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Galaxy Digital records nearly $60 million in Bitcoin funds

business

TL:DR Breakdown:

  • Crypto investment manager Galaxy Digital gained about $58 million from its Bitcoin funds. 
  • These crypto funds are only available to large and institutional investors.

Galaxy Digital, founded by Mike Novogratz, has reportedly raised almost $60 million from institutions and large investors via two of its Bitcoin funds. This is quite another milestone, as both products were launched last year and have attracted many deep-pocketed investors within a year. Standing on the progress, the crypto asset management company recently disclosed its plans to launch a similar product in the Canadian market.

Galaxy Digital Bitcoin funds

According to recent filings with the US Securities and Exchange Commission (SEC), the company gained $58.7 million from its Bitcoin funds – the Galaxy Bitcoin Fund LP and Galaxy Institutional Bitcoin Fund LP. The Galaxy Bitcoin Fund received about $3.6 million from institutional investors. Last November, the fund was launched and had attracted up to 56 investors, with at least $25,000 as a minimum investment.

Launched in the month, the Galaxy Institutional Bitcoin Fund gained a higher amount of $55.1 million, according to the report. It attracted capital from about 33 investors despite having a higher entry point than the other Bitcoin fund. Institutional investors are allowed at a minimum investment of $250,000. The growth of Galaxy Digital Bitcoin funds is quite not an unusual development as other fund managers have also been posting massive growth.

Galaxy Digital targets the Canadian market

On November 17, the assets management company partnered with a Canadian firm, CI Global Asset Management, to expand its Bitcoin fund products to Canada, providing the investors more exposure to the cryptocurrency. The Galaxy Digital partner will manage all Canadian funds.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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