Coinspeaker
Galaxy Asset Management Reaches $10B AUM Milestone
Galaxy Asset Management (GAM) has surpassed $10 billion for the first time in assets under management (AUM). This achievement solidifies GAM’s position as one of the world’s largest digital asset managers, highlighting the growing institutional interest in cryptocurrencies and blockchain technology.
The company revealed in a blog post that, as of February 29, 2024, GAM was managing a staggering $10.1 billion in assets, marking a substantial 24.8% increase compared to the previous month. This surge in AUM can primarily be attributed to the rising value of the assets in the market, despite some outflows resulting from a specific investment strategy.
Mike Novogratz, CEO of Galaxy Digital Holdings Ltd, stated on his X page that the asset management company is proud of its continuous progress in enabling investors to access the growing digital economy.
Galaxy Asset Management has exceeded $10 billion in AUM for the first time ever, solidifying our position as a global leader in digital asset management. We are proud of our continuous progress in enabling investor access to the growing digital economy. Congrats @SteveKurz and… https://t.co/k659kfI9pu
— Mike Novogratz (@novogratz) March 18, 2024
GAM’s remarkable rise, with its assets under management more than tripling within the past year, serves as evidence of the increasing appetite of institutional investors for digital assets. These investors have placed their trust in the company, recognizing the firm’s proven track record and unwavering commitment to promoting responsible adoption of cryptocurrencies and blockchain technology.
GAM Investment Offerings and Innovative Products
Throughout its journey, the firm has remained steadfast in its pursuit of fostering innovation while safeguarding the interests of investors. To this end, the company offers a diverse range of investment strategies, catering to the varied needs of its clients. These strategies include passive, active, and venture options, providing investors with a comprehensive range of opportunities to participate in the digital asset market.
One notable addition to GAM’s offerings is the Invesco Galaxy Bitcoin ETF (BTCO), a product developed in partnership with Invesco. This exchange-traded fund (ETF) allows US investors to gain efficient exposure to Bitcoin, thereby democratizing access to the digital asset ecosystem. Aside from this, the company is working towards approval for a spot Ethereum ETF application, the decision for which is yet to be known, with the final deadline set for July 5.
In the face of recent challenges within the industry, the digital asset management company has played a crucial role in aiding the recovery process. Specifically, the firm has closely collaborated with the FTX estate, a prominent cryptocurrency exchange that filed for bankruptcy, to responsibly convert digital asset holdings into cash. This initiative aims to protect and maximize value for creditors while minimizing disruptions to the market. The company’s efforts in this regard have significantly contributed to the growth of its assets under management.
With its dedication and proven track record, GAM is well-positioned to continue its upward trajectory, further cementing its status as a leading player in the digital asset management space and ushering in a new era of institutional adoption within the cryptocurrency realm. This aligns with the company’s aim to stay dedicated to promoting the responsible use of digital assets and blockchain technology.
