Galaxy Surpasses $10 Billion in Assets Under Management

Galaxy Asset Management (GAM), a division of Galaxy Digital, has announced that its assets under management (AUM) have surpassed $10 billion. 

This achievement was announced by Mike Novogratz, the CEO of Galaxy Digital, in a post on X.

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Galaxy Asset Management's remarkable growth, more than tripling its AUM over the past year, reflects the growing institutional interest in digital assets.

As of February 29, 2024, GAM reported its preliminary AUM stood at $10.1 billion, marking a remarkable 24.8% increase in February alone. This surge was attributed mainly to market appreciation despite slight offsets by "net outflows associated with an ongoing opportunistic mandate."

Novogratz expressed pride in the firm's growth trajectory and highlighted the firm's commitment to facilitating investor participation in the burgeoning digital economy.

The firm's diverse investment strategies, encompassing passive, active, and venture investments, have been pivotal in attracting a wide range of investors.

Among its notable initiatives is the launch of the Invesco Galaxy Bitcoin (BTC) exchange-traded fund (ETF) (BTCO), aimed at further expanding its investment avenues despite stiff competition from other ETFs in the market.

While the BTCO ETF has seen moderate inflow compared to its peers, with Farside Investors reporting about $175 million to date, GAM remains optimistic about its future, especially with its application for a spot Ethereum (ETH) ETF still under consideration.

With a focus on delivering diverse and strategic investment solutions, Galaxy Digital is poised to remain at the forefront of the cryptocurrency investment landscape, driving further interest and investment in the digital economy.

In other news, the SEC has postponed BlackRock and Fidelity's applications for spot ETH ETFs.

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