Galaxy Digital Gets Initial Approval for New Bitcoin Fund in Canada

Galaxy Digital, the digital asset manager founded by Mike Novogratz, is to launch a bitcoin fund in Canada.

• Announced on Monday in a press release, the CI Galaxy Bitcoin Fund is a collaboration with CI Global Asset Management and has had a preliminary prospectus approved by securities regulators for an initial public offering, the firms said.
• A closed-end investment fund, it will invest directly in bitcoin and will be priced using the Bloomberg Galaxy Bitcoin Index.
• The firms aim to bring fund investors access to bitcoin via an "institutional-quality" platform.
• Galaxy Digital will be the sub-advisor for the fund and carry out all bitcoin trading, while CI Global will act as the vehicle's manager.
• Last week, Galaxy disclosed it had brought in net income of $44.3 million in Q3 2020, having made a $68.2 million loss in the same period last year. The firm put it down to the rallying bitcoin market.
• At the same time, it also acquired two digital asset firms, hoping to set itself up as the "go-to" firm for institutional investors.

Also read: Novogratz: Galaxy Digital Will ‘Suck’ if Bitcoin Fails to Become an Institutional Asset