The information (Information) contained herein must be kept strictly confidential and may not be reproduced or redistributed in whole or in part, in any format, without the express written approval of Galaxy Digital Capital Management (“GALAXY”). By accepting this document, you acknowledge and agree that all of the Information contained in this document is proprietary to GALAXY and will be kept strictly confidential by you. The Galaxy Institutional Bitcoin Fund LP and the Galaxy Bitcoin Fund LP (the collectively the “Galaxy Bitcoin Funds”) and the Bloomberg Galaxy Crypto Index Fund LP (collectively with the Galaxy Bitcoin Funds, “the Funds”) referenced within this piece is provided for informational purposes only. The key facts and service providers referenced herein are subject to change.
Certain statements reflect GALAXY’s views, estimates, opinions or predictions (which may be based on proprietary models and assumptions, including, in particular, GALAXY’s views on the current and future market for digital assets), and there is no guarantee that these views, estimates, opinions or predictions are currently accurate or that they will be ultimately realized. To the extent these assumptions or models are not correct or circumstances change, the actual performance of GALAXY and the Funds may vary substantially from, and be less than, the estimated performance. None of GALAXY, the Funds nor any of their respective affiliates, shareholders, partners, members, directors, officers, management, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the Information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of the Information or such other information
The Information is being provided to you solely for discussion purposes and may not be used or relied on for any purpose (including, without limitation, as legal, tax or investment advice) as a potential service provider to the Funds without the express written approval of GALAXY. The Information is not an offer to buy or sell, nor is it a solicitation of an offer to buy or sell, interests in the Funds or any advisory services or any other security or to participate in any advisory services or trading strategy. If any offer and sale of securities is made, it will be pursuant to the confidential offering memorandum of the Funds (the Offering Memorandum). Any decision to make an investment in the Funds should be made after reviewing such Offering Memorandum, conducting such investigations as the investor deems necessary and consulting the investor’s own investment, legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment.
Except where otherwise indicated, the Information is based on matters as they exist as of the date of preparation and not as of any future date and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof.
Investing in financial markets, the Funds and digital assets, including Bitcoin, involves a substantial degree of risk. There can be no assurance that the investment objectives described herein will be achieved. Any investment in the Funds may result in a loss of the entire amount invested. Investment losses may occur, and investors could lose some or all of their investment. No guarantee or representation is made that GALAXY’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time. Nothing herein is intended to imply that the GALAXY’s investment methodology may be considered “conservative”, “safe”, “risk free”, or “risk averse.” Neither historical returns nor economic, market or other performance is an indication of future results.
Certain information contained herein (including financial information) has been obtained from published and nonpublished sources. Such information has not been independently verified by GALAXY, and GALAXY does not assume responsibility for the accuracy of such information
The performance of the Galaxy Bitcoin Funds will vary from the performance of the Bloomberg Bitcoin Cryptocurrency Fixing Rate.
The performance of the Bloomberg Galaxy Crypto Index Fund will vary from the performance of the Bloomberg Galaxy Crypto Index
GALAXY does not provide tax, accounting or legal advice. Notwithstanding anything to the contrary, each recipient of this Information, and each employee, representative or other agent of such recipient may disclose to any and all persons, without limitation of any kind, the U.S. income and franchise tax treatment and the U.S. income and franchise tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to such recipient relating to such tax treatment and tax structure insofar as such treatment and/or structure relates to a U.S. income or franchise tax strategy provided to such recipient by GALAXY.
Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue” or “believe” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of GALAXY or the Funds or the actual performance of GALAXY or the Funds may differ materially from those reflected or contemplated in such forwardlooking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions.
None of the Information has been filed with the U.S. Securities and Exchange Commission, any securities administrator under any state securities laws or any other governmental or self-regulatory authority. No governmental authority has opined on the merits of the offering of any securities by the Funds or the adequacy of the information contained herein. Any representation to the contrary is a criminal offense in the United States. Affiliates of GALAXY own investments in some of the digital assets and protocols discussed in this document.
Hedge funds and other alternative investments involve a high degree of risk and can be illiquid due to restrictions on transfer and lack of a secondary trading market. They can be highly leveraged, speculative, and volatile, and an investor could lose all or a substantial amount of an investment. Alternative investments may lack transparency to investors of information as to share price, valuation, and portfolio holdings. Complex tax structures, like the ones employed by the Funds, often result in delayed tax reporting and potentially materially different returns for offshore versus onshore investors. Compared to mutual funds, alternative investments like the Funds are subject to less regulation and often charge higher fees.
BLOOMBERG is a trademark or service mark of Bloomberg Finance L.P. GALAXY is a trademark of GALAXY. Bloomberg Finance L.P. and its affiliates (collectively, Bloomberg) are not affiliated with GALAXY, the Fund and their respective affiliates (collectively, Galaxy). Bloomberg’s association with Galaxy is to act as the administrator and calculation agent of the CFIX (the “Index”), which is the property of Bloomberg. Neither Bloomberg nor Galaxy guarantee the timeliness, accurateness, or completeness of any data or information relating to the Index or results to be obtained. Neither Bloomberg nor Galaxy make any warranty, express or implied, as to the Index, any data or values relating thereto or any financial product or instrument linked to, using as a component thereof or based on the Index (Products) or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. To the maximum extent allowed by law, Bloomberg, it licensees, Galaxy and its and their respective employees, contractors, agents, suppliers, and vendors shall have no liability or responsibility whatsoever for any injury or damages—whether direct, indirect, consequential, incidental, punitive, or otherwise—arising in connection with the Index, any data or values relating thereto or any Products—whether arising from their negligence or otherwise.
Market index information shown herein, such as that of the Bloomberg Galaxy Crypto Index is included to show relative market performance for the periods indicated and not as standards of comparison, since these are unmanaged, broadly based indices which differ in numerous respects from the portfolio composition of the Funds. Market index information was compiled from sources that Bloomberg believes to be reliable. No representation or guarantee is made hereby with respect to the accuracy or completeness of such data. The information contained herein is provided for informational purposes only, is not complete, and does not contain certain material information about the Funds, including important disclosures and risk factors associated with an investment in the Funds, and is subject to change without notice. This document is not intended to be, nor should it be construed or used as an offer to sell, or a solicitation of any offer to buy, shares or limited partnership interests in the Funds.
Any and all securities transactions for the Fund will be effected through Galaxy Digital Advisors LLC, a member of FINRA and SIPC.