Galaxy Digital Sees Assets Under Management Nearly Fall Below $2.0 Billion In May
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.
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.
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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.
