Galaxy Digital Receives Initial Approval for Bitcoin Fund

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Galaxy Digital, a digital asset management firm founded by Mike Novogratz, will launch a Bitcoin fund in Canada.

In a press release Monday, it was announced that the CI Galaxy Bitcoin Fund and CI Global Wealth Management have collaborated and received a preliminary prospectus approved by the securities regulators for the initial public offering.

A closed-end mutual fund will invest directly in Bitcoin and will be priced using the Bloomberg Galaxy Bitcoin Index. The companies aim to provide fund investors with access to Bitcoin through a “corporate grade” platform. Galaxy Digital will become the fund’s sub-advisor and handle all Bitcoin trading, while CI Global will act as the tool’s manager.

Last week, Galaxy announced that it had a net income of $ 44.3 million in the third quarter of 2020, with a loss of $ 68.2 million in the same period last year. The firm also acquired two digital asset firms that hoped to establish itself as a “go-to” company for institutional investors.

He Said that Bitcoin would be $ 20,000

As we have reported over the past months, Novogratz said that the Bitcoin price will reach $ 20,000 by the end of the year. According to him, as governments and central banks continue to print money, the demand for Bitcoin will increase and the asset will continue to rise. Novogratz also stated that gold will continue to rise.

Bitcoin has managed to surpass the $ 17,000 level today and is trading at $ 17,020 as of the time of publication.

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"Bitcoin Cannot Reach $1 Million in the Next 10 Years"

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