Mike Novogratz’s Galaxy Digital Raised $58.7M for Bitcoin Funds

The Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term funds managed by Mike Novogratz-owned Galaxy Digital have raised $58.7 million in the first year of their operations, according to a couple of recent SEC Form-D filings.

Galaxy Digital manages multiple Bitcoin funds: Galaxy Institutional Bitcoin Fund LP and Galaxy Bitcoin Fund LP. The first one received $55.1 million, while the other one got $3.6 million, primarily from wealthy and institutional investors.

Launched last November, Galaxy Institutional Bitcoin Fund has a minimum investment requirement of $250,000 and is specifically targeted to meet the growing demand of institutions for Bitcoins. This fund received proceeds from 33 investors in one year of its operation.

Galaxy Bitcoin Fund is a smaller fund, also launched in November 2019, and attracted 56 investors, each with an investment of at least $25,000.

Galaxy Institutional Bitcoin Fund, Ltd, another entity under Novogratz’s Galaxy Digital, raised $45 million from 13 investors, according to Wednesday’s SEC filing. However, it is not clear if this fund is independent or related to Galaxy Institutional Bitcoin Fund LP.

Institutions Jumping into Crypto

Institutional demand for Bitcoin skyrocketed in recent years, which presumably caused the ongoing rally of the digital currency market. Similar to Galaxy Digital, other Bitcoin fund operators are also witnessing massive growth in demand.

“Bitcoin has become a macro asset to hedge against the debasement of fiat currency both here in the U.S. and abroad,” billionaire Novogratz said in a recent interview with Yahoo Finance. “Everyone should put 2% to 3% of their net worth in Bitcoin and look at it in five years, and it’s going to be a whole lot more.”

Meanwhile, Galaxy Digital is preparing to publicly list another Bitcoin fund in Canada, which will be managed by CI Global Asset Management (CI GAM).