Galaxy plans to launch a $100 million hedge fund aimed at profiting from digital asset price fluctuations.
According to Odaily, Galaxy, the cryptocurrency group led by Mike Novogratz, plans to launch a $100 million hedge fund in the first quarter of this year. The fund has already secured $100 million in investments from family offices, high-net-worth individuals, and large institutions, aiming to profit from the price volatility of digital assets.
The fund will invest up to 30% of its assets in crypto tokens, with the remainder allocated to financial services stocks influenced by digital asset technology and regulations. Galaxy stated it will provide seed investment for the fund. Currently, Galaxy manages $17 billion worth of digital assets. Joe Armao, the head of the hedge fund, said the fund can profit from identifying disruptors and outperformers in the financial services sector. The current bitcoin price is around $90,000. (FT)
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