Bakkt and Fidelity Digital Assets Will Custody Bitcoin For Galaxy Digital’s New Funds
Galaxy Digital has decided to launch two new funds recently, which are products aimed at accredited investors, the Galaxy Bitcoin Fund and the Galaxy Institutional Bitcoin Fund. Each fund requires a minimum investment of $25,000 USD, but the second one can allow for higher investments and weekly withdrawals.
Now, it was announced that Bakkt will be one of the custodians of the fund. The CEO of Bakkt, Kelly Loeffler, affirmed that sophisticated investors are seeking the highest security standards right now and that they are looking for the companies that can provide it. The Bakkt Warehouse was created to cater to these rich investors and will be used by the fund managers to store the crypto safely.
Mike Novogratz, the CEO of Galaxy Digital, believes that Bitcoin is getting more institutional investors now and that they are creating a new footprint for the ecosystem, which is important for growth. This will become the backbone of a new financial system, in his vision.
With these new products, Novogratz wants to connect with more investors and help the ones who are already investing in Galaxy Digital to know that they have more options there.
It was also revealed that companies such as Bloomberg LP, Deloitte, Ernst & Young, and Davis Polk and Wardwell will also be involved in the project. Paul Capelli will be the portfolio manager for these new funds, under the guidance of Steve Kurtz, the manager of the asset division in the company.