Galaxy Digital, the blockchain investment company masterminded by Mike Novogratz, is introducing new funds based on Ethereum.
The Galaxy Ethereum Fund would include exposure to Ether (ETH), the native cryptocurrency of the Ethereum network, together with two other funds targeted towards organizations. Currently, there is $815 million under administration for Galaxy Digital.
Galaxy Digital to Start Ethereum Fund
The company is introducing a vehicle named the Galaxy Ethereum Fund, along with two other ETH-focused funds targeted at onshore and offshore institutional investors, according to documents exchanged with clients according to The Block.
A minimum contribution of $250k is expected for the onshore institutional fund, while the minimum is lowered to $100k for the offshore fund.
What is Galaxy Digital?
In the digital asset, cryptocurrency, and blockchain technology sector for diversified financial services and wealth management, Galaxy Digital is recognized as an innovator.
In the third quarter of 2020, Galaxy Digital, the crypto merchant bank led by noted crypto evangelist Mike Novogratz, posted net sales of $44.3 million, up from a loss of $68.2 million in the year-ago period.
The cumulative riches of Galaxy Digital eclipsed $536 million, in which approximately $225 million was in cryptocurrencies. The value at the Galaxy Digital Trading (GDT) subsidiary rose by 75 percent year on year to a massive $1.4 billion.
Galaxy attributed traction in bitcoin stocks to the increasing trading rate.
GDT purchased DrawBridge Lending and Blue Fire Capital blockchain trading companies for an unspecified amount on Friday. At press time, GLXY was up 30 basis points on the Toronto Stock Exchange at about $5.37 CAD (US$4.08).
Michael Edward Novogratz , formerly of the investment company Fortress Investment Group, is a former hedge fund manager.
He is the new CEO of Galaxy Investment Partners, which focuses on investing in cryptocurrencies such as Bitcoin and Ethereum. In 2007, due to the 2007-2008 financial crash, Forbes rated him a billionaire and then recovered his fortune after investing in cryptocurrencies.
In March 2002, Novogratz entered Fortress Investments in time to join Wesley Edens, Robert Kauffman, Randal Nardone and Peter Briger, Jr. in bringing the firm public with its initial public offering on February 9, 2007.
After the IPO, the company offered $600 million to the public for an 8 percent share. Before accepting his positions at Fortress as Fortress Cre Cre’s principal and director. The hedge funds. While at its IPO the stock price had risen to $35, by December 3, 2008, after withdrawals from Novogratz ‘Drawbridge Global Macro fund were shut down, it dipped to as low as $1.87.
In 2010, New York Governor David Paterson selected Novogratz to sit on the board of directors of the Hudson River Park Trust. He acts as a member of the Investment Advisory Committee on Capital Markets of the Federal Reserve Bank of New York. Novogratz is the chairman and organizer of Beat the Streets, a non-profit group that supports wrestling in public schools in New York City.
Novogratz is the CEO of the blockchain investment group Galaxy Investment Partners. Initially planned to open his Galaxy Digital Assets Fund on December 15, 2017, he shelved plans because “didn’t like market conditions.”
He reported in 2017 that Bitcoin and Ethereum accounted for 20% of his net worth. He claims he earned $250 million from the 2016-2017 crypto currency.
One of the few cryptocurrency firms required to report financial statements is Galaxy Digital Holdings Ltd. The business lost $136 million in cryptocurrency trade in the first nine months of 2018.
Galaxy Digital led to a fundraising round of $80 million for the networking firm Bitfury in 2017.
