Galaxy

Bitcoin ETF

Billion

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/galaxy-asset-management-surpasses-10-billion-in-assets-under-management/" data-wpel-link="internal">Galaxy Asset Management Surpasses $10 Billion in Assets Under Management</a><br></p>
<p class="p1" style="text-align: justify"><a href="https://en.coin-turk.com/bitcoins-ascent-continued-growth-amidst-market-optimism/" data-wpel-link="internal">Crypto</a> investment firm Galaxy Asset Management, referencing the increasing corporate interest in crypto assets, has surpassed $10 billion in assets under management for the first time. On March 19th, Galaxy Digital CEO Mike Novogratz shared the milestone on Twitter, stating it’s part of the continuous progress in providing investor access to the growing digital economy.</p> 
<h2 class="p1" style="text-align: justify" id="crypto-and-corporate-interest">Crypto and Corporate Interest</h2> 
<p class="p1" style="text-align: justify">Galaxy Asset Management (GAM) reported $10.1 billion in preliminary assets under management as of February 29, 2024, in an updated company blog post on March 18th. The firm’s assets increased by 24.8% in February, primarily due to market appreciation, but this was partially offset by net outflows resulting from an ongoing process. GAM added that it had more than tripled its assets under management (AUM) over the past year, reflecting the rise in corporate interest in crypto assets.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-330031" src="https://coin-turk.com/wp-content/uploads/2024/03/mike-tweet.jpg" alt="" width="500" height="167"></p> 
<p class="p1" style="text-align: justify">The company also attributed the increase in AUM to over a dozen active and venture investment strategies, including the recently launched Invesco Galaxy <a href="https://en.coin-turk.com/bitcoin-critic-peter-schiffs-alarming-btc-explanation-pay-attention-to-this-formation/" data-wpel-link="internal">Bitcoin</a> ETF (BTCO). However, according to Farside Investors, BTCO has lagged behind its competitors in terms of entries to date, with only $175 million. Only the Franklin Bitcoin ETF (EZBC) and WisdomTree Bitcoin Fund (BTCW) have seen lower entries since their launch in mid-January.</p> 
<h2 class="p1" style="text-align: justify" id="noteworthy-details-about-the-process">Noteworthy Details About the Process</h2> 
<p class="p1" style="text-align: justify">Invesco Galaxy is also in the race for an approved spot <a href="https://en.coin-turk.com/ethereum-price-surges-above-2800-for-first-time-since-may-2022/" data-wpel-link="internal">Ethereum</a> ETF application, but the decision to approve or reject the application was postponed at the beginning of February, with a new deadline set for July 5. FTX was tasked in 2023 to assist Novogratz’s firm with the sale, staking, and hedging of crypto assets.</p> 
<p class="p1" style="text-align: justify">Novogratz stated that the firm is working closely with the FTX team to responsibly liquidate crypto assets, preserving and maximizing value for creditors without disrupting the markets. Galaxy Asset Management is the corporate investment division of Galaxy Digital Holdings, which also includes Global Markets and Digital Infrastructure Solutions. Steve Kurz has been serving as the Global Head of GAM since its inception in 2018.</p> 
<p class="p1" style="text-align: justify">Galaxy Digital shares (GLXY) closed at $12.80 on March 18th, down 4% in after-hours trading, but the shares have gained 23.5% since the beginning of the year. Most of these gains came after the approval of spot Bitcoin ETF funds in mid-January, but the stock remains nearly 70% below its all-time high of $40 during the last crypto market peak in November 2021.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/galaxy-asset-management-surpasses-10-billion-in-assets-under-management/" data-wpel-link="internal">Galaxy Asset Management Surpasses $10 Billion in Assets Under Management</a></h5>

Galaxy Asset Management Surpasses $10 Billion in Assets Under Management

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