CryptoBitcoinGalaxy Asset Management Reaches $10 Billion; CEO Expects Bitcoin to Bounce Back

Galaxy Asset Management Reaches $10 Billion; CEO Expects Bitcoin to Bounce Back

Galaxy Digital Holdings’ institutional investing arm has reached a significant milestone, reflecting a surge in institutional investor enthusiasm for digital assets. CEO Mike Novogratz announced the achievement on March 19, underscoring the ongoing efforts to expand investor access to the digital economy.

The firm’s asset management branch, Galaxy Asset Management, has witnessed remarkable growth in its Assets Under Management (AUM) over the past year, surpassing a threefold increase. This surge has been attributed to a range of investment strategies, including passive, active, and venture investment approaches. Notably, the Invesco Galaxy Bitcoin ETF (BTCO) played a role in this growth, although its inflows, totaling $175 million, have been modest compared to newer entrants in the market.

Despite a recent decline of 4% in after-hours trading, Galaxy Digital’s stock (GLXY) has seen a 23.5% increase since the beginning of the year, buoyed by the approval of spot Bitcoin ETFs in mid-January. However, it remains well below its peak of $40 in November 2021.

Galaxy Digital is awaiting regulatory approval for the launch of a spot Ethereum ETF, with a decision expected by July 5. Founded in 2018, the firm encompasses Galaxy Digital Holdings’ Global Markets and Digital Infrastructure Solutions divisions, led by Global Head of GAM, Steve Kurz.

The milestone coincides with substantial inflows into Bitcoin ETFs, prompting Novogratz to predict a new wave of Bitcoin adoption. However, he also anticipates a potential correction in Bitcoin’s price, suggesting a low of $50,000. This prediction aligns with recent market movements, as Bitcoin’s value dropped from $73,580 on March 14 to $63,877 at present.

Novogratz emphasized the significance of ongoing net inflows into U.S. spot Bitcoin ETFs, indicating their potential to drive BTC‘s price higher. Conversely, a shift to net outflows could signal the beginning of a significant market correction, a trend closely monitored by traders.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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