According to Cointelegraph's October 25 report, Michael Novogratz, former hedge fund manager and CEO and chairman of Galaxy Digital, a credit investment bank, said in an interview with CNBC that the company is building a new bitcoin fund.
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Novogratz mentioned the new fund
On October 24, Novogratz hinted that Galaxy Digital Asset Management plans to launch a new bitcoin fund that will make it easy for people to get the world's most popular cryptocurrency. He told the CNBC host that the company "will soon launch a fund."
This Bitcoin Foundation is responsible for hosting and pricing. People can invest in Bitcoin without having to set up a Coinbase account or worry about losing their phone.
Coindesk reported that according to an anonymous source, Galaxy Digital will launch two bitcoin funds in November and provide seed investments to the two funds. The Galaxy Bitcoin Fund has a minimum investment of $25,000 and can be redeemed quarterly. The Galaxy Institutional Bitcoin Fund will allow weekly withdrawals with a minimum investment of more than $25,000.
In the interview, Novogratz is optimistic about the future of Bitcoin, but he also said that Bitcoin needs “new energy to make a big step.” In evaluating the price trend of Bitcoin, he believes that:
I hope that Bitcoin will remain in its current position and $6,500 will be the next breakout point. I think it must go back to $8,200. If you return to $8,200, the price will rise again in the $8,000-$10,000 range.
Goldman Sachs in the field of cryptocurrency
In early September, Galaxy Digital received approval from the US Financial Industry Regulatory Authority to allow underwriting of publicly issued securities. The cryptocurrency investment company intends to help issue a securities pass.
Novogratz, a former Goldman Sachs partner, wanted his company, Galaxy Digital, to play a role similar to Goldman Sachs in the encryption industry. He said that underwriting securities is a good complement to the company's existing business.
This is a very young industry and we are a very young company. We remain awake and patient with its growth rate, and we are well funded.