Galaxy Digital raised above $32 million to be invested in Ethereum since its launch in February. This was disclosed in a document the company filed on Mar 5 with the United States Securities and Exchange Commission.
The company amassed this amount through the two funds it launched in February. Galaxy’s returns from its onshore $22 million fund and the Cayman-domiciled $10 million fund shows that only a few investors with huge amounts to add participated in the launch.
From the available information, Galaxy has only won 5 deep-pocketed investors to the twin funds since January. The Galaxy Digital launched funds when Ethereum was at $1,500, which was below the $2,000 it recorded in February for the first time.
Galaxy executives and ETH bull Mike Novogratz believes that Ethereum will turn out to be a prosperous investment.
Galaxy Digital Asset Manager Expresses Thoughts on Eethereum
Steve Kurz, the asset management Chief at Galaxy Digital said the team believes that Ethereum’s programmability will ensure growth for investors.
According to Kurz, Bitcoin has already taken its position as a store of value, and Ethereum will not fall behind. Therefore, the Galaxy team aims to help their clients and participate in the potential upside of the second-largest cryptocurrency.
Last Friday, Kurz also maintained his stand that Ethereum funds are the next phase of their business. According to him, the company aims at using the funds to give investors access to utilize fast-growing digital assets.