Galaxy Digital (TSX: GLXY) appears to have hit a short term top in terms of its assets under management. The firm this morning reported its preliminary results for the month of September, and in short – the company appears to have flatlined.
Assets under management for the month of September came in at $1,985.2 million, a mild 3.8% decline over the month of August, which saw AUM close out the month at $2,063.8 million. The figures are unaudited, and are said to include certain closed end vehicles, seed investments, fund of fund productions, and sub-advised funds. The figure also includes best-estimates by management for certain vehicles.
As a comparison, the price of bitcoin during the month of September declined by 3.16%, falling from $20,049 to $19,425. The results demonstrate that the firms assets under management largely mirror that of the move in bitcoin.
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READ: Galaxy Digital: BMO Cuts Price Target To $14 After BitGo Purchase Falls Apart
The decline in AUM was reportedly driven by market depreciation, which was offset partially by net inflows.
Galaxy Digital last traded at $7.05 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.
