Galaxy Digital’s October AUM Grew More Than 40% to $3.1B

Galaxy Digital’s assets under management (AUM) grew to over $3.1 billion in October from $2.2 billion in September, with its Ether-focused exchange-traded fund (ETF) cited as one of the main driving forces.

The Mike Novogratz-led asset manager reported the preliminary AUM figure on Wednesday.Compared to the equivalent figure in 2020, the firm’s AUM has grown over 600% from $446.3 million at the end of October 2020.October’s performance can largely be attributed to Galaxy’s roster of Canadian ETFs, particularly its Toronto Stock Exchange-listed CI Galaxy Ethereum ETF (ETHX), the company’s global asset management head Steve Kurz said in an interview with Bloomberg.ETHX, which invests directly in the world’s second largest cryptocurrency ether, saw its price grow by over 28% in October, tracking a surge in the underlying asset’s value of over 40%.“From a market infrastructure and development of the asset class perspective, ether is picking up steam, probably the way bitcoin did a year-and-a-half ago,” Kurz said.

Read more: Options Traders Bet Big Ether’s Turn for an ETF Is Coming Soon

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