Share this article
Galaxy Digital Gets Initial Approval for New Bitcoin Fund in Canada
The CI Galaxy Bitcoin Fund has had a preliminary prospectus approved by Canadian securities regulators for an initial public offering.
Updated May 9, 2023, 3:13 a.m. Published Nov 17, 2020, 11:26 a.m.
Make us preferred on Google
Galaxy Digital, the digital asset manager founded by Mike Novogratz, is to launch a bitcoin fund in Canada.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- 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
Higit pang Para sa Iyo
From Wall Street to Web3: This is crypto’s year of integration, Silicon Valley Bank says
From bank-led stablecoins to tokenized T-bills and AI-powered wallets, digital assets will move from pilot projects to financial plumbing this year.
Ano ang dapat malaman:
- Silicon Valley Bank's Anthony Vassallo says institutional adoption of crypto is accelerating, pushing bigger venture capital checks, more bank-led custody and lending, and deeper M&A consolidation.
- Stablecoins are emerging as the “internet’s dollar,” fueled by clearer regulation and enterprise demand for payments and settlement.
- Tokenized real-world assets and AI-driven crypto applications are shifting blockchain from speculation to core infrastructure, the bank said.
Top Stories
