Galaxy Plans to Launch $100 Million Hedge Fund Aiming to Profit from Digital Asset Price Volatility

Odaily News Mike Novogratz's cryptocurrency conglomerate Galaxy plans to launch a $100 million hedge fund in the first quarter of this year. The fund has already secured $100 million in investments from family offices, high-net-worth individuals, and large institutions, aiming to profit from digital asset price volatility.

The fund will allocate up to 30% of its assets to crypto tokens, with the remainder invested in financial services stocks impacted by digital asset technology and regulations. Galaxy stated it will provide seed investment for the fund. Currently, Galaxy manages $17 billion in digital assets. Joe Armao, head of the hedge fund, said the fund can profit from identifying disruptors and distinguishing between strong and weak companies within the financial services sector. The current Bitcoin price is approximately $90,000. (FT)