Galaxy Digital set to launch a new Bitcoin fund in Canada

Galaxy Digital, a digital asset based financial services and investment management company founded by Mike Novogratz is set to expand it’s cryptocurrency offerings in Canada by launching a new Bitcoin fund.

The announcement was made on 16 Nov. Galaxy Digital will partner with top Canadian company, CI Global Asset Management to launch the public Bitcoin (BTC) fund in Canada.

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CI Global Asset Management (CI GAM) has filed and obtained a receipt for a preliminary prospectus for the initial public offering of CI Galaxy Bitcoin Fund.

The announcement says:

The Fund is a closed-end investment fund which seeks to provide unitholders with exposure to bitcoin through an institutional-quality fund platform. The Fund will invest directly in bitcoin with the Fund’s holdings of bitcoin priced using the Bloomberg Galaxy Bitcoin Index (the “BTC”), which is designed to measure the performance of a single bitcoin traded in U.S. dollars. The BTC is owned and administered by Bloomberg Index Services Ltd.

CI GAM will be in charge of managing the fund, while Galaxy Digital will act as the bitcoin sub-advisor for the Fund. Galaxy Digital will execute all Bitcoin trading on behalf of the fund being the sub-advisor. The fund will offer units of Class A and Class F at a price of $10 each.

It’s also important to note that the new Bitcoin fund will be offered on a “best-efforts basis in each of the provinces and territories of Canada.”

The CI Galaxy Bitcoin Fund is the third Bitcoin fund Galaxy Digital is launching these includes Galaxy Institutional Bitcoin Fund and Galaxy Bitcoin Fund.