Galaxy Digital Sees Assets Under Management Decline 3.8% In September
Galaxy Digital (TSX: GLXY) appears to have hit a short term top in terms of its assets under management. The firm this morning reported its preliminary results for the month of September, and in short – the company appears to have flatlined.
Assets under management for the month of September came in at $1,985.2 million, a mild 3.8% decline over the month of August, which saw AUM close out the month at $2,063.8 million. The figures are unaudited, and are said to include certain closed end vehicles, seed investments, fund of fund productions, and sub-advised funds. The figure also includes best-estimates by management for certain vehicles.
As a comparison, the price of bitcoin during the month of September declined by 3.16%, falling from $20,049 to $19,425. The results demonstrate that the firms assets under management largely mirror that of the move in bitcoin.
READ: Galaxy Digital: BMO Cuts Price Target To $14 After BitGo Purchase Falls Apart
The decline in AUM was reportedly driven by market depreciation, which was offset partially by net inflows.
Galaxy Digital last traded at $7.05 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
