Bitcoin is down, and alts are down further, but that’s no reason to despair. Things can always be worse: your balance sheet probably didn’t lose as much as Galaxy Digital’s.
Mike Novogratz’s asset management firm experienced a near $30M drop in the value of assets under management (AUM) last month, which could be a sign that some investors are taking value elsewhere.
Galaxy Digital Capital Management (GDCM), which manages assets on behalf of index funds, opportunistic funds and blockchain ecosystem funds, reported a preliminary AUM figure of $393.9M as of the end of June. That’s a drop of 7% from the previous month, when Galaxy’s total AUM stood at $421.6M. It was also the single largest drop since the company started publishing figures in April 2018.
Why Did Assets…