Galaxy Digital Capital Management Launches Bitcoin Funds While Making Bakkt and Fidelity Custodians
Alo Kingsley Nov 23, 2019 13:00
Galaxy Digital Capital Management LP, an affiliate of Galaxy Digital Holdings Ltd, issued two Bitcoin funds with Bakkt and Fidelity Digital Assets as custodians for the funds, while Bloomberg L.P will be the pricing agent.
Galaxy Digital Capital Management LP, an affiliate of Galaxy Digital Holdings Ltd, issued two Bitcoin funds with Bakkt and Fidelity Digital Assets as custodians for the funds, while Bloomberg L.P will be the pricing agent. These funds, the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund, offer low-fee to both institutional and accredited investors. It also provides standard tax documentation, client service support, and bitcoin exposure, which is backed by vetted services providers.
According to the CEO and Founder of Galaxy Digital, Mike Novogratz: "Galaxy has continued to have high hope and assurance in Bitcoin and has made remarkable strides in helping to bring a more institutionalized footprint to the digital asset ecosystem." He also went ahead to emphasis the importance of this development in achieving the ultimate goal.
The report held that the Head of Asset Management at Galaxy Digital, Steve Kurz, will look after the funds in tandem with Portfolio Manager Paul Cappelli. While the Galaxy Bitcoin Fund requires a minimum investment of $25,000 with quarterly liquidity, the Galaxy Institutional Bitcoin Fund requires a higher minimum investment with weekly liquidity.
Steve Kurz, Head of Asset Management at Galaxy Digital said:
"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."
Image via Shutterstock
Image source: Shutterstock
