New funds provide institutional and accredited investors access to low-fee, institutionally wrapped bitcoin exposure
NEW YORK, Nov. 19, 2019 /PRNewswire/ – Galaxy Digital Holdings Ltd. (TSXV: GLXY) announced that its affiliate, Galaxy Digital Capital Management LP, launched the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. Both funds are passively managed vehicles that offer institutional and accredited investors low-fee, institutionally wrapped bitcoin exposure supported by vetted service providers.
The Galaxy Bitcoin Fund requires a $25,000 minimum investment and has quarterly liquidity, whereas the Galaxy Institutional Bitcoin Fund has weekly liquidity and requires a higher minimum investment. The funds offer institutionally secure third-party custody, standard tax documentation, and client service support – all to provide simplified bitcoin exposure for accredited investors. Steve Kurz, Head of Asset Management at Galaxy Digital, will oversee the funds in conjunction with Portfolio Manager Paul Cappelli.
“Galaxy continues to have high conviction in bitcoin and has made significant strides in helping to bring a more institutionalized footprint to the digital asset ecosystem,” said Mike Novogratz, CEO and Founder of Galaxy Digital. “We believe this effort is an important step forward in fulfilling this mission.”
“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,” said Steve Kurz, Head of Asset Management at Galaxy Digital.
Bakkt, a digital assets platform founded by the Intercontinental Exchange (ICE), and Fidelity Digital Assets will act as custodians for the funds. Bloomberg L.P., which first partnered with Galaxy on the Bloomberg Galaxy Crypto Index, will be the pricing agent….