Galaxy plans to launch a $100 million hedge fund aimed at profiting from digital asset price fluctuations.

On January 21, the Financial Times reported that Mike Novogratz's cryptocurrency group Galaxy plans to launch a $100 million hedge fund in the first quarter of this year. The fund has already secured $100 million in investment from family offices, high-net-worth individuals, and large institutions, aiming to profit from the volatility of digital asset prices.

The fund will reportedly invest up to 30% of its assets in crypto tokens, with the remainder in financial services stocks impacted by digital asset technology and law. Galaxy, which currently manages $17 billion in digital assets, has stated it will provide seed funding. Joe Armao, head of the hedge fund, said the fund can profit by identifying disruptors and differentiating between high-performing and low-performing companies in the financial services sector.