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.
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.
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