Galaxy, the digital assets firm headed by Mike Novogratz, is aiming to launch a $100 million hedge fund that would seek to profit from volatility across crypto tokens and traditional financial services companies, according to the Financial Times.
The ‘long-short’ fund, seeded with about $100 million from family offices, high-net-worth individuals, and institutions, will invest up to 30% of its assets in crypto tokens. The remainder will go into financial services stocks exposed to digital assets regulation and technology.
Targeted for launch in Q1, it would be the next major initiative following Galaxy’s investment in Forward Industries, now the largest Solana treasury, with Jump Crypto and Multicoin Capital.
The launch follows a steep Bitcoin pullback, though Galaxy executives say they remain bullish on major crypto assets and see broad opportunities in regulatory, AI, and digital asset-driven change.
The flagship crypto asset was trading at $89,528 at press time, rebounding slightly after dipping to $87,900 on Tuesday, per CoinGecko.