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.
"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."
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