Galaxy Digital, a cryptocurrency merchant bank founded by Mike Novogratz, is expanding its crypto offerings in Canada.
The CI Galaxy Bitcoin Fund is a “closed-end investment fund” that aims to provide unitholders with exposure to Bitcoin. The fund will invest directly in Bitcoin using the fund’s holdings of the token based on prices of the Bloomberg Galaxy Bitcoin Index, the announcement notes.
As part of the new initiative, CI GAM has filed and acquired a receipt for a preliminary prospectus for the initial public offering of CI Galaxy Bitcoin Fund. The fund will offer units of Class A and Class F units at a price of $10 each. While CI GAM will be responsible for managing the new Bitcoin fund, Galaxy Digital will act as its subadvisor, meaning that it