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Galaxy Digital, a cryptocurrency investment bank founded by Mike Novogratz, is expanding its cryptocurrency offerings in Canada.
According to a November 16 announcement, Galaxy Digital has partnered with leading 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-end investment fund” which aims to provide unitholders with exposure to Bitcoin. The fund will invest directly in Bitcoin using the fund’s holdings of the token based on the prices of the Bloomberg Galaxy Bitcoin Index, the announcement notes.
As part of the new initiative, CI GAM has filed and acquired a receipt for a preliminary prospectus for the initial public offering of the CI Galaxy Bitcoin Fund. The fund will offer Class A and F units at a price of $ 10 each. While CI GAM will be responsible for managing the new Bitcoin fund, Galaxy Digital will act as its sub-advisor, meaning it will perform all BTC trading on behalf of the fund.
According to the announcement, the new fund will be offered “on the basis of the best efforts in each of Canada’s provinces and territories.”
In addition to the CI Galaxy Bitcoin Fund, Galaxy Digital has launched a number of Bitcoin funds such as the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. The company also manages several funds based on other cryptocurrencies such as EOS.
The new Bitcoin fund was introduced shortly after Galaxy Digital experienced a sharp increase in trading volumes in the third quarter of 2020. As reported, the company experienced 75% year-over-year growth in trading volumes in the third quarter. of 2020, reaching 1.4 billion dollars.
