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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3670
Registered: 05-2011

Rating: N/A
Votes: 0

Posted on Thursday, August 19, 2021 - 3:44 pm:   

Mike Novogratz's Galaxy Digital Rolling Out DeFi Index Fund
Galaxy Digital's new fund exposes investors to UNI, AAVE, COMP, and other Ethereum-based tokens.

Galaxy Digital, the crypto-centric investment management firm founded by Novogratz in 2017, announced today it has created the Galaxy DeFi Index Fund, giving traditional investors access to the most untraditional of digital currencies.

The Bloomberg Galaxy Defi Index on which the new fund is based exposes investors to nine Ethereum-based DeFi governance tokens: Uniswap, Aave, Maker, Compound, Yearn.Finance, Synthetix, SushiSwap, 0x, and UMA. The biggest weight, 40%, currently goes to Uniswap's UNI token, the largest DeFi token with a market cap of $15.5 billion, as of Wednesday.

Galaxy Digital already offers multiple cryptocurrency funds, including for Bitcoin and Ethereum; the Crypto Index Fund also mixes in Bitcoin Cash, Litecoin, and EOS. It boasts over $1.6 billion in assets under management. But the firm reported a $175 million Q2 loss this week, citing a "34% decline in overall digital asset prices and a 41% decline in the price of Bitcoin over the quarter." The DeFi fund represents an opportunity to diversify its product offerings.

The DeFi fund, open only to accredited investors (U.S. residents who earn over $200,000 a year), charges a 2% management fee and mandates that buyers keep their money in for 12 months (or pay a redemption penalty). That's likely a small price to pay for those uninitiated to the process of buying and securely storing cryptocurrencies.

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