Galaxy Digital launches two new Bitcoin investment funds

Galaxy Digital has announced that it is launching two new Bitcoin investment funds for institutional investors. Galaxy Bitcoin Fund allows investments of at least $ 25,000 with the option of quarterly withdrawals. Galaxy Institutional Bitcoin Fund has the same minimum investment value, but offers weekly withdrawals.

“Galaxy continues to have high confidence in bitcoin and has made significant progress in helping to include institutions in the digital asset ecosystem. We consider that this effort is an important step in the accomplishment of this mission ”,

said Mike Novogratz, CEO and founder of Galaxy Digital.

Bloomberg L.P. will be the pricing agent for funds, while other service providers include Deloitte & Touche LLP for audit, Ernst & Young LLP for tax and Davis Polk & Wardwell LLP for legal advice.

Bakkt Warehouse and Fidelity Digital Asset Services will be responsible for funding the two new funds.

These funds are being added to the Galaxy Digital product suite, which includes the Galaxy Crypto Index Fund, which tracks the Bloomberg Galaxy Crypto Index.

Fidelity gets permission to operate in New York

This week, Fidelity Digital Assets announced that it has obtained approval to operate in New York State as well. The custody service provider thus joins other companies such as Coinbase Custody and Bakkt Warehouse that offers cryptocurrency storage for individuals and businesses.

One of the obstacles to institutional investors’ entry into the crypto market was the lack of qualified custody services. It is apparent that the players in the crypto market are taking steps to remedy this shortcoming.