Galaxy Digital, a commercial cryptocurrency bank founded by Mike Novogratz, is expanding its cryptocurrency offering in Canada.
Galaxy Digital has partnered with major Canadian investment firm CI Global Asset Management to launch a Bitcoin Public Fund (BTC) in the country, according to an announcement on November 16.
CI Galaxy Bitcoin Fund is a “closed investment fund” that aims to give unit holders access to bitcoins. The report indicates that the fund will invest directly in Bitcoin using the fund’s token assets based on Bloomberg Galaxy Bitcoin Index rates.
As part of the new initiative, CI GAM has submitted and received a receipt for the first public offer of the CI Galaxy Bitcoin Fund. The fund will offer A and F shares at $ 10 per share. While CI GAM will be responsible for the management of the new Bitcoin Fund, Galaxy Digital will act as its sub-advisor, which means that it will handle all BTC trades on behalf of the fund.
According to the announcement, the new fund will be introduced “on a maximum basis in each province and territory in Canada”.
In addition to the CI Galaxy Bitcoin Fund, Galaxy Digital launched a number of Bitcoin funds such as the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. The company also manages several funds based on other cryptocurrencies such as EOS.
The new Bitcoin fund was created shortly after Galaxy Digital announced significant increases in trading volume in the third quarter of 2020. As reported, in the third quarter of 2020, the company’s trading volume increased 75% compared to the same period last year and reached $ 1.4 billion.