Odaily Planet Daily reports that Mike Novogratz’s cryptocurrency group Galaxy plans to launch a $100 million hedge fund in the first quarter of this year. The fund has already received $100 million in investments from family offices, high-net-worth individuals, and large institutions, aiming to profit from digital asset price fluctuations.
The fund will invest up to 30% of its assets in cryptocurrencies, with the remaining portion invested in financial services stocks influenced by digital asset technology and legal factors. Galaxy stated that it will provide seed funding for the fund. Currently, Galaxy manages $17 billion in digital assets. Joe Armao, head of the hedge fund, said that the fund can profit from selecting disruptors and superior enterprises in the financial services sector. Currently, Bitcoin is priced at approximately $90,000. (FT)
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
U.S. Bitcoin reserves expand to enter the top 20 globally, Tinder founder increases purchase by 1.8 million shares
American Bitcoin Company (ABTC) Bitcoin reserves increase to 6,500 coins, ranking among the top 20 publicly listed companies worldwide. Despite stock price fluctuations, the reserve news prompted an 11.7% rise in stock price. ABTC is expanding its mining machine hash rate and plans to invest in reducing Bitcoin acquisition costs. Board member Tinder founder recently increased his holdings by purchasing 1.8 million shares.
ChainNewsAbmedia13m ago
Vancouver City Government in Canada has decided to terminate the Bitcoin reserve proposal after legal review.
Vancouver city government employees recommend terminating the "Bitcoin Friendly City" motion due to regulations prohibiting Bitcoin from being used as a municipal reserve asset. The motion was proposed by Mayor Ken Sim and aimed to explore the possibility of accepting cryptocurrency for taxes and converting financial reserves into Bitcoin, but it is restricted by provincial laws.
GateNews25m ago
Vancouver Moves to Close Bitcoin Reserve Proposal After Legal Review
In brief
City staff have concluded the Vancouver Charter does not allow Bitcoin in city reserves.
The motion followed a late 2024 decree by Mayor Ken Sim to study crypto use.
Municipal finance rules keep assets like Bitcoin outside treasuries, Decrypt was told.
Vancouver staff have
Decrypt37m ago
Data: Yesterday, the US Bitcoin spot ETF experienced a net outflow of $240.14 million.
Cryptocurrency analyst Trader T has detected that US Bitcoin spot ETFs experienced a net outflow of $240.14 million yesterday, primarily due to net outflows from multiple ETFs including BlackRock, Fidelity, and Bitwise, while Valkyrie's ETF saw a small net inflow.
GateNews45m ago
Construction Begins on Quantum Facility Capable of Breaking Bitcoin
The quantum computing race is edging closer to a commercially viable milestone, with PsiQuantum revealing progress toward a facility that could house a million qubits. The company, which has tied its plans to a collaboration with Nvidia, says the ambitious Chicago site will rely on advanced error-to
CryptoBreaking1h ago
Bitcoin mining companies have sold over 15,000 BTC since October last year, indicating a shift in industry holding strategies.
Since October last year, publicly listed Bitcoin mining companies have sold over 15,000 BTC, indicating a shift from holding strategies to selling. Many companies are participating in the sell-off, profit margins are narrowing, and the industry faces severe challenges. MARA Holdings has attracted attention for its flexible trading strategy, holding over 53,000 BTC.
GateNews1h ago
