Softness within the cryptocurrency market continues to hit Galaxy Digital Holdings (TSX: GLXY). The firm last night released its latest data on its assets under management, indicating that it may be able to hit a rather significant – but negative – milestone.
Total assets under management in the month of May fell to $2.016 billion, as the firm flirts with the prospect of falling under the $2.0 billion mark amid a decline in the crypto markets. The figure represents a decline of 17.9% on a month over month basis, falling from $2.457 billion at the end of April.
The AUM print is the lowest since July 2021, when the company last posted a sub-$2.0 billion figure.
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Even more notably, the decline represents a tumble larger than that of bitcoin, which is effectively a barometer for the industry. Bitcoin declined 15.6% during the month of May, pointing to the problem likely being that of altcoins for Galaxy.
AUM figures are said to be presented on a preliminary basis.
Galaxy Digital Holdings last traded at $7.47 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.
