Galaxy Digital Said to Plan Its Own Tokenized Money Market Fund

Galaxy Digital (GLXY), the digital asset investment firm led by Mike Novogratz, is planning to release a tokenized money-market fund, according to two people familiar with the plan.

The New York City-based company is aiming to bring a more crypto-native twist to the range of traditional finance-led tokenized fund offerings, such as BlackRock’s BUIDL and Franklin Templeton’s BENJI token, said the people, who declined to be identified.

The Galaxy fund, which will debut in the coming months, will ultimately be available on the Ethereum, Solana and Stellar blockchains. That said, it won’t appear on all three blockchains on day one, according to one of the people. Anchorage Digital is to be the custodian of the new fund.

“The overarching ambition is to use the power of tokenization to offer instant liquidity, and there’s a lot of innovation around that to come,” the person said. “Galaxy has had the benefit of seeing BUIDL and some of the other ones out there in the market, and seeing who’s engaging with these funds, how they’re engaging with them, and how that could be better.”

A representative for Galaxy Digital declined to comment on the fund. Anchorage Digital did not immediately respond to requests for comment.

BlackRock’s BUIDL fund, which now has a market cap of around $2.2 billion, went live on the Solana blockchain in March after debuting on Ethereum.

Read more: Galaxy Digital Tokenizes Its Shares on Solana With Superstate