Galaxy Digital, a cryptocurrency merchant bank founded by Mike Novogratz, is expanding its crypto offerings in Canada.
According to a Nov. 16 announcement, Galaxy Digital has partnered with major Canadian investment company CI Global Asset Management to launch a public Bitcoin.
The CI Galaxy Bitcoin Fund is a "Closed-end investment fund" that 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 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 CI Galaxy Bitcoin Fund.
The fund will offer units of Class A and Class 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 subadvisor, meaning that it will execute all BTC trading on behalf of the fund.
According to the announcement, the new fund will be offered on a "Best-efforts basis in each of the provinces and territories of Canada."
Apart from the CI Galaxy Bitcoin Fund, Galaxy Digital has launched a number of Bitcoin funds like the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund.
The company also runs several funds based on other cryptos like EOS. The new Bitcoin fund was introduced shortly after Galaxy Digital reported a large surge in trading volumes in the third quarter of 2020.
Mike Novogratz's Galaxy Digital to launch new Bitcoin fund in Canada
pubblicato su Nov 17, 2020
by Cointele | pubblicato su Coinage
Coinage
Menzionato in questo articolo
Notizie recenti
Vedi tutti
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.