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Galaxy Digital And CI Global Asset Management Obtain Receipt For IPO Of Bitcoin Fund

CI Global Asset Management (“CI GAM”) and Galaxy Digital Capital Management L.P. (“Galaxy Digital”) announced today that CI GAM has filed and obtained a receipt for a preliminary prospectus for the initial public offering of CI Galaxy Bitcoin Fund (the “Fund”).

The Fund is a closed-end investment fund which seeks to provide unitholders with exposure to bitcoin through an institutional-quality fund platform. The Fund will invest directly in bitcoin with the Fund’s holdings of bitcoin priced using the Bloomberg Galaxy Bitcoin Index (the “BTC”), which is designed to measure the performance of a single bitcoin traded in U.S. dollars. The BTC is owned and administered by Bloomberg Index Services Ltd.

CI GAM will be the manager of the Fund and Galaxy Digital will act as the bitcoin sub-advisor for the Fund. As sub-advisor, Galaxy Digital will execute all bitcoin trading on behalf of the Fund. Galaxy Digital is a diversified financial services and investment management company in the digital asset and blockchain technology sector. The team has extensive experience spanning investing, capital markets, venture capital, asset management and blockchain technology.

The initial public offering consists of Class A Units at a price of US$10 per Class A Unit and Class F Units at a price of US$10 per Class F Unit (the “Offering”).

Units of the Fund are being offered on a best-efforts basis in each of the provinces and territories of Canada. The syndicate of agents for the Offering was led by CIBC Capital Markets and included BMO Capital Markets, Canaccord Genuity Corp., Industrial Alliance Securities Inc., Richardson GMP Limited, Echelon Wealth Partners, Inc., Hampton Securities Ltd., Leede Jones Gable Inc., Mackie Research Corp. and PI Financial Corp.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.