As crypto fever boils over, DigitalX hits record funds under management
The ASX’s only crypto company was a major beneficiary of the surging interest in digital assets last month.
DigitalX (ASX:DCC)’s funds under management grew 36.8 per cent in October to a new record high of $38.99 million, as Bitcoin hit an all-time high late in the month.
There were also $1 million new flows into DigitalX’s funds during the month, the company said.
The company’s Bitcoin Fund grew 37.46 per cent during the month, and its DigitalX Fund grew 27.82 per cent.
Meanwhile, the price of gold dipped 1.74 per cent over the month, against the Aussie dollar.
And the All Ordinaries rose just 0.12 per cent.
In other words, crypto proved its value during October as an asset class uncorrelated with equities or precious metals.
Year to date to October 31, DigitalX’s Bitcoin Fund is up 105.69 per cent, and the the company’s Digital Asset Fund is up 285.67 per cent.
For the past 12 months, the Bitcoin Fund is up 300.36 per cent and the Digital Asset Fund is up 529.11 per cent.
And since inception, the Bitcoin Fund is up 637.13 per cent and the Digital Asset Fund is up 345.15 per cent.
Note that those figures are as of October 31, when Bitcoin was trading for between US$60,500 to US$62,000.
The original cryptocurrency was up significantly this morning, and at time of writing is changing hands for over US$65,000.
For more information on the DigitalX’s funds, contact acting chief operating and chief financial officer Jonathon Carley at [email protected].
This article was developed in collaboration with DigitalX, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.