Galaxy Digital’s bitcoin funds raised $58.7 million of their first yr as predominately high-dollar consumers staked their declare to the surging cryptocurrency.
The institutional fund specifically seems to seize high-rollers’ spiking curiosity in bitcoin. With a minimal funding of $250,000, the $55 million fund attracted 33 traders for a median allocation of $1.6 million.
That’s rather less than half of what Galaxy Bitcoin Fund LP managed to lift general. There, 56 traders pitched in at the least $25,000 every for the complete $3.6 million increase.
Funds have lengthy appealed to traders who search publicity to bitcoin’s price with out having to take care of custody, commerce or execution points themselves. Pantera Capital launched one of many first such autos in 2013; it now has north of $135 million in gross sales.
A 3rd entity, Galaxy Institutional Bitcoin Fund, Ltd, reported elevating $45 million from 13 traders Wednesday. It was not instantly clear if that fund, which had a $100,000 minimal funding, was straight associated to Institutional LP.
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