Galaxy Digital’s ether fund is getting a boost from Goldman Sachs according to a recent filing with the SEC that sees Goldman as a feeder for the fund, reported CoinDesk.
The fund is an institutional one that has a $250,000 minimum investment requirement; to date, the fund has sold over $50 million to interested parties. In return for bringing clients in, Goldman Sachs will receive an introduction fee according to the SEC filing and amendments.
Goldman Sachs has previously partnered with Galaxy Digital, a crypto investment firm helmed by billionaire crypto financier Mike Novogratz, last year when Galaxy Digital agreed to provide liquidity for the bank’s bitcoin futures trades. Galaxy Digital also partners with Morgan Stanley in a similar type of bitcoin fund.
Galaxy Digital continues to be at the forefront of partnerships with major investment banks, bringing in a significant portion of its income from these types of acquisitions and agreements. By partnering with some of the biggest names in the industry, Galaxy Digital is able to continue expanding its reach of crypto offerings for the institutional clientele.
Investing in Crypto Industry Innovation with BLOK
For investors who want access to the growing crypto space through an actively managed fund that is able to respond to changing market conditions, the Amplify Transformational Data Sharing ETF (BLOK) can be a great solution.
BLOK currently has over $940 million in AUM, is actively managed, and invests in companies directly involved in developing and using blockchain technology. BLOK was also the first blockchain ETF approved by the SEC and launched in 2018.
The fund invests in companies partnered with or directly investing in companies utilizing and developing blockchain technologies. However, the fund does not invest directly in blockchain technology or cryptocurrencies.
BLOK spreads its holdings across the size spectrum, investing in all market caps. As of the end of December, top allocations within the blockchain industry included transactional at 38.0%, crypto miners at 23.0%, and venture at 11%. BLOK invests across the blockchain landscape, in miners, exchanges, and developers.
Galaxy Digital Holdings Ltd is carried at a 3.85% weight in the fund.
BLOK has an expense ratio of 0.71% and currently has 46 holdings.
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