Close to $200 million has been raised by the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund, both entities revealed in a filing.
The Galaxy Bitcoin Fund raised $80,755,875 from 672 investors with a minimum of $25,000 for each investor.
The Galaxy Institutional Bitcoin Fund raised $108 million from 72 institutional investors with a minimum of $250,000 for each investor.
Both funds are part of the Galaxy Fund Management, which is an arm of Galaxy Digital.
The later was founded by billionaire Michael Novogratz, a bitcoin bull.
“The Galaxy Bitcoin Fund is a private fund designed to provide institutional-quality exposure to bitcoin. The Fund will invest directly in bitcoin and will be priced based on the Bloomberg Galaxy Bitcoin Index (“BTC”),” the company said.
Custody is provided by Fidelity Digital Assets with Galaxy using numerous exchanges and OTC counterparties to buy bitcoin.
They charge a 75-125 bps management fee with the fund planning to go public but has not managed to do so yet.
This purchase is the biggest in quite some time for institutional investors, with two unrelated smaller funds also raising a combined $15 million, Trustnodes can reveal.
The Tradecraft Crypto Asset Fund raised $12.6 million from 76 investors at the minimum of $250,000 each.
While the HD Digital Asset Income Fund raised $2.6 million from 5 investors, again with a minimum of $250,000.
That minimum of a quarter of a million suggest these are wealthy individuals, family offices, or indeed institutional investors.
A class that has dried out for months, but now appears to be returning this spring.
