Novogratz’s Galaxy Digital plans $100 million hedge fund with crypto focus: report

Galaxy Digital, founded by Mike Novogratz, is reportedly launching a $100 million hedge fund in the first quarter. This new vehicle has secured $100 million in commitments from family offices, high-net-worth individuals, and select institutions, with Galaxy providing a seed investment. The fund plans to allocate up to 30% of its assets to cryptocurrencies, while the remaining 70% will be invested in equities linked to traditional financial services. Fund head Joe Armao stated the strategy aims to profit from identifying companies that will benefit or suffer from technological and regulatory disruption in financial services, including digital assets and AI. This launch follows a period of significant activity for Galaxy Digital, which oversees about $17 billion in digital assets and recently secured a $460 million investment to develop an AI data center hub in Texas.

(Source：The Block)