NAIROBI (CoinChapter.com) — Galaxy Asset Management (GAM), a crypto investment firm, revealed that it is now managing $10.1 billion worth of preliminary assets after a nearly 25% surge in its coffers in February.
Why is Galaxy AUM Up So Much?
Market appreciation and heightened institutional interest in cryptocurrencies after the launch of spot Bitcoin ETFs in the U.S. fueled the surge in assets under management (AUM) in February. As a result, GAM’s AUM has more than tripled over the past year, reflecting soaring institutional demand.
Notably, Galaxy Asset Management’s AUM has grown impressively from March 31, 2023, to Feb. 29, 2024. Particularly notable is the surge in opportunistic funds, which jumped from $1.612 billion to $6.042 billion between Sept. 30, 2023, and Feb. 29, 2024.
Invesco Galaxy Bitcoin ETF Experiences Lag
Despite Galaxy’s overall success, the newly launched Invesco Galaxy Bitcoin ETF (BTCO) has seen relatively limited inflows.
According to Farside Investors, BTCO has recently attracted just $175 million in investments. Since ETFs’ mid-January launch, only the Franklin Bitcoin ETF (EZBC) and the WisdomTree Bitcoin Fund (BTCW) have attracted less capital.
Moreover, GAM is actively pursuing approval for a spot Ethereum ETF, with the regulatory decision expected by July 5th. This ambitious endeavor reflects the firm’s commitment to broadening investor access to the digital asset ecosystem.
