Galaxy Digital Bitcoin Funds Raise $104M as Institutional Cash Flows In

Galaxy Digital Bitcoin Funds Raise $104M as Institutional Cash Flows In

Galaxy Digital’s bitcoin funds raised $104 million in their first year, mostly from wealthy investors eager to benefit from the surging cryptocurrency.

As reported in two Form D filings, Galaxy Institutional Bitcoin Fund LP raised $55.1 million while its smaller sibling, Galaxy Bitcoin Fund LP, raised $3.6 million. Both funds launched last November when Mike Novogratz first trained his crypto investments firm’s sights on the bitcoin (BTC, -0.97%) fund space.

A third fund called Galaxy Institutional Bitcoin Fund, Ltd, reported raising $45 million from 13 investors Wednesday, bringing the institutional total to $100.1 million, according to Galaxy Digital spokesperson Eva Casanova.