Mike Novogratz’s Galaxy Digital will launch a series of funds based on the second largest cryptocurrency in mid-February. Writes about this The Block with reference to a letter to Galaxy Digital customers.
Galaxy Ethereum Fund intends to provide investors with access to Ether (ETH), the cryptocurrency of the Ethereum network. The fund will offer investments in its own securities and will use the Bloomberg Galaxy Ethereum Index for pricing. The custody division of the Gemini exchange will be responsible for storing the cryptocurrency. Galaxy will charge a management fee of 1% on investments over $ 100,000 and 1.25% less. The minimum investment amount is $ 25,000.
In addition to the Galaxy Ethereum Fund, two institutional-oriented funds will be launched, divided into domestic and foreign investors. In both cases, the management fee will be 0.75% for Class A shares and 1% for Class B shares.
The time chosen by Novogratz to create Ethereum funds deserves attention. On February 8, trading in Ethereum futures on the Chicago Mercantile Exchange will start, reflecting the growing interest of large investors in cryptocurrency.
At Galaxy Digital itself, ether is seen as an investment opportunity with high growth potential.
“We see ETH as a growth asset,” the firm writes. – Investing in ETH is akin to investing early in a basket of high-potential tech stocks. Investors gain access to the explosive wave of smart contracts and decentralized applications. Six applications in the decentralized finance space are now worth over $ 1 billion and generate hundreds of millions of dollars in revenue per year. ”
Yesterday Mike Novogratz commented reaching a new all-time high by ether and gave his own forecast for the price of the cryptocurrency:
I had lunch with @ethereumJoseph today. Always makes me want to buy more $ eth. Nice start to the week. Chart targets 2600.
– Mike Novogratz (@novogratz) January 25, 2021
“We just had lunch with [основателем Ethereum-студии ConsenSys] Joseph Lubin. Because of him, I always want to buy more ETH. Good start to the week. The charts point to $ 2,600. ”
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
