CI Global raises Bitcoin fund

Toronto-based firm CI Global Asset Management completed the initial public offering for the CI Galaxy Bitcoin Fund, sub-advised by Mike Novogratz’s Galaxy Digital. The fund raised C$72 million (US$56 million) in a public offering on the Toronto Stock Exchange under the BTCG symbol. Back in July, Galaxy Digital Holdings itself announced it would begin trading on the Toronto Stock Exchange. With $550 million in its asset management business, Galaxy claims to be one of the world’s largest cryptocurrency and digital assets companies by market capitalization. “We are excited to partner with CI Global Asset Management to help bring viable bitcoin exposure to a greater number of investors,” said Novogratz, chairman and CEO of Galaxy Digital. “CI Galaxy Bitcoin Fund offers investors a simplified path to gain exposure to bitcoin.” He added that Canada’s progressive nature as a jurisdiction allows the fund to come forward at a critical time. Indeed, Bitcoin is leading the way in the crypto currency space in surpassing US$20,000 this month. Prior to launch of this fund, Galaxy Digital acquired two leading cryptocurrency trading firms – DrawBridge Lending and Blue Fire Capital, in mid-November. DrawBridge is a specialist in digital asset lending, borrowing and structured products. Blue Fire is a proprietary trading firm specializing in market making and two-sided liquidity for digital assets. “In launching CI Galaxy Bitcoin Fund, we are offering Canadian investors a simple way to access an important emergent asset class and easily integrate it into their portfolio and investment planning,” said Kurt MacAlpine, CEO of CI Financial Corp, the parent of CI GAM. “This fund is the latest step in CI GAM’s strategy to modernize its business, which includes providing investors with the benefits of a broad choice of high-quality alternative investment options.” The closed-end investment fund offers unitholders exposure to bitcoin with the fund’s holdings priced using the Bloomberg Galaxy Bitcoin Index.

CI Global raises Bitcoin fund

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