Merchant bank Galaxy Digital launches the new Bitcoin Fund in partnership with the Canadian investment firm CI Global Asset Management. Novogratz doubles down on his BTC prediction expecting it to touch $65,000.
Wall Street investors and former Goldman Sachs hedge fund manager Mike Novogratz doubles down on Bitcoin. Galaxy Digital, the crypto firm owned by Novogratz recently announced the launch of a new Bitcoin Fund in Canada.
As per the official announcement, Galaxy Digital has joined hand with Canada-based investment company CI Global Asset Management for launching this public Bitcoin (BTC) fund. Thus, the CI Galaxy Bitcoin Fund will work as a closed-end Bitcoin fund. Besides, the fund aims to provide unitholders some exposure to Bitcoin via an institutional-quality fund platform. The official announcement notes:
“The Fund will invest directly in bitcoin with the Fund’s holdings of bitcoin priced using the Bloomberg Galaxy Bitcoin Index (the “BTC”), which is designed to measure the performance of a single bitcoin traded in U.S. dollars. The BTC is owned and administered by Bloomberg Index Services Ltd”.
CI GAM will be the manager of the Bitcoin Fund while Galaxy Digital will act as the sub-advisor. Thus, Galaxy Digital will execute all Bitcoin trading on behalf of the fund. Galaxy Digital is popular for offering diversified financial services in the digital assets and the blockchain technology sector.
The Bitcoin Fund Will offer units of Class A and Class F shares at the price of $10 each. Note that this is not the first Bitcoin Fund that Galaxy Digital will be offering. Previously, the company has launched funds like the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. Moreover, the company is also offering several other funds based on cryptos like EOS.
Galaxy Digital CEO Mike Novogratz Expects Bitcoin Price to Touch $65K
Citing “tons of new buyers” and low supply, Mike Novogratz stated that Bitcoin (BTC) price will like hit $65,000. In his recent Twitter conversation with actress Maisie Williams (Arya Stark of GoT) Novogratz asked her not to hesitate in buying the cryptocurrency.
His response came Williams’s poll asking whether she can go long on Bitcoin. Commenting on this, Novogratz said:
“I bought more BTC last night at 15,800. It’s going to 20K and (then) To 65K. The network effect has taken over. I see tons of new buyers and there is very little supply. It’s an easier trade here (than) at 11K. So YES, buy it.”
In another development, Galaxy Digital has acquired two big crypto trading companies DrawBridge Lending and Blue Fire Capital. The acquisition will offer a specialized desk for institutional players and traditional asset managers wanting some exposure to digital assets. Speaking to Forbes, Christopher Ferraro, President of Galaxy Digital, said:
“With their expertise now under the Galaxy umbrella, we hope to accelerate the pace with which we continue bringing original trading products and services to the market.”
Other Bitcoin-related news can be found here.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.