DigitalX Limited (ASX:DCC) has provided its August 2023 monthly update on funds under management and digital asset holdings. The DigitalX Bitcoin Fund and DigitalX Fund both experienced declines of 4.4% and 7.7%, respectively, aligning with the 7.7% drop in the S&P Cryptocurrency Top 10 Equal Weight Index (AUD). These losses were primarily attributed to Bitcoin's price decrease in August, with smaller digital assets suffering more due to low liquidity.
The potential establishment of a US-listed spot Bitcoin ETF became more likely after Grayscale Investments, LLC, a US-based fund manager with $17.4 billion AUM, won a significant legal battle to convert its AU$16.3 billion closed-ended Bitcoin trust into an ETF. All assets in DigitalX Fund are securely held by an institutional-grade custodian with insurance coverage. DigitalX CEO, Lisa Wade, noted the seasonal impact on trading volumes, expressing optimism for increased liquidity and positive developments like Bitcoin and Ethereum ETFs.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
