Novogratz’s Galaxy Launches Two Bitcoin Funds for Wealthiest Investors
NEWS
November 20  |  2 min read

Mike Novogratz Launches Two Bitcoin Funds for Wealthiest Investors

The COIN360 Editorial Team

Galaxy Digital Holding Ltd. is launching two Bitcoin funds to bring “the wealth of America” to the crypto market, reported Bloomberg on November 19.

Ex-partner of Goldman Sachs and CEO of Galaxy Digital Holding, billionaire Mike Novogratz explained that there is a lot of potential among investors aged 50 to 80, who had previously stayed out of the market. So far, Bitcoin investors have mainly been younger, but recently the share of wealth of under-35 investors has declined.

To be competitive among such rivals as Grayscale Bitcoin Trust, Galaxy’s funds are set at lower fees. Not short of high profile partners, Galaxy’s funds plan to offer custodial services via Bakkt consortium and Fidelity Digital Assets, while Bloomberg LP will serve as the pricing agent. According to the head of asset management at Galaxy Digital Steve Kurz, the company is set to offer “secure service providers, low fees, and simple access to Bitcoin.”

The minimum investment at Galaxy Institutional Bitcoin Fund will be considerably higher than the $25,000 at Galaxy Bitcoin Fund, but will offer weekly liquidity. At the non-institutional fund, investors can only withdraw funds quarterly.

In the interview, Novogratz also shared that there are more stories about billionaires that have just now started to put money into crypto, and in his opinion, traditional financial institutions will respond to that and also start to offer their clients investments in Bitcoin in the next 12 months.

Novogratz is certain that Bitcoin can start to attract investors, who currently prefer gold. Interestingly, as COIN360 reported earlier, on November 18 the co-founder of BTCC Bobby Lee shared his predictions that Bitcoin will overtake gold by total market capitalization already this decade.