- Galaxy is led by ex-hedge fund manager Michael Novogratz.
- The Galaxy Bitcoin Fund will require a $25,000 minimum investment with optional quarterly redemptions.
As reported by Coindesk, Galaxy Digital Asset Management, a division of the merchant bank Galaxy Digital, has announced launched two bitcoin funds in November. The Michael Novogratz-led company will provide funds to give accredited investors low-fee, institutionally managed bitcoin exposure. It will also make a seed investment into both funds. Novogratz stated that the funds were in the works on CNBC.
The Galaxy Bitcoin Fund will need a minimum investment of $25,000 with optional quarterly redemptions and will allow weekly withdrawals and require minimums higher than $25,000. The fund will also provide professional oversight of bitcoin storage, tax documentation, and client service support.
Paul Cappelli is the portfolio manager for both funds. However, the funds will be passively managed, meaning the investments (in this case, bitcoin) are selected automatically. Steve Kurz will lead the Galaxy’s asset management division.
However, it is unknown how much Galaxy has planned to raise from investors for either fund. At present, Galaxy Digital offers the Galaxy Crypto Index Fund. It tracks the Bloomberg Galaxy Crypto Index and provides exposure to the largest cryptocurrencies.
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