Mike Novogratz’s Galaxy to Launch $100M Crypto Hedge Fund as Bitcoin Tumbles

Galaxy Digital, the cryptocurrency merchant bank led by billionaire Mike Novogratz, is preparing to launch a new actively managed hedge fund with an initial target capitalization of $100 million. The strategic move comes even as major cryptocurrencies, including Bitcoin and Ethereum, have experienced significant recent volatility and deep price corrections, signaling confidence in the long-term institutionalization of digital assets.

The new vehicle, tentatively named the Galaxy Multi-Strategy Fund, aims to offer sophisticated institutional investors exposure to diverse trading strategies within the digital asset space. These strategies are expected to include quantitative trading, arbitrage opportunities, and actively managed directional bets on major crypto movements.

Sources familiar with the matter indicate that Galaxy views the current market downturn as an opportune moment to attract capital, positioning the fund to acquire valuable assets at deflated prices. Novogratz has frequently stressed his long-term bullish perspective, arguing that market shakeouts are necessary for the sustained growth of the ecosystem. The launch reinforces Galaxy’s commitment to expanding its asset management wing and capitalizing on the increasing demand for professionally managed crypto products from family offices and high-net-worth individuals.

Source: Mike Novogratz’s Galaxy to Launch $100M Crypto Hedge Fund as Bitcoin Tumbles