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Mike Novogratz’s Galaxy Digital to launch new Bitcoin fund in Canada

Mike Novogratz’s Galaxy Digital to launch new Bitcoin fund in Canada

Galaxy Digital, a cryptocurrency service provider financial institution based by Mike Novogratz, is increasing its crypto choices in Canada.

In keeping with a Nov. 16 announcement, Galaxy Digital has partnered with main Canadian funding firm CI International Asset Administration to launch a public Bitcoin (BTC) fund within the nation.

The CI Galaxy Bitcoin Fund is a “closed-end funding fund” that goals to offer unitholders with publicity to Bitcoin. The fund will make investments straight in Bitcoin utilizing the fund’s holdings of the token primarily based on costs of the Bloomberg Galaxy Bitcoin Index, the announcement notes.

As a part of the brand new initiative, CI GAM has filed and purchased a receipt for a preliminary prospectus for the preliminary public providing of CI Galaxy Bitcoin Fund. The fund will supply items of Class A and Class F items at a value of $10 every. Whereas CI GAM will probably be answerable for managing the brand new Bitcoin fund, Galaxy Digital will act as its subadvisor, that means that it’s going to execute all BTC buying and selling on behalf of the fund.

In keeping with the announcement, the brand new fund will probably be provided on a “best-efforts foundation in every of the provinces and territories of Canada.”

Other than the CI Galaxy Bitcoin Fund, Galaxy Digital has launched plenty of Bitcoin funds just like the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. The corporate additionally runs a number of funds primarily based on different cryptos like EOS.

The brand new Bitcoin fund was launched shortly after Galaxy Digital reported a big surge in buying and selling volumes within the third quarter of 2020. As reported, the agency noticed a 75% year-on-year progress in buying and selling volumes in Q3 2020, reaching $1.four billion.

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