Galaxy Digital (Novogratz’s Firm) Is Launching New Bitcoin Funds

The company owned by Michael Novogratz who is a prominent Bitcoin bull, Galaxy Investments, is apparently launching new Bitcoin (BTC) funds. The head and chairman was recently featured in the crypto news after giving an interview to CNBC’s Squawk Box where he noted that the new fund was “in the works.”

The interview was presented on October 24, where the Galaxy Digital head said that Galaxy Digital Asset Management has official plans to launch a new Bitcoin fund and allow people easy access to the world’s most popular cryptocurrency. He also told Squawk Box hosts that Galaxy “will have a fund in time.”

“It is just a Bitcoin fund that takes care of custody, takes care of pricing […] it just allows people to invest in Bitcoin without having to set up a Coinbase account, without worrying that their phone is going to get lost,” Novogratz said.

Our Bitcoin news also show that Galaxy Digital will launch two Bitcoin funds in November and with that provide a seed investment in both of them. This was confirmed by an unnamed source.

The first fund, named the Galaxy Bitcoin Fund, will have a minimum investment of $25,000 while the second one, named the Galaxy Institutional Bitcoin Fund, will require minimums that are over $25,000.

In the interview, the Galaxy Digital CEO also said that the future of Bitcoin is positive. However, he also pointed out that BTC needs “new energy to really make the big move.” He continued appraising BTC’s price movements and said:

“I’m hoping it holds here. $6,500 would be the next downside […] I think you’ve got to get back through $8,200 first and if it gets back through $8,200 we’re then back in the $8,000-$10,000 range.”

Galaxy Digital gained its approval from the Financial Industry Regulatory Authority recently, underwriting registered security public offerings as the cryptocurrency investment company has its aim on facilitating security token offerings.

As a former partner at Goldman Sachs and the CEO of Galaxy Digital, he fulfilled a similar role in the crypto industry and said that he sees underwriting securities offerings as a great addition to the existing services that Galaxy provides.

“It’s a really young industry, and we are a pretty young business. We are sober and patient about how fast it will grow, and we are well capitalized. This feels like a perfect addition,” Novogratz concluded.