Galaxy Digital, a well-known crypto merchant bank, has just entered into a partnership with CI Global Asset Management (CI GAM). This collaboration is formed to list a new Bitcoin fund, named CI Galaxy Bitcoin Fund. According to the announcement, CI GAM will act as a manager of the Bitcoin fund. On the other hand, Galaxy Digital will be the sub-advisor and will be responsible for executing all the Bitcoin trading of the fund.
The announcement has also stated that the investment fund will invest in Bitcoin priced under Bloomberg Galaxy Bitcoin Index. This is because the index evaluated the performance of Bitcoin against the US Dollar.
Demand For Galaxy Digital Services Increasing Impressively
As it offers different crypto-related services, it has been seen that Galaxy Digital has managed to gain traction in the crypto market. Now, this announcement of creating a new Bitcoin Fund comes when there has been a huge increase in the demand for services offered by the firm.
The Galaxy Digital Asset Management business has revealed that the firm is having around $407.4 million of assets under management. This has been reported in the Q3 financial update for this year, which indicates a huge growth. The trading unit of the firm has seen a really impressive annual growth.
Trading Business Seeing Huge Growth
Moreover, the third quarter has been quite a great success for the firm, and it has also indicated a subsequent growth for the trading business as well. Mike Novogratz, CEO of Galaxy Digital, has said his company has gained record volumes in the trading business, which has contributed widely towards the firm’s success. He also mentioned that the firm has taken different steps to further the firm’s progress in the second half of this year. According to the records, the firm seems to be paying off all the efforts that have been put into it.