Novogratz Galaxy reaches 10B AUM, increasing investor interest in crypto
Crypto investment firm Galaxy Asset Management has surpassed $10 billion in assets under management, citing increased institutional interest in digital assets.
On March 19, Galaxy Digital CEO Mike Novogratz shared the high level on X, which he said is “part of an ongoing evolution to enable investors to access the growing digital economy.”
In a company blog post updated on March 18, Galaxy Asset Management (GMA) reported initial assets under management of $10.1 billion as of February 29, 2024.
The firm's assets rose 24.8 percent in February, “driven primarily by market appreciation,” but partially offset by net inflows from “continuing opportunity mandates.”
GAM more than tripled its AUM last year, which “shows increasing institutional interest in digital assets.”
The company attributed the increase in AUM to “more than 10 passive, active and venture investment strategies,” including the recently launched Invesco Galaxy Bitcoin ETF ( BTCO ).
However, BTCO has lagged behind its competitors, with only $175 million to date, according to Farside Investors. Franklin Bitcoin ETF (EZBC) and Wisdomtree Bitcoin Fund (BTCW) have seen low returns since their launch in mid-January.
Invesco Galaxy is in the running for an Ethereum ETF application to be approved, although a decision to approve or reject the application was delayed in early February, with a final deadline set for July 5.
In the year In 2023, FTX Estate appointed Novogratz Company to help sell, sell and hedge crypto holdings.
He said he is working closely with FTX State to “responsibly protect the company's digital asset holdings to create an income stream that protects the interests of creditors and generates high returns.”
“That effort contributed to the firm's AUM growth,” he added.
Related: Galaxy ETF predicts 74% increase in Bitcoin price in first year after launch
Galaxy Asset Management is the institutional investment arm of Galaxy Digital Holdings, which includes Global Markets and Digital Infrastructure Solutions. Steve Kurz Launched in 2018, he is the global head of Gam.
Galaxy Digital stock ( GLXY ) was down 4% on the day at $12.80 in after-hours trading, but shares have gained 23.5% since the start of the year. Most of these gains came after the approval of Bitcoin ETFs in mid-January, however, the stock is down nearly 70% from its peak of $40 in November 2021, the last time the crypto market peaked.
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