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According to the Financial Times, Galaxy, a digital asset company led by Mike Novogratz, plans to launch a $100 million hedge fund aimed at benefiting from volatility in the digital currency market and shares of financial services companies related to the crypto industry.
The fund will be of the “long/short” variety, with approximately $100 million initially provided by family offices, high-net-worth investors and institutions.
The fund expects to allocate up to 30% of its assets to investments in digital currencies, with the remainder invested in stocks of financial services companies that benefit from or are affected by regulation of digital assets and related technologies.
The fund, which is likely to launch in the first quarter (Q1), is a new step in Galaxy’s recent moves, which include an investment in Forward Industries, which the company says has become one of Solana’s largest treasuries with support from parties including Jump Crypto and Multicoin Capital.
The launch comes as Bitcoin has experienced a strong correction over the past few days, partially rebounding to around $89,528 after hitting $87,900 on Tuesday, “CoinGecko” reported.
Despite the decline, Galaxy said it remains optimistic about the major asset over the medium term and sees broad opportunities related to regulation, artificial intelligence applications and digital asset-led transformation in the market.
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