Cryptocurrency

Michael Novogratz’s Galaxy Digital Comes up with 2 New Bitcoin Funds

In a recent announcement, billionaire Michael Novogratz-led Galaxy Digital Asset Management proudly stated that the company will be launching two Bitcoin funds in the month of November. Novogratz confirmed that the planned Bitcoin funds, dubbed the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund, will make it easier for common people to get involved with the world’s most renowned cryptocurrency.

The funds will open doors for accredited investors to low-fee, institutionally managed BTC exposure, besides making a seed investment into both the funds. While Galaxy Bitcoin Fund will require investors to shell out at least $25,000, the Galaxy Institutional Bitcoin Fund will need over $25,000. In return, both the funds will provide professional oversight and assistance in terms of storing BTC, tax documentation, and client service support.

In addition to the announcement, Novogratz, however, expressed minor apprehensions pertaining to the current trend in BTC price. Now, since BTC price has dropped well below $8,000, in the short term, things could take unpredictable turns as both the bulls and bears are wrestling for control. Standing at this point, veteran trader, Novogratz, who predicted BTC’s current tight trading range months ago, seemingly continues to be bullish, as evidenced by the launch of Galaxy’s new bitcoin funds.

In his words,

I’m hoping it holds here. $6,500 would be the next downside…I think you got to get back through $8,200 first and if it gets back through $8,200 we’re then back at the $8,000-$10,000 range. It’s going to need new energy to really make the big move.

The new Bitcoin funds from Galaxy Digital are expected to streamline the BTC trading process and remove the existing pain points for investors as they hit the shelves. As reported, these funds will be taking care of custody and pricing so that users can “invest in Bitcoin without having to set up a Coinbase account or having to worry that their phone might get lost.”

Experts believe that big changes are happening in the Bitcoin space slowly, but surely. On the bright side, ICE-backed Bitcoin futures exchange, Bakkt, experienced nearly $5 million worth of Bitcoin futures trading volume on Wednesday—the highest the platform has ever recorded. Although, these positive shoots may not be silver bullets, they, however, are clear hints of BTC futures trading moving in the right direction, while institutional capital is gradually coming off of the sidelines.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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