Galaxy Digital Holding Ltd reportedly plans to launch two new Bitcoin funds that will target older investors, Bloomberg reports. In a phone interview, the cryptocurrency firm’s CEO, Michael Novogratz, told Bloomberg that the plan is to attract accredited and institutional investors aged 50 to 80 to cryptocurrency investing.
The funds will apparently charge lower fees, in an effort to counter competitors like the Grayscale Bitcoin Trust. In addition, Galaxy’s new investment funds will provide investors with third-party custody through Fidelity Digital Assets and Bakkt.
Galaxy asset management head Steve Kurz told Bloomberg:
“The existing landscape for accessing Bitcoin is incomplete. We are trying to offer secure service providers, low fees, simple access to Bitcoin. We wanted to create something that could plug into the existing infrastructure.”
Investors will need a minimum investment of $25,000. Galaxy has already seeded both funds with the company’s own resources and money from its current investors.
Novogratz also said that he believes that his firm’s funds could be an attractive option for investors who are now focused on gold:
“You are seeing Bitcoin way outperform other coins right now, and I think that will continue until these coins start to get used for things. You also get more credentialed people — there are probably 20 billionaires I could name that made their money outside of crypto and are in crypto now. Every speculative asset needs people to tell the story, and people are buying the story.”