Fun

Novogratz’s Galaxy reaches $10B AUM amid surge of investor interest in crypto

News Feed - 2024-03-19 03:03:02

Martin Young2 hours agoNovogratz’s Galaxy reaches $10B AUM amid surge of investor interest in cryptoGalaxy"s asset management arm partially attributed the milestone to its spot Bitcoin ETF with Invesco, though inflows have been low.845 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCrypto investment firm Galaxy Asset Management has exceeded $10 billion in assets under management for the first time, citing a surge of institutional interest in digital assets. 


On March 19, Galaxy Digital CEO Mike Novogratz shared the milestone on X, which he said was part of “continuous progress in enabling investor access to the growing digital economy.”


In a company blog post updated on March 18, Galaxy Asset Management (GAM) reported preliminary assets under management of $10.1 billion as of Feb. 29, 2024.


The firm’s assets increased by 24.8% in February, “primarily driven by market appreciation,” but were partially offset by net outflows from an "ongoing opportunistic mandate."


GAM added it has more than tripled its AUM over the last year, which “reflects a surge in institutional interest in digital assets.”Screenshot from Mike Novogratz"s post, March 19. Source: X


The company also attributed the AUM increase to “more than a dozen passive, active, and venture investment strategies,” including the recently launched Invesco Galaxy Bitcoin ETF (BTCO).


However, BTCO has lagged behind its competitors in terms of inflows, with just $175 million to date, according to Farside Investors. Only the Franklin Bitcoin ETF (EZBC) and the WisdomTree Bitcoin Fund (BTCW) have seen lower inflows since they were launched in mid-January.


Invesco Galaxy is also in the race for an approved spot Ethereum ETF application, though the decision to approve or reject the application was delayed in early February, with the final deadline set for July 5.


In 2023, the FTX estate appointed Novogratz’s firm to assist with the selling, staking, and hedging of its crypto holdings.


It said it is working closely with the FTX estate “to monetize the firm’s digital asset holdings in a responsible manner that protects and maximizes value for the benefit of creditors without roiling markets.”


“That effort has also contributed to the firm’s AUM growth,” it added.


Related:Galaxy predicts 74% Bitcoin price increase first year after ETF launch


Galaxy Asset Management is the institutional investment division of Galaxy Digital Holdings, which also comprises Global Markets and Digital Infrastructure Solutions. Steve Kurz is the Global Head of GAM which began in 2018.


Galaxy Digital stock (GLXY) closed down 4% on the day at $12.80 in after-hours trading but shares have gained 23.5% since the beginning of the year. Most of those gains came after spot Bitcoin ETFs were approved in mid-January, however, the stock remains down almost 70% from its $40 all-time high during the last crypto market peak in November 2021.


Magazine:Inside Pink Drainer — Security analyst defends his crypto scam franchise# Business# Adoption# Mike NovogratzAdd reactionAdd reactionRead moreBitMEX whale tanks Bitcoin price to $8.9K during BTC sell-offWorld’s largest pension fund explores diversifying into BitcoinSpot Bitcoin ETFs hit negative flows as GBTC sheds $642M in a day

News Feed

Alice Ivey12 hours ago11 ChatGPT prompts for maximum productivityExplore the transformative power of ChatGPT’s customizable prompts for professionals seeking maximum productivity.12045 Total views52 Total sharesListen
Is Twitter Helping Justin Sun and Other Cryptocurrency Celebrities Defraud?
Is Twitter Helping Justin Sun and Other Cryptocurrency Celebrities Defraud? A site as hugely influential as Twitter should ideally take a balanced and responsible approach when s
Highly Anticipated Insured Launchpad, Binstarter to Open to the Public on Aug 4th
Highly Anticipated Insured Launchpad, Binstarter to Open to the Public on Aug 4th press release PRESS RELEASE. Binstarter Protocol; the first and only Insurance P
Bitwise’s latest Ethereum ad can be minted as an NFT
Brayden Lindrea6 hours agoBitwise’s latest Ethereum ad can be minted as an NFTProceeds from the NFT mints are being paid to Protocol Guild, a collective funding mechanism created by Ethereum core contributors and the a
Ethereum ETF flows flip positive despite Grayscale outflows topping $2B
Tom Mitchelhill3 hours agoEthereum ETF flows flip positive despite Grayscale outflows topping $2BEther ETFs posted a net inflow of $26.7 million on Aug. 1, with inflows into BlackRock’s fund outpacing outflows from Gra
Localbitcoins, Crypto.com, Other Providers Suspend Services for Russians Under EU Rules
Localbitcoins, Crypto.com, Other Providers Suspend Services for Russians Under EU Rules Complying with the latest EU sanctions targeting Russia, well-known cryptocurrency platforms
Ripple vs. SEC: ‘Victory,’ or another chapter in the legal battle?
Helen Partz11 hours agoRipple vs. SEC: ‘Victory,’ or another chapter in the legal battle?Some lawyers question whether the latest court decision in the Ripple case should be regarded as a victory over the SEC.5316 To
Jesse Coghlan5 hours agoUS consumer watchdog mulls applying e-banking laws to cryptoThe head of the U.S. financial consumer watchdog says it’s looking to issue guidance on how crypto could fall into electronic fund tra
AI-powered smart contracts could be ‘transformative’ — Ava Labs founder
Andrew Singer10 hours agoAI-powered smart contracts could be ‘transformative’ — Ava Labs founderImagine if ordinary people could write smart contracts in their native language. It could bring in “billions of new
Bitcoin Miner Maker Canaan Sets $100 Million Target for US IPO
Canaan, the world’s second-largest bitcoin miner maker, intends to raise about $100 million in its initial public offering (IPO) in the U.S. The Hangzhou, China-based manufac
Rakesh Upadhyay5 hours agoPrice analysis 9/6: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATICBitcoin and several major altcoins continue to show weakness, but a few data points do favor bulls in the short term.973 To
Amendments to Russia’s Digital Asset Law Aim to Allow Mining, Ban Crypto Exchange and Ads
Amendments to Russia’s Digital Asset Law Aim to Allow Mining, Ban Crypto Exchange and Ads Russian lawmakers have proposed changes to the current law “On Digital Financial Asset