Galaxy Digital Sees Assets Under Management Fall Nearly 19% In January

Galaxy Digital (TSX: GLXY) continues to struggle when it comes to its assets under management. After seeing a 17% decline in assets under management in December, that trend appears to have continued into January.

Over the course of January, the firms affiliate, Galaxy Digital Asset Management, saw the rate of decline for its AUM accelerate. Assets declined from $2.875 billion to $2.331 billion. The decline represents a fall of 18.9% over the prior month.

Notably, back in December we identified that Galaxy’s AUM had declined less than the value of Bitcoin over the time period, which was a positive result on a relative basis. The company has now broken away from that however, with the leading cryptocurrency falling 16.70% during the month of January, meaning Galaxy’s AUM decline was more dramatic than bitcoin’s decline.

Even worse is the decline from the height of Galaxy’s assets under management, which was achieved in November 2021. With an all time high of $3.470 billion in AUM achieved during that month, the company has seen a decline of 32.8% from that high, or roughly a third.

The data is said to be preliminary in nature, and based on managements most recent estimates.

Galaxy Digital last traded at $15.40 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.

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