Galaxy Digital’s Assets Under Management Reach $10B

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Galaxy Digital’s Crypto investment firm, Galaxy Asset Management, has recently surpassed $10 billion in assets under management, as institutional interest in the digital asset market continues to rise.

The company CEO Mike Novogratz announced the milestone on March 19, stating that it reflects the company’s ongoing efforts to provide investors with access to the growing digital economy.

As of February 29, 2024, GAM reported $10.1 billion in preliminary assets under management, a 24.8% increase primarily attributed to market appreciation.

The company also noted that their AUM has more than tripled in the past year, a significant increase that highlights the surge in institutional interest in digital assets. GAM credits this growth to their diverse range of investment strategies, including the newly launched Invesco Galaxy Bitcoin ETF (BTCO).

However, despite the success of BTCO, which currently has $175 million in assets, it has seen relatively lower inflows compared to its competitors. The Franklin Bitcoin ETF (EZBC) and WisdomTree Bitcoin Fund (BTCW) have both seen higher inflows since their launch in mid-January, according to Farside Investors.