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Bakkt, Fidelity Will Store Galaxy Digital's New Bitcoin Fund Holdings
Galaxy Digital is tapping Bakkt and Fidelity Digital Assets to store the bitcoin for its two new funds.
Updated May 9, 2023, 3:04 a.m. Published Nov 19, 2019, 3:14 p.m.
Galaxy Digital is tapping Bakkt and Fidelity Digital Assets to store the bitcoin for its two new funds.
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Launched Tuesday, the funds are designed for accredited institutional investors with standard tax documentation and client service support. The Galaxy Bitcoin Fund requires a $25,000 minimum investment with optional quarterly redemptions. The Galaxy Institutional Bitcoin Fund requires higher minimums than $25,000 and allows weekly withdrawals.
Bakkt previously announced it would serve Galaxy Digital as a custodian.
“As institutions and sophisticated investors seek exposure to digital assets through new investment products, they are seeking the highest standards in asset security,” Kelly Loeffler, CEO of Bakkt, said in a press release. “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,”
Bloomberg L.P. will be the pricing agent for the funds while other service providers include Deloitte & Touche LLP for audit, Ernst & Young LLP for tax and Davis Polk & Wardwell LLP for legal counsel.
“Galaxy continues to have high conviction in bitcoin and has made significant strides in helping to bring a more institutionalized footprint to the digital asset ecosystem,” Mike Novogratz, CEO and founder of Galaxy Digital, said in the release. “We believe this effort is an important step forward in fulfilling this mission.”
Paul Cappelli is the portfolio manager for both funds, though they will be passively managed, meaning the investments (in this case, bitcoin) are automatically selected. Galaxy’s asset management division is led by Steve Kurz.
These funds add to Galaxy Digital’s suite of products which includes the Galaxy Crypto Index Fund, which provides exposure to the largest cryptocurrencies by market cap by tracking the Bloomberg Galaxy Crypto Index.
Michael Novogratz photo via CoinDesk archives
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