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 by market value, 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.

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

Galaxy’s roster of Canadian ETFs were the driving force behind the surge.

Ether Slides as Grayscale's ETHE Outflows Ramp Up