Galaxy Digital Partners with CI Global Asset Management
In a strategic move to enhance its cryptocurrency offerings, Galaxy Digital, led by the illustrious Mike Novogratz, has joined forces with CI Global Asset Management. This collaboration paved the way for the launch of a new public Bitcoin fund in Canada. Talk about a dynamic duo in the world of finance!
Introducing the CI Galaxy Bitcoin Fund
The CI Galaxy Bitcoin Fund is not your average investment vehicle. It’s a closed-end fund designed specifically to provide investors with direct exposure to Bitcoin. Utilizing the fund’s holdings tied to the Bloomberg Galaxy Bitcoin Index prices, it takes the plunge into the crypto realm, giving unitholders a piece of the Bitcoin pie.
Investment Details and Accessibility
CI GAM has filed a preliminary prospectus for the fund’s initial public offering (IPO). What’s even juicier? The fund will offer Class A and Class F units, priced at a wallet-friendly $10 each. That’s right, you don’t need a trust fund to join the crypto revolution!
Who’s Managing the Fund?
CI Global Asset Management will take charge of the fund’s overall management. Meanwhile, Galaxy Digital will don its subadvisor hat, executing BTC trading on behalf of the fund. Think of it as a well-coordinated dance where both partners know their steps!
Investment Strategy Across Canada
The CI Galaxy Bitcoin Fund isn’t just a local sensation; it aims to reach enthusiastic investors across all provinces and territories of Canada on a “best-efforts basis.” This means that regardless of where you are in the Great White North, you can potentially invest in this fund and ride the Bitcoin wave.
Galaxy Digital’s Broader Cryptocurrency Spectrum
This new fund adds to Galaxy Digital’s impressive lineup, including the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. Their portfolio boasts a variety of funds, even based on other cryptocurrencies like EOS. Clearly, they are casting their nets wide in this digital currency ocean.
Seeing Success through Numbers
Just after reporting a staggering 75% increase in trading volumes in the third quarter of 2020, which shot up to $1.4 billion, Galaxy Digital seems to be riding a thrilling high tide. With all the excitement in the market and a fresh fund to boot, it’s clear that they’re not just another fish in the sea— they’re the shark!
