Galaxy Digital Asset Management to Launch 2 Bitcoin Funds in November

A division of Galaxy Digital, Galaxy Digital Asset Management, is introducing two bitcoin funds in November, as per a source familiar with the matter.

Headed by billionaire ex-hedge fund manager Michael Novogratz, Galaxy is providing the assets to offer accredited investors low-fee, institutionally managed bitcoin introduction and will make a seed investment into the two funds. Novogratz indicated that the assets were underway on CNBC.

The Galaxy Bitcoin Fund will need at least $25,000 investment with discretionary quarterly redemptions. The Galaxy Institutional Bitcoin Fund will permit week by week withdrawals and require minimums over $25,000. The two funds will provide professional oversight of bitcoin storage, customer service support, and tax documentation.

Paul Cappelli is the portfolio manager for the two assets, but they will be inactively overseen, which means the investments (for this situation, bitcoin) are automatically chosen. Steve Kurz leads Galaxy’s asset management division.

It is not clear how much money Galaxy plans to raise from investors for either fund.

Right now, Galaxy Digital provides the Galaxy Crypto Index Fund, which offers exposure to the biggest digital currencies by market capitalization by monitoring the Bloomberg Galaxy Crypto Index.