Galaxy Digital Expand Crypto Offering
According to the recent announcement, the new fund will be offered on a “best-efforts basis in each of the provinces and territories of Canada.”
Canadian merchant bank, Galaxy Digital, is expanding its cryptocurrency offerings after announcing it is set to launch a public Bitcoin fund in the country.
Partnering with CI Global Asset Management, CI Galaxy Bitcoin Fund is a “closed-end investment fund” set to invest directly in Bitcoin (BTC) using the fund’s holdings of the token, based on prices of the Bloomberg Galaxy Bitcoin Index. The fund is set to offer units of Class A and Class F with the price set at $10 each.
The partnership will see CI Global Asset Management manage the new Bitcoin fund whilst Galaxy Digital will act as its subadvisor, executing all Bitcoin trades on behalf of the fund.
According to the recent announcement, the new fund will be offered on a “best-efforts basis in each of the provinces and territories of Canada.”
Mike Novogratz, CEO and Founder of Galaxy Digital, said:
“Galaxy continues to have high conviction in Bitcoin and has made significant strides in helping to bring a more institutionalised footprint to the digital asset ecosystem. "We believe this effort is an important step forward in fulfilling this mission."
Galaxy Digital’s Head of Asset Management, Steve Kurz, commented:
“The Galaxy Bitcoin Funds help accredited investors mitigate the complexities and risks of managing direct Bitcoin investments. The funds provide investors Bitcoin exposure with institutionally secure third-party custody, best-in-class service providers, and Galaxy's platform support.”
