Michael Novogratz’s crypto-focused investment firm Galaxy Digital has launched two bitcoin funds that will see both Bakkt and Fidelity Digital Assets act as custodians.
According to a press release the two funds are the Galaxy Bitcoin Fund, which requires a minimum investment of $25,000 with optional quarterly redemptions, and the Galaxy Institutional Bitcoin Fund, which requires a higher minimum investment and has weekly liquidity.
The document details Bloomberg will be the price agent for the funds while other service providers include Ernst & Young for tax, Davis Polk & Wardwell for legal counsel, and Deloitte & Touche for auditing. The funds’ custodians, as mentioned, will be Bakkt and Fidelity Digital Assets.
Kelly Loeffler, Bakkt’s CEO, said in the press release:
The Bakkt Warehouse was designed to offer institutional-grade custody in safeguarding digital assets and to support the development of the market alongside products like the Galaxy Bitcoin Funds.
Bakkt Warehouse, as CryptoGlobe reported earlier this month, has been offering its Bitcoin custody service to all institutions and not just those trading the Bakkt Bitcoin Futures contracts. This after receiving permission from the New York Department of Financial Services (NYDFS) to offer the service to institutions that aren’t interested in Bakkt’s BTC futures.
Both of Galaxy Digital’s funds will be passively managed, which means the allocations to Bitcoin are automatically selected. The products add to others offered by the crypto investment firm, including the Galaxy Crypto Index Fund, which provides investors with exposure to the largest cryptoasset by market cap.
Featured image via Unsplash.
