The cryptocurrency bank Galaxy Digital, led by Mike Novogratz, in collaboration with investment firm CI Global Asset Management, will launch a Bitcoin fund in Canada.
As part of the initiative, the partners announced plans to conduct an IPO. The offering consists of Class A and F shares at $10 each. To date, organizers have received a preliminary prospectus for the new financial product.
The CI Galaxy Bitcoin Fund, a closed-end fund, will give investors access to Bitcoin. The fund’s assets will be valued based on the Bloomberg CFIX Bitcoin Index.
The investment company will act as the fund’s manager, and the crypto bank as co-manager. The latter will execute all Bitcoin trades on behalf of the fund.
Galaxy Digital bought crypto companies DrawBridge Lending and Blue Fire Capital, aiming to broaden its range of trading offerings and strengthen its expertise in lending and derivatives.
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