DigitalX Limited: August Bitcoin and Digital Asset Exposure

DigitalX Limited (ASX: DCC) provides its monthly update on funds under management and the value of Bitcoin and digital asset holdings as of the end of August 2024. DigitalX remains committed to navigating the dynamic digital asset market despite a challenging month. In August, the DigitalX Bitcoin Fund decreased by 13.8%, with a spot price of US$59,358.7764, while the DigitalX Fund decreased by 18.7%. It saw the digital asset market underperform both the All-Ordinaries Index and gold AUD over the month, with the price of Bitcoin experiencing significant fluctuations. The company closely monitors these market movements and remains steadfast in its commitment to its long-term strategy. Despite challenges, there are promising signs, such as the recovery of Bitcoin to a monthly peak of US$65,000 before the end of the month.

According to Coin Shares, global digital asset investment products saw net outflows of US$305 million in the final week of August, accompanied by a 9% decrease in month-on-month assets under management for US-based spot Bitcoin ETFs. Nonetheless, these ETFs still hold a significant US$54.7 billion by the end of the month. The company wants to reassure its shareholders and investors that it is committed to adapting and thriving in this evolving landscape while continuing to provide value.

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