Galaxy Digital’s AUM Reach $5.3B

Reading Time: < 1 minute

According to a report from the Financial Times, Galaxy Digital, led by Mike Novogratz, has seen a triple increase in the volume of assets under its management over the course of a year, rising from $1.7 billion to $5.3 billion.

This significant growth is primarily attributed to Galaxy Digital being chosen by the administrators of a bankrupt cryptocurrency exchange, FTX, to manage a portion of the exchange’s assets back in August.

The firm has expressed interest in acquiring other insolvent companies as well. Steve Kurtz, head of asset management at Galaxy Digital, stated that the company’s cryptocurrency-focused venture team makes investments on their balance sheet for a period of five years.

He also mentioned that real estate and new technology companies from FTX’s venture portfolio, such as AI startup Anthropic, could be potential targets for acquisition.

In October, Invesco and Galaxy Digital jointly applied to the US Securities and Exchange Commission to launch an Ethereum-based ETF.

In December, the company, along with DWS Group and Flow Traders, announced the release of a stablecoin pegged to the euro.