Galaxy plans to launch a $100 million hedge fund aimed at profiting from digital asset price fluctuations

Odaily Planet Daily reports that Mike Novogratz’s cryptocurrency group Galaxy plans to launch a $100 million hedge fund in the first quarter of this year. The fund has already received $100 million in investments from family offices, high-net-worth individuals, and large institutions, aiming to profit from digital asset price fluctuations.

The fund will invest up to 30% of its assets in cryptocurrencies, with the remaining portion invested in financial services stocks influenced by digital asset technology and legal factors. Galaxy stated that it will provide seed funding for the fund. Currently, Galaxy manages $17 billion in digital assets. Joe Armao, head of the hedge fund, said that the fund can profit from selecting disruptors and superior enterprises in the financial services sector. Currently, Bitcoin is priced at approximately $90,000. (FT)