Galaxy Digital, the crypto investment management firm founded by bitcoin bull Mike Novogratz, has revealed plans to launch a bitcoin fund in Canada.
In a statement published Nov. 16, Galaxy Digital said it has partnered with major Canadian fund manager CI Global Asset Management for the launch.
The fund is called the “CI Galaxy Bitcoin Fund” and it will be open to the general public. Galaxy Digital, which primarily focuses on corporate investors, has since received approval from securities regulators for its preliminary prospectus for an initial public offering (IPO), it added.
Per the announcement, the fund is “a closed-end investment fund” that will invest directly in bitcoin (BTC) and will be priced using the Bloomberg Galaxy Bitcoin Index. The index is designed to measure the performance of a single bitcoin traded in U.S. dollars.
The IPO will consist of Class A and Class F units at a price of $10 each. In turn, Galaxy Digital will allocate the buyer the equivalent in bitcoin from its own…