Galaxy Digital, the US-based digital asset investment firm, is looking to introduce a new funds vehicle for Ethereum.
Based on the shared document, the crypto investment firm is launching funds entitled the Galaxy Ethereum fund, with onshore and offshore funds for institutional investors. According to the report, a minimum $250k investment is required for the onshore institutional fund and $100k for the offshore institutional fund. Mike Novogratz, CEO of Galaxy Digital, believes the growing institutional interest is the main catalyst behind the recent bull run.
These new vehicles offer a cost-effective means of ETH exposure to investors. This strategy withdraws the challenges of buying, storing, and safekeeping digital assets directly. The document reads, “Galaxy Digital believes Ethereum is an emerging substrate for programming and interacting with the digital value that will become ubiquitous in the future.”
Galaxy Digital Assets Under Management Surge
Galaxy Digital has $815 million under management, highlighted in the report. Meanwhile, Grayscale’s total assets under management (AUM) has surged abruptly to hit a new all-time high. The firm now claims $27 billion worth of cryptos under management. Over the past year, it has amassed a large number of Bitcoin, Ethereum, Stellar, and other crypto assets.
Recently, Galaxy Digital has started new financial services and sophisticated tools for the bitcoin mining sector. The firm’s new platform, entitled Galaxy Digital Mining, intends to give “one-stop financial services” for crypto miners.