Michael Novogratz's crypto bank will launch new Ethereum-based funds in February, Decrypt reports.
In particular, the fund, called Galaxy Ethereum Fund, as well as two other ETH-based funds, will be aimed at institutional investors. The custody of the assets will be handled by the custody division of crypto exchange Gemini.
The pricing of the Galaxy Ethereum Fund will be based on the Bloomberg Galaxy Ethereum Index.
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It must be noted Galaxy Digital will charge a 1% management fee for investments of $100,000 and 1.25% to investments below this figure. The minimum investment will be $25,000.
For the other two funds, the fee will be 0.75% for Class A shares and 1% for Class B shares.
The launch of the Galaxy Digital funds coincides with the start of trading of Ethereum futures on the Chicago Mercantile Exchange (CME).
Mike Novogratz has previously said the price of Ether could hit $2,600.
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