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Digital Currency Revolution Series: Galaxy Digital Unveils Two Bitcoin Funds With Fidelity And Bakkt
Galaxy Digital’s affiliate Galaxy Digital Capital Management LP, has announced its launch of two bitcoin funds that will see both Bakkt and Fidelity Digital Assets act as custodians.
Galaxy Digital launched two bitcoin funds, namely, the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund, both are passively managed vehicles that offer institutional and accredited investors low-fee, institutionally wrapped bitcoin exposure supported by vetted service providers, as per a press release.
Per announcement, Galaxy bitcoin fund is in need of a minimum investment of $25,000 with optional quarterly redemptions, and the Galaxy Institutional Bitcoin Fund, which requires a higher minimum investment and has weekly liquidity.
Bakkt, who have recently been in the buzzing news of custodian services, and Fidelity who latently bagged the NYDFS trust charter, are acting as custodians for the fund.
Bakkt’s CEO, Kelly Loeffler, has also clarified in the announcement: "As institutions and sophisticated investors seek exposure to digital assets through new investment products, they are seeking the highest standards in asset security. The Bakkt Warehouse was designed to offer institutional-grade custody in safeguarding digital assets and to support the development of the market alongside products like the Galaxy Bitcoin Funds.”
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