Galaxy Digital CEO Michael Novogratz is reportedly launching a new Bitcoin fund. He comments on BTC prices flow and Golden Sachs role in the industry.
Galaxy Digital CEO and chairman, Michael Novogratz, commented with CNBC Squawk Box about a new Bitcoin fund in the making.
The CEO stated that Galaxy Digital Asset Management might have plans for Bitcoin fund launch with the goal of easier access to the Cryptocurrency.
He commented:
“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.”
Coindesk stated that Galaxy is launching two BTC funds in November with seed investment. The Galaxy Bitcoin Fund will have a minimum of $25,000 and the second one Galaxy Institutional Bitcoin Fund will require higher minimum than $25,000.
More BTC talk
Novogratz is positive on Bitcoin but he still thinks that BTC needs “new energy to really make the big move”.
He continues on the BTC price:
“I’m hoping it holds here. $6,500 would 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.”
The Financial Industry Regulatory Authority approved Galaxy Digital for their registered public offerings of securities, as the firm is going to facilitate Security Token Offerings (STOs).
Novogratz, as a former partner with Goldman Sachs, wants Galaxy Digital to pursue the same role within the Crypto industry.
This July, CoinTelegraph reported that Goldman Sachs had intentions of building and deploying a Digital Asset project
That said, he wants underwriting securities offerings as an addition to Galaxy’s services.
He elaborated:
“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.”
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