Just recently, the Galaxy Digital has made a very good announcement for the cryptocurrency users based in Canada. The firm has announced that it will be launching a new Bitcoin (BTC) fund in Canada. With this, the firm will be expanding its offerings of the cryptocurrencies in the country for the crypto-users.
Galaxy Digital is a cryptocurrency merchant bank that was founded by Mike Novogratz.
Just recently, Galaxy Digital has been reported to have partnered with a Canadian investment company. The name of the Canadian investment company is CI Global Asset Management firm. The announcement of the collaboration between both the companies was made on the 16th of November, 2020.
The companies have announced that they will be partnering with each other to bring in more cryptocurrencies in Canada. Most importantly, the collaboration will currently focus on introducing public funds for Bitcoin (BTC) in Canada.
Once launched, the CI Galaxy Bitcoin (BTC) fund will act as a closed-end investment fund. The aim of the closed-end investment fund will be to provide exposure of Bitcoin (BTC) to the unitholders. The fund will be responsible for investing directly in the Bitcoin (BTC).
The index that the fund will be using to derive the prices of Bitcoin (BTC) would be the Bloomberg Galaxy Bitcoin Index.
The firms have already taken the initiative of acquiring receipts of the preliminary prospectus. The receipts will be utilized to offer the public Bitcoin (BTC) fund through the CI Galaxy Bitcoin Fund.
The price of $10 each will be offered to the units by the fund that will belong to class A and class F. It has been revealed that the manager for the new Bitcoin fund would be CI GAM.
On top of managing, the Galaxy Digital will play the role for being the subadvisor to the CI GAM. Another responsibility of Galaxy Digital would be that on behalf of the fund, it will be taking care of all the BTC trading activities.
The firm has also announced that it plans on launching the new BTC fund project all across Canada. It will be offered to all the territories and provinces in Canada.