Mike Novogratz ‘Galaxy Digital launches new Bitcoin fund in Canada

Galaxy Digital, a cryptocurrency trading bank founded by Mike Novogratz, expands its cryptocurrency offering in Canada.

According to an announcement dated November 16 Galaxy Digital has teamed up with major Canadian investment firm CI Global Asset Management to launch a public Bitcoin (BTC) fund in the country.

The CI Galaxy Bitcoin Fund is a “Closed Capital Investment Fund” that is intended to enable investors to get exposure to Bitcoin. According to the announcement, the fund will invest directly in Bitcoin using the fund’s holdings in the token based on the prices of the Bloomberg Galaxy Bitcoin Index.

Mike Novogratz ‘Galaxy Digital launches new Bitcoin fund in Canada
Mike Novogratz ‘Galaxy Digital launches new Bitcoin fund in Canada

As part of the new initiative CI GAM has submitted and purchased a receipt for a preliminary prospectus for the IPO of the CI Galaxy Bitcoin Fund. The fund offers A and F shares at a price of USD 10 each. Although CI GAM will be responsible for managing the new Bitcoin fund, Galaxy Digital will act as a sub-adviser, which means that all BTC operations will be carried out on behalf of the fund.

According to the announcement, The new fund is offered “based on the best efforts in each of Canada’s provinces and territories”.

In addition to CI’s Galaxy Bitcoin Fund, Galaxy Digital has launched several Bitcoin funds, including the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. The company also operates various funds based on other cryptocurrencies such as EOS.

The new Bitcoin fund was launched shortly after Galaxy Digital reported a sharp increase in trading volume in the third quarter of 2020. The company saw its trade volume grow 75% year over year in the third quarter of 2020, reaching $ 1.4 billion.

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