Copy link
Increase text size
Decrease text size
Link copied

Galaxy Digital launches two bitcoin funds with Bakkt and Fidelity Digital Assets as custodians

Wed, 20 Nov 2019, 05:25 am UTC

Galaxy Digital, a digital asset management firm, has launched two bitcoin funds with Bakkt and Fidelity Digital Assets as custodians.

The launch follows after Mike Novogratz, CEO and Founder of Galaxy Digital, confirmed last month that the firm was planning to go live with the two funds in order to make it easier for people to get into bitcoin.

According to a press release, the two funds – the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund – are passively managed vehicles targeted at institutional and accredited investors. They offer institutionally secure third-party custody, standard tax documentation, and client service support.

The Galaxy Bitcoin Fund requires a $25,000 minimum investment and has quarterly liquidity. The Galaxy Institutional Bitcoin Fund requires a higher minimum investment than $25,000 and has weekly liquidity.

Bakkt, which recently opened its bitcoin custody services to all institutions, and Fidelity Digital Assets, which recently obtained NY trust charter, would serve as custodians for the funds.

"As institutions and sophisticated investors seek exposure to digital assets through new investment products, they are seeking the highest standards in asset security. The Bakkt Warehouse was designed to offer institutional-grade custody in safeguarding digital assets and to support the development of the market alongside products like the Galaxy Bitcoin Funds," said Kelly Loeffler, CEO of Bakkt.

In addition, Bloomberg L.P., which first partnered with Galaxy on the Bloomberg Galaxy Crypto Index, will be the pricing agent. Additional service providers supporting the fund include Deloitte & Touche LLP for audit, Ernst & Young LLP for tax, and Davis Polk & Wardwell LLP for legal counsel.

"Galaxy continues to have high conviction in bitcoin and has made significant strides in helping to bring a more institutionalized footprint to the digital asset ecosystem," said Mike Novogratz, CEO and Founder of Galaxy Digital. "We believe this effort is an important step forward in fulfilling this mission."

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,201.69 (-0.94%)
  • Ethereum (ETH) $143.06 (-2.24%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $205.96 (-0.95%)
  • Litecoin (LTC) $43.90 (-1.54%)
  • Bitcoin (BTC) $7,201.69 (-0.94%)
Dec 12, 2019 (Thursday)
07:43
SEC chairman says DLT can foster capital growth; Revealed that agency has been studying digital assets
06:47
Crypto Technicals: XRP/USD capped at 20-DMA, on track to test trendline support at 0.1975
06:47
Napoleon Bitcoin Fund launches in France to cater institutional investors
06:39
Digital assets are here to stay; State Street survey reveals continued institutional interest
06:03
Crypto Technicals: ETH/USD dips below 140 mark, eyes trendline support at 132
05:37
Enterprise Ethereum Alliance, Chamber of Digital Commerce partner on tokenization efforts
04:42
Square Crypto awards grant to pseudonymous Lightning contributor ‘ZmnSCPxj’
04:42
Crypto Technicals: Bitcoin hits 2-week lows below $7100, bearish bias with rising volatility to see more weakness
03:35
Russian power grid company to use blockchain technology to solve massive energy debt issue
03:14
Elliptic launches a risk-assessment tool for banks to identify trustworthy crypto exchanges
Dec 11, 2019 (Wednesday)
12:54
Wu Jihan once again takes over the helm at Bitmain as CEO
12:36
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:35
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:52
China securities watchdog appoints former head of PBoC Digital Currency Institute: Report
11:07
Crypto Technicals: ETH/USD consolidates below 5-DMA, scope for further weakness
10:52
Nike secures patent for blockchain-enabled “CryptoKicks”
09:44
BitPay rolls out stablecoin payments for merchants and consumers
08:52
Ripple improves Xpring platform to boost growth of XRP developer community
07:42
Crypto Technicals: BTG/USD extends weakness below 5-DMA, momentum strongly bearish
07:19
Blockchain technology poses money laundering, terrorist financing risks, says annual FINMA report
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft