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.