New Bitcoin Fund In the Works, Says Michael Novogratz

CEO of Galaxy Digital, Michael Novogratz has given hints about Galaxy Digital upcoming plans in the crypto industry.

In an interview with CNBC’s Squawk Box, Michael Novogratz revealed Galaxy Digital Asset Management plans to launch a new Bitcoin fund. Accordingly, it will grant users easier access to the world’s most popular cryptocurrency.

How will it play out?

The former Goldman Sachs partner gave further insight. He said: “It’s just a Bitcoin fund that takes care of custody and takes care of pricing. Thus, it allows people to invest in Bitcoin without having to set up a Coinbase account. Also, there’s no need to worry about their phones being misplaced.”

Galaxy Digital Asset Management, a section of Galaxy Digital already announced plans to launch two Bitcoin funds in November. Accordingly, the company offers them to give accredited investors low-fee and institutionally managed Bitcoin exposure. Some reports state Galaxy plans to make seed investment into both of the Bitcoin funds. Although, on CNBC, Novogratz said the entities still exist in the pipeline.

The proposed fund needs a $25,000 minimum investment with the option of quarterly redemptions available. Also, it’ll allow withdrawals every week. Novogratz also confirmed that both funds provide professional oversight of tax documentation, Bitcoin storage, and client service support.

Importantly, Paul Cappelli manages both entities. However, they’ll be passively managed meaning that the investments, Bitcoin, are automatically chosen.

Novogratz believes in Bitcoin

Additionally, Novogratz expressed optimism concerning the future of Bitcoin. But, he pointed out that crypto still needs new energy to make the big move.

Concerning the BTC’s price, Novogratz said: “I’m hoping it holds here. But, $6,500 would be the next downside. I think you’ve got to get back through $8,200 first. Afterward, if it gets back through $8,200 we’re then back in the $8,000-$10,000 range.”

Words fail to describe Novogratz’s bullish perspective of Bitcoin: he previously said BTC’s unique in the crypto landscape. Also, emphasizing that BTC’s July rally is spectacular and there’s more to come.

Before now, Galaxy Digital gained approval from the Financial Industry Regulatory Authority to underwrite registered public offerings of securities. This comes since the cryptocurrency investment company sets its sights on facilitating security token offerings.

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