A sign of the times. Galaxy Digital Holdings (TSX: GLXY) Friday evening made a brief announcement on its assets under management, and to say the least, it wasn’t positive.
The firm over the course of December, perhaps as a sign of the lack of strength in the crypto currency markets as a whole, saw its assets under management decline rather substantially. The firms AUM fell by 17.2%, dropping from $3.47 billion to $2.87 billion, or a fall of $597.5 million in a matter of a single month.
The fall in AUM is the second time the firm had seen a decline on a monthly basis in the last twelve months, with the prior tumble being seen in May. At the time, the company saw its AUM decline from $1.62 billion to $1.24 billion, or roughly 16.2%, before resuming its growth over the month of June.
Sponsored · Cambria Gold Mines
That being said, Galaxy is doing well on a relative basis. Over the course of the month of December, Bitcoin fell a total of 18.89%, meaning that Galaxy did slightly better than the leading indicator for the sector as a whole. The currency fell from $57,027 to $46,214 over the course of the month.
The decline in Galaxy’s AUM is said to be preliminary in nature, and based on management’s most recent estimates.
Galaxy Digital last traded at $22.13 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.
