Galaxy Digital’s property below administration (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 many important driving forces.
- The Mike Novogratz-led asset supervisor reported the preliminary AUM determine on Wednesday.
- Compared to the equal determine in 2020, the agency’s AUM has grown over 600% from $446.3 million on the finish of October 2020.
- October’s efficiency can largely be attributed to Galaxy’s roster of Canadian ETFs, notably its Toronto Stock Exchange-listed CI Galaxy Ethereum ETF (ETHX), the corporate’s international asset administration head Steve Kurz said in an interview with Bloomberg.
- ETHX, which invests instantly on the earth’s second largest cryptocurrency ether, noticed its worth grow by over 28% in October, monitoring a surge within the underlying asset’s worth of over 40%.
- “From a market infrastructure and growth of the asset class perspective, ether is choosing up steam, most likely the best way bitcoin did a year-and-a-half in the past,” Kurz mentioned.
Read extra: Options Traders Bet Big Ether’s Turn for an ETF Is Coming Soon
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