Institutional-focused funds of Galaxy Digital built on Ethereum have attracted more than $32 million since their February launch. This is indicated by documents on the U.S. Securities and Exchange Commission (SEC) website.
The U.S.-registered fund attracted $22 million, and the Cayman Islands–based one — $10 million.
The client base of Galaxy Digital’s funds is extremely limited—just five firms, including NZ Funds and Vision Hill Group.
In November 2020, Galaxy Institutional Bitcoin Fund LP and Galaxy Bitcoin Fund LP attracted $58.7 million. In the same month Galaxy Digital announced the launch of a Bitcoin fund in Canada.
Galaxy Digital’s head of asset management Steve Kurz, in a discussion with CoinDesk stated, that Ethereum-based funds are “the natural next step for the business.”
“Bitcoin has strengthened its position as a store of value, in which we continue to believe. The programmability of Ethereum’s blockchain holds incredible opportunities for growth,” Kurz stressed.
Earlier in January 2021, Novo’s company opened the Galaxy Digital Mining division, focused on mining the first cryptocurrency.
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