Issuer of the BTCO bitcoin fund has accumulated $10,1 billion in assets under management

The company explains this by the growing investor interest in digital assets and diversification of its own investment strategies

19.03.2024 - 11:30

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2 min

What’s new? Assets under management (AUM) at Mike Novogratz’s Galaxy Digital crypto investment firm Galaxy Asset Management (GAM) surpassed $10 billion for the first time amid a surge in investor interest in digital assets. GAM also attributed the growth in the figure to the expansion of its proprietary investment strategies, including a spot bitcoin exchange-traded fund (ETF) recently launched with Invesco.

Galaxy’s report

What else is known? As of February 29, the company had $10,1 billion in assets under management (+24,8% for the month). GAM has more than tripled that figure over the past year.

The Invesco Galaxy Bitcoin ETF (BTCO), along with nine other similar products, was admitted to the US market on January 11 of this year. Since the start of trading, BTCO has seen net inflows of $174,89 million, ranking the fund in seventh place.

Weekly inflow of funds into crypto derivatives breaks a record at $2,9 billion

YTD inflows have also broken the record set for the entire year 2021

Galaxy and Invesco also applied to launch a spot fund based on Ethereum, but the US securities regulator SEC in early February postponed the deadline for a decision on it to July 5.

Also in 2023, FTX’s new managers engaged GAM to sell, stake, and hedge the crypto assets of the bankrupt crypto exchange. The company added that together with FTX, it aims to monetize the exchange’s assets responsibly without causing market fluctuations while maximizing profits for further distribution to creditors. These activities also contribute to the growth of its AUM, Galaxy said.

According to the press release, GAM is focused on developing new products for institutional investors, supporting promising startups, fostering the development of a mature blockchain ecosystem, and creating a regulatory framework for the industry to stimulate innovation while protecting investors.

Galaxy reported that its losses grew by 104% to $94 million in Q3 last year. The company attributed this to the fall of the crypto market and record low volatility in the reporting period.

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