Sirlibz
Mike Novogratz’s Galaxy Digital has announced that it is partnering with CI Asset Management, a major Canadian investment company in order to expand its crypto offering in Canada.
Both companies will launch a public Bitcoin (BTC) Fund in Canada, the bitcoin Fund tagged CI Galaxy Bitcoin Fund will be a “closed-end investment Fund” with the aim of providing unitholders with exposure to Bitcoin via an institutional quality fund platform.
CI GAM has filed and obtained a receipt for a Preliminary Prospectus for the initial public offering of the CI Galaxy Bitcoin Fund (the “Fund”). CI GAM will act as the manager of the Fund while Galaxy Digital will function as the bitcoin sub-advisor for the Fund and will be in charge of executing all bitcoin trading on behalf of the Fund.
The Fund will offer Units of Class A at a price of $10 per unit and Class F units at a price of $10 during the Initial Public Offering (IPO). The offerings will take place in Canada and the units of the offering will take place on a “best-efforts basis in each territory.
Galaxy Digital
Galaxy Digital Capital Management L.P. is an affiliate of Galaxy Digital Holdings Ltd. (TSX: GLXY) (“Galaxy Digital”). Galaxy Digital currently operates four distinct business lines, which include: Trading, Asset Management, Principal Investments and Investment Banking. Galaxy Digital’s CEO and Founder is Michael Novogratz. The Company is headquartered in New York City, with offices in Chicago, San Francisco, London, Tokyo, Hong Kong, the Cayman Islands (registered office) and New Jersey. Additional information about the Company’s businesses and products is available on www.galaxydigital.io. The news of the partnership comes after Galaxy Digital reported a large surge in trading volume up to 75% in the third quarter of 2020.
