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Galaxy Digital, a full-service crypto merchant bank based in New York, is introducing two new Bitcoin funds: the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund.
The new funds are garnering support from the industry’s biggest players, showing Bitcoin’s steady push and rising interest among institutional investors.
Digital assets trading platform Bakkt and Fidelity Digital Assets will serve as the custodians. Bloomberg L.P. will serve as the pricing agent. Big Four auditing firms Deloitte and Ernst & Young will provide tax and auditing services for both funds.
According to a press release, the funds are passively managed investments that provide exposure to the leading cryptocurrency at a low cost.
[adinserter block="1"]A $25,000 minimum investment is needed for the Galaxy Bitcoin Fund, which has “quarterly liquidity.” The Galaxy Institutional Bitcoin Fund has “weekly liquidity” and requires a greater minimum investment.
Steve Kurz, head of asset management at Galaxy Digital, says,
“The Galaxy Bitcoin Funds help accredited investors mitigate the complexities and risks of managing direct bitcoin investments. The funds provide investors bitcoin exposure with … best-in-class service providers, and Galaxy’s platform support.”
Meanwhile, Fidelity Digital Assets has just secured a license from the New York State Department of Financial Services, the company announced on Tuesday. The cryptocurrency arm of Boston-based Fidelity Investments will now be able to offer its cryptocurrency trading and custody services to companies based in the state.
Tom Jessop, president of Fidelity Digital Assets, says institutional interest is growing in the space.
“We have experienced a high interest level from these firms and anticipate that their increased involvement in this industry would enable more activities and development across the spectrum.”
[adinserter block="1"]Newcomer Bakkt, which is seeing a sustained uptick in demand, has also just crossed another milestone, reporting $100 million in monthly aggregated volume.
[adinserter block="1"] [the_ad id="42537"] [the_ad id="42536"]Yesterday, Bakkt breached the $100mln mark in monthly aggregated volume for the first time in its young history. pic.twitter.com/RnGG9VLAKO
— skew (@skewdotcom) November 19, 2019
