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Galaxy is planning to launch a $100 million hedge fund designed to profit from cryptocurrency price fluctuations.
BlockBeats News, January 21st, According to the Financial Times, Mike Novogratz's cryptocurrency group Galaxy plans to launch a $100 million hedge fund in the first quarter of this year. The fund has received $100 million in investments from family offices, high-net-worth individuals, and large institutions, aiming to profit from digital asset price volatility.
It is reported that the fund will allocate up to 30% of its assets to cryptocurrency tokens, with the rest invested in financial services stocks influenced by digital asset technology and regulation. Galaxy has stated that it will provide seed investment for the fund. Currently, Galaxy manages $17 billion in digital assets. The hedge fund's manager, Joe Armao, stated that the fund can profit from selecting disruptors in the financial services sector and distinguishing between good and bad companies.
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