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

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

The fund will invest up to 30% of its assets in crypto tokens, with the remainder allocated to financial services stocks influenced by digital asset technology and regulation. Galaxy has stated it will provide seed investment for the fund. Currently, Galaxy manages $17 billion in digital assets. The hedge fund head, Joe Armao, mentioned that the fund could profit from identifying disruptors in the financial services sector as well as from both strong and weak companies. The current price of Bitcoin is approximately $90,000.