Galaxy Digital, a prominent asset manager, recently added 400 BTC to its holdings, amounting to $23.4M, despite market volatility.
Galaxy Digital's BTC Strategy
This acquisition comes at a time when the asset manager has been reported to be selling off its Bitcoin. Despite selling, Galaxy Digital has shown a dynamic approach to Bitcoin, selling and then purchasing again. This acquisition and redistribution strategy indicates the firm’s belief in the long-term value of Bitcoin, despite the current market volatility. The company’s recent move aligns with the broader market sentiment. Institutional investors have been increasing their investment in Bitcoin. Notable corporate holders such as Marathon and Microstrategy have also been accumulating Bitcoin, betting on its future value and contributing to the rise in its price.
Bitwise Expands in Europe
In another significant development in the crypto market, Bitwise, a San Francisco-based asset manager, has purchased ETC Group. This London-based crypto ETP issuer has over $1 billion in assets under management. The acquisition marks Bitwise’s expansion into the European market and adds 9 European-listed Crypto ETPs to its suite.
Both events highlight the growing interest of institutional investors in cryptocurrencies and their confidence in the long-term potential of digital assets.
Comments