Galaxy Digital Sees Assets Under Management Jump 23.5% In July
Galaxy Digital (TSX: GLXY) has seen a strong rebound in total assets under management. The firm on Friday released the latest preliminary figures for the month of July, demonstrating strong AUM growth versus the decline experienced in the prior month.
Total assets under management jumped to $2,096.6 million during the month of July, a substantial increase of 23.5% versus the $1,697.6 million reported for the month of June. At the time, June represented a month over month decline of at least 15.8% for the company, amid a major downturn within the larger crypto markets.
As a comparison, the price of bitcoin during the same time period increased by 17.1% to close the month out at $23,322, after having fallen 37.3% in the month of June.
The company also reported its financial results for the quarter ended June 30, reporting a net loss of $554.7 million, for which the company blamed on digital asset price declines during the quarter. The company maintains that it has over $1.0 billion in cash and a liquidity position of $1.5 billion.
Galaxy Digital last traded at $7.49 on the TSX.
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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.
