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Galaxy Digital Bitcoin Funds Raise $59M as Institutional Cash Flows In

Michael Novogratz of Galaxy Digital
(CoinDesk archives)

Galaxy Digital Bitcoin Funds Lift $59M as Institutional Money Flows In

Galaxy Digital’s bitcoin funds raised $58.7 million in their first 365 days as predominately high-dollar investors staked their claim to the surging cryptocurrency.

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As reported in two manufacture D filings, Galaxy Institutional Bitcoin Fund LP raised $55.1 million whereas its smaller brother, Galaxy Bitcoin Fund LP raised $3.6 million. Every funds launched closing November when Mike Novogratz first skilled his crypto investments agency’s sights on the bitcoin fund website.

The institutional fund in particular appears to be like to make your mind up high-rollers’ spiking hobby in bitcoin. With a minimal funding of $250,000, the $55 million fund attracted 33 investors for a median allocation of $1.6 million.

That’s quite now not as much as half of of what Galaxy Bitcoin Fund LP managed to earn overall. There, 56 investors pitched in after all $25,000 every for the beefy $3.6 million elevate.

Funds possess prolonged appealed to investors who peek publicity to bitcoin’s label without having to deal with custody, substitute or execution components themselves. Pantera Capital launched one amongst the first such automobiles in 2013; it now has north of $135 million in gross sales.

A third entity, Galaxy Institutional Bitcoin Fund, Ltd, reported raising $45 million from 13 investors Wednesday. It modified into now indirectly sure if that fund, which had a $100,000 minimal funding, modified into without delay connected to Institutional LP.

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