Galaxy Digital Launches New Bitcoin Fund in Canada

Galaxy Digital, the digital asset manager founded by Bitcoin bull Michael Novogratz, is set to launch a new bitcoin fund in Canada.

November 17, 2020 | AtoZ MarketsAs Bitcoin prices continue to spike and mark new annual highs, Bitcoin’s proponents have been increasing exposure to the digital asset.

Mike Novogratz’s Galaxy Digital cryptocurrency bank in collaboration with investment company CI Global Asset Management will launch a Bitcoin fund in Canada.

Galaxy Digital will launch a new Bitcoin fund in Canada

As part of the initiative, the partners announced preparations for the IPO. The offer consists of $10 Class A and F shares. At the moment, the organizers have received a preliminary prospectus of the new financial product.

Closed-end fund CI Galaxy Bitcoin Fund will open investors access to the first cryptocurrency. The asset value will be based on the Bloomberg CFIX bitcoin index.

The investment company will act as a manager of the CI Galaxy Bitcoin Fund, and the cryptobank will act as a co-manager. The latter will carry out all transactions with bitcoin on behalf of the fund.

As a reminder, Galaxy Digital bought the crypto companies DrawBridge Lending and Blue Fire Capital, hoping to expand the range of trading offers and strengthen its expertise in lending and derivatives.

Bitcoin price breaks the $17,000 mark

At the time of writing, the flagship cryptocurrency has broken the $17,000 level, refreshing 2020 high. The chart below shows a jump in price against the background of a surge in trading volumes.

The current capitalization of bitcoin is $315.4 billion, the dominance index is 64.1%. Bitcoin was last traded at such a high level in January 2018.

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