Amidst the ongoing downturn, Galaxy Digital’s chief executive officer has announced that a new Bitcoin fund is coming.
While speaking to CNBC’s Squawk Box on Oct. 24, Novogratz hinted at plans to launch this fund that will allow people easy access to the flagship cryptocurrency.
“It is just a Bitcoin fund that takes care of custody, takes care of pricing […] it just allows people to invest in Bitcoin without having to set up a Coinbase account, without worrying that their phone is going to get lost,”
According to a Coindesk report, Galaxy Digital Asset Management is launching two BTC funds in November. One of the funds will have a minimum investment requirement of $25,000 with optional quarterly redemptions while the other one will require minimums higher than $25k. It will further offer professional oversight tax documentation and bitcoin storage.
In September, this year, galaxy Digital gained the approval of Financial Industry Regulatory Authority (FINRA), a non-government private organization that acts as a self-regulatory body for exchange markets, to underwrite registered public offerings of securities.
“It’s a really young industry, and we are a pretty young business. We are sober and patient about how fast it will grow, and we are well-capitalized. This feels like a perfect addition,”
the former Goldman Sachs partner said at that time.
BTC Needs To Get Back To $8,200 First
Meanwhile, the cryptocurrency market has taken a reprieve from the flash crash on Wednesday. Currently, Bitcoin is trading at $7,610, up from $7,300, as per Coincodex.
However, for Bitcoin to really surge, Novogratz says it needs “new energy to really make the big move.” But if the leading cryptocurrency doesn’t hold here, he expects $6,500 to be the “next downside.”
“I think you’ve got to get back through $8,200 first and if it gets back through $8,200 we’re then back in the $8,000-$10,000 range,”