Galaxy Digital raises $32 million in Ethereum funds
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Answer Galaxy Digital raises $32 million in Ethereum funds
According to Securities and Exchange Commission (SEC) filings filed today, two Ethereum funds launched by Galaxy Digital have so far received $32.1 million in investment.
Galaxy Digital is a cryptocurrency investment management company led by Mike Novogratz, a Bitcoin enthusiast.
Galaxy created Bitcoin funds geared towards individual and institutional investors in 2019.
According to the siteCoinDeskThe Galaxy Institutional Ethereum fund, founded by Galaxy in Delaware, has made $22 million in investments from three investors.
Another version of the fund, which was set up in the Cayman Islands, reported $10.1 million from other investors.
The purpose of these funds is to allow companies to invest in Ethereum without buying the currency, provided that they are exposed to the movement of the currency’s price, while “Galaxy Digital” bears the risks of dealing with the keys to these digital currencies.
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Galaxy offers Ethereum and Bitcoin mutual fund services for a fee of 1%.
Grayscale Investments, which provides similar services, has been very successful.
Currently, Grayscale Investments owns over 3% of all Bitcoin in circulation and over 2.7% of all Ethereum.
The apparent reason why Galaxy is launching investment funds is because the company wants to take advantage of the growing appeal of decentralized finance (DeFi) protocols, which allow individuals to lend, borrow and swap assets without a bank’s permission, as well as the impressive performance of Ethereum in recent months.
Galaxy Ethereum funds, which were revealed at the end of January, made their first sale on February 19.
The US-based Galaxy Fund requires a minimum investment of $250,000, while the Cayman Fund requires $100,000 to enter.
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