain infrastructure and applications.

As a member of Orrick’s Technology Companies Group, Joseph assists cutting-edge technology companies and investors with general corporate counseling, private venture capital financing, and M&A services. Joseph has had the opportunity to work with some of the most iconic companies in Silicon Valley, advising on corporate strategy and fundraising matters.

Joseph plays a key role in connecting the Silicon Valley and Japan tech and venture ecosystems. He advises Japanese technology companies and corporate venture capital funds, leveraging his Silicon Valley background to support their growth. Fluent in Japanese, Joseph maintains strong ties to Japanese businesses and collaborates closely with Orrick’s Tokyo practice.

James Larkin Partner, Tax Advocacy, Corporate Tax

New York

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D:+1 212 506 5256
E: [email protected]

Practice:

Finance Sector
Tax Advocacy
Corporate Tax
Tax

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James Larkin Partner

New York

Jamie concentrates on a broad range of federal income tax matters, including tax issues related to cross-border stock and asset acquisitions, debt and equity offerings, collateralizations, reorganizations, cross-border financings and transfer pricing.

Prior to joining Orrick, Jamie was an associate at White & Case LLP.