Galaxy Digital Launching New Ethereum Funds Next Month

Institutional investors are turning their attention to Ethereum, especially as the second-most capitalized digital asset in the world just surpassed its 2018 historical high yesterday, going above the $1,400 level yesterday. Galaxy Digital, founded by ex-hedge fund manager and major crypto personality Mike Novogratz, is reportedly launching a new Galaxy Ethereum Fund, according to The Block.

Documents from the firm note that the fund will mirror the price of the Bloomberg Galaxy Ethereum Index, and assets will be held by Gemini. A minimum investment of $25,000 is required, and Galaxy Digital will be charging a 1% management fee for investments more than $100,000, and 1.25% for any amount under. 

“Six applications in the Decentralized Finance space (“DeFi”) are now worth more than $1bn and are generating up to $100s of millions in annualized revenue. Galaxy Digital believes Ethereum is an emerging substrate for programming and interacting with digital value that will become ubiquitous in the future,” the document reads.

Galaxy Digital’s clients will have access to several new Ethereum-centric products once they are rolled out sometime in February, where investors can gain exposure to the asset in a structured, regulated manner. The firm is betting big on Ethereum in hopes to stay ahead of the curve in the market this year, following Bitcoin’s incredible performance last year. Aside from this fund, it is intending to launch an additional two funds to target other types of investors this year.

The post Galaxy Digital Launching New Ethereum Funds Next Month appeared first on SuperCryptoNews.

Source