Galaxy Digital's institutional-grade ether (ETH) funds have raised over $32 million since their February launch, according to documents filed Friday with the U.S. Securities and Exchange Commission.

Early returns – for an "onshore" $22 million fund and its Cayman-domiciled $10 million sibling – reveal a small but deep-pocketed clientele participated in the twin funds' earliest days. Just five total investors have joined the funds since Galaxy unveiled them in late January.

The funds debuted as ETH settled in the $1,500 range, well below highs set February when the native asset of the world computer topped $2,000 for the first time ever. But Galaxy's executives, including ETH bull Mike Novogratz, are betting Ethereum's programmability will spell future investment success.

"Bitcoin has solidified its lane as a store of value in which we continue to have conviction, while the Ethereum blockchain’s general programmability presents a distinct growth opportunity," Galaxy's asset management chief, Steve Kurz, told CoinDesk in January. "We’re excited to help our clients participate in that potential upside as a complement to bitcoin."

On Friday, Kurz said the Ethereum funds are the "natural next step for our business."

"With these funds, we aim to offer investors simple, secure, and institutional-grade access to this increasingly important asset," Kurz said through a spokesperson.

NZ Funds and Vision Hill Group are two of the five investors, Galaxy told CoinDesk.

Update (March 5, 23:57 UTC): Adds comment from Galaxy on the new ETH funds.