The reports of the digital assets management firms in the third quarter of 2020 are very satisfactory and praiseworthy as institutional investors are recognizing the potential of Bitcoin. Galaxy Digital has dedicated the record performance to the crypto adoption on the part of institutional clients.
According to Michael Novogratz, CEO and founder of Galaxy Digital, the digital management firm has brought many significant changes, including the expansion of the capital base, new senior hires, and the completion of strategic actions. The major aim of these changes is to “position Galaxy Digital for the clear, incoming wave of institutional adoption ahead of digital assets and blockchain solutions by investors, corporates and governments.”
$1.4 Billion in Q3
Based on the third-quarter report of Galaxy Digital, the firm has witnessed a trading volume of $1.4 billion that is “up 75%+ year over year.” According to Novogratz, Q3 has proved the best period in its entire history.
At the end of Q3, Galaxy Digital Asset Management was holding $407.4 million in assets under management. The Index Fund of Galaxy Digital had increased by 32.2 %, while in the last quarter, 17.3% of funds were returned successfully.
With time, the firm has added more crypto facilities in anticipation of a bright crypto future. For miners residing in North America, it rolled out necessary financial tools for mining cryptocurrency in September.
The rising trading volume of Galaxy Digital is correlated with bullish sentiments prevailing in the cryptocurrency markets especially BTC markets. Over the last few months, the world’s leading cryptocurrency has witnessed a warm welcome from both retail and institutional investors. For the first time in history, Bitcoin is receiving positive comments from tech giants and billionaires throughout the world. Some prominent personalities of Wall Street have also dedicated some portion of their portfolio to Bitcoin.
According to Novogratz, the crypto space will soon witness the entry of big FinTech corporations, banks, and financial institutions.
Today, Bitcoin got a bullish push from bulls and broke a new high record after breaking $16,500.