As the value of Bitcoin soars and marks new annual highs, Bitcoin’s proponents have been increasing exposure to the digital asset. Galaxy Digital, the crypto merchant bank with Mike Novogratz as its founder and CEO announced that the company was expanding its services in Canada along with CI Global Asset management.
According to the announcement, the CI GAM has “filed and obtained a receipt for a preliminary prospectus for the initial public offering of CI Galaxy Bitcoin Fund.” The CI Galaxy Bitcoin fund is a closed-end investment fund with an aim to provide unitholders with exposure to the largest digital asset, Bitcoin. The fund will directly be investing in Bitcoin using the Fund’s holding of bitcoin priced using the Bloomberg Galaxy Bitcoin Index.
The announcement noted:
“CI GAM will be the manager of the Fund and Galaxy Digital will act as the bitcoin sub-advisor for the Fund. As sub-advisor, Galaxy Digital will execute all bitcoin trading on behalf of the Fund.”
The IPO included Class A units and Class F Units at a price of US$10 each. The new fund will be offered on a best-efforts basis in every province and territory of the country.
This step follows Galaxy Digital’s netting close to $44.3 million in the third quarter. As per reports, total assets eclipsed $536 million out of which $225 million was in crypto. With Bitcoin momentum being unstoppable at the moment, this could be a great opportunity for Bitcoin businesses to expand services and invite more interest from people.