(Bloomberg) -- Billionaire investor Mike Novogratz’s Galaxy Digital Holdings Ltd. said its asset management unit has grown to $1.2 billion after launching new products, including a Bitcoin mutual fund in partnership with Canada’s CI Financial Corp.

The company, based in New York but listed in Toronto, said in a statement Wednesday it expects to report income of $325 million for the fourth quarter after the value of Bitcoin and other holdings soared. Galaxy said it disclosed the preliminary results “given the material change in the operating environment of the cryptocurrency and digital sector” since it reported its third quarter.

Galaxy Digital is an investment and trading firm that focuses on digital currencies and blockchain companies. Novogratz is trying to place it in the center of an explosion in investor interest in cryptocurrencies and retail funds that hold them.

Galaxy’s trading desk is one of several providing Bitcoins for the Purpose Bitcoin ETF, the first-ever approved in North America, which began trading on the Toronto Stock Exchange last week. Galaxy Digital will also act as a sub-advisor on a new Bitcoin ETF that CI Financial has also filed to launch.

Read more: Novogratz Positions Firm at Center of Hoped-for Crypto ETF Boom

“Even as late as June and July of last year, people were not positive this was a real space,” Novogratz said by telephone. “Now the question is, how much exposure should I have?”

Galaxy’s asset management division includes venture funds and crypto funds, including those traded on exchanges. It’s grown 45% since the end of December, the company said.

Novogratz said he plans to add about 50 people to the 126-person firm, which has offices in New York, Chicago, Tokyo, Hong Kong, London and Los Angeles. The company has a market value of C$5.5 billion ($4.4 billion), up from C$382 million a year ago.

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