Alternative Investments/Digital Assets: Bitcoin Funds By CI Financial And Skybridge

Canada’s CI Financial sells bitcoin fund units at US$12.88 apiece.

Canadian mutual fund manager CI Financial Corp has floated a US$72 million bitcoin fund. The IPO of the closed-ended fund issued units at US$12.88 ($10) each. These will list on the Toronto Stock Exchange in both USD and Canadian dollars. (BNN Bloomberg)

Meanwhile, an SEC filing reveals that Skybridge Capital, the wealth management firm run by Anthony Scaramucci, is launching Skybridge Bitcoin Fund L.P.

CI Galaxy Bitcoin Fund

The new fund is suitable for clients of CI Financial intending to participate in bitcoin and its current rally. Further, for this purpose, they need not open any new accounts or register separately on platforms. They get exposure to the leading crypto through their existing investment channels.

Institutions, individuals, high net worth investors, and financial advisors participated in the IPO.

“Having a product that can be bought directly — it can be bought through their financial adviser on behalf of them — it just makes their life a lot simpler than having to address their desire for Bitcoin via different structures and wallets,” said CI Financial Chief Executive Officer Kurt MacAlpine in an interview.

While CI Financial will manage the fund, Mike Novogratz’s Galaxy Digital Capital Management will be BTC sub-adviser, as well as execute all crypto trading for the fund.

The fund will value its holdings using the Bloomberg Galaxy Bitcoin Index, and store them in a segregated cold storage system.

Investors can redeem fund units at net asset value on an annual basis.

Skybridge Capital

New York-based Skybridge Capital manages over $ 9.2 billion in assets. According to its filing, it intends to launch a bitcoin fund for accredited investors who can invest $ 50,000 or more.

The vehicle is a pooled investment and hedge fund, though the filing did not disclose its size.

In mid-November, Skybridge granted two of its funds permission to “seek exposure to digital assets.”

Related Story:  Bitcoin Perma-Bull Mike Novogratz Is On A Roll

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