Galaxy Surpasses $10 Billion in AUM as Institutional Interest in Digital Assets Skyrockets

cryptonews.com:

Galaxy Asset Management, a prominent crypto investment firm, has surpassed $10 billion in assets under management (AUM) amid a surge in institutional interest in digital assets. 

In a  recent post on X , Galaxy Digital CEO Mike Novogratz said the company has made continuous progress in providing investor access to the expanding 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,” he wrote. 

According to a blog post from Galaxy Asset Management (GAM), the firm reported a preliminary AUM of $10.1 billion as of February 29, 2024.

Notably, the company experienced a 24.8% increase in assets during February, primarily driven by market appreciation. 

However, net outflows from an ongoing opportunistic mandate partially offset this growth.

GAM highlighted its impressive AUM growth over the past year, more than tripling its assets. 

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

The firm attributed the increased AUM to a diverse range of investment strategies, including over a dozen passive, active, and venture approaches. 

Notably, the recently launched Invesco Galaxy Bitcoin ETF (BTCO) has also contributed to this growth.

While BTCO is part of the digital asset offerings, it has experienced relatively lower inflows compared to its competitors since its launch. 

According to Farside Investors, the fund has