Getting into the Bitcoin Game
So, gather ‘round all you crypto enthusiasts! Australian firm DigitalX Ltd. is diving headfirst into the Bitcoin ocean, launching a fund seeded with a hearty 215 BTC—roughly $1.9 million at today’s dance of valuations. This fund is not just your cookie-cutter investment option; it’s an unlisted structure aimed at family offices and high net worth individuals seeking a cozy, familiar vehicle to ride the Bitcoin wave.
A Little Bit of History
Now, this isn’t DigitalX’s first rodeo. Having embraced Bitcoin since 2014, they’ve ridden the rollercoaster of trends from mining to providing trading services and consulting in the blockchain universe. Their repertoire runs deep—from Initial Coin Offering (ICO) advisory services to asset management. They’ve been in the business since 2013, holding onto 431 BTC, which was valued at about $3.8 million as of press time. Maybe it’s time to ask them for investment tips—just saying!
What’s in the Fund?
The fund is designed to provide a platform where investors can exchange their stakes in Bitcoin for interests in the fund. According to DigitalX’s grand plan, this swap is aimed at achieving critical mass for the fund and raking in profits through accrued fees. Sounds like a plan! But wait, where’s the security?
Custody and Security – Keeping It Safe
In keeping with Australia’s wholesale unit trust structure, they are promising top-notch institutional-grade custody standards. Client and company holdings will be snugly secured in high-security wallets via Bitcoin custodian BitGo, which, by the way, serves up to $100 million in asset insurance. That’s right, they’ve got your back, so your Bitcoin can sleep soundly!
Dusting Off Controversies
But it hasn’t always been glitter and gold for DigitalX. Back in 2018, they faced an Originating Application and Statement of Claim in Australia’s Federal Court regarding an ICO investment where they served as an advisor. A group of clients claimed about $1.8 million plus damages. They denied any wrongdoing and ended up settling for around $275,000 in cash and $240,000 in company shares—but no admission of liability. Whoa, what a plot twist! But hey, don’t let that sour your view. They’re moving forward and on the hunt for fresh investors!
Time to Dial into Investment Opportunities
Mark your calendars, folks! From Nov. 25, company representatives will be trekking across Sydney, Melbourne, and Perth to meet potential investors and flaunt this new product. So, if you’ve got the interest and the means, it could be worth checking out. After all, who wouldn’t want a piece of the Bitcoin pie?
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