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May 10, 2021

CI Global Asset Management Completes Merger of CI Galaxy Bitcoin Fund into CI Galaxy Bitcoin ETF

Not for distribution to U.S. newswire services or for dissemination in the United States.

TORONTO (May 10, 2021) – CI Global Asset Management (“CI GAM”) today announced that the merger of CI Galaxy Bitcoin Fund (TSX: BTCG), a closed-end investment fund (the “Terminating Fund”), into CI Galaxy Bitcoin ETF (TSX: BTCX), an exchange-traded fund (the “Continuing ETF”), was completed after the close of business on May 7, 2021.

Unitholders of the Terminating Fund received units of the ETF US$ Series of the Continuing ETF (TSX: BTCX.U) based on the exchange ratio (the “Exchange Ratio”), as set out below, for each unit of the Terminating Fund held as at May 7, 2021. No fractional units of the Continuing ETF, or cash in lieu thereof, were issued or paid pursuant to the merger. The total number of units of the Continuing ETF issued to unitholders of the Terminating Fund is also noted below.

Terminating FundContinuing ETFExchange RatioTotal Number of Continuing ETF Units Issued in respect of the Merger
CI Galaxy Bitcoin Fund (TSX: BTCG.UN, BTCG.U)CI Galaxy Bitcoin ETF (TSX: BTCX.U)2.336595:113,405,314

The merger took place on a taxable basis and would be considered a disposition for tax purposes. However, the Terminating Fund and the Continuing ETF did not pay distributions to unitholders as a result of the merger. Units of the Terminating Fund were delisted from the Toronto Stock Exchange at the close of business on May 7, 2021.

CI GAM undertook the merger because it believes that the ETF structure offers increased liquidity through continuous distribution and the potential benefits of greater economies of scale. The Continuing ETF also has a management fee of 0.40% – the lowest of any bitcoin ETF – and its management expense ratio (“MER”) has been capped at 0.95% – the lowest published MER cap of any bitcoin ETF. The costs and expenses associated with the merger are being borne by CI GAM and not by the Fund or the ETF. The Terminating Fund and the Continuing ETF share the same investment mandate and portfolio management team at Galaxy Digital Capital Management LP.

The Continuing ETF also offers Canadian dollar unhedged units (TSX: BTCX.B). Further information is available at

About CI Global Asset Management


CI Global Asset Management is one of Canada’s largest investment management companies. It offers a wide range of investment products and services and is on the Web at CI GAM is a subsidiary of CI Financial Corp. (TSX: CIX, NYSE: CIXX), an independent company offering global asset management and wealth management advisory services with approximately C$240.6 billion in total assets as at March 31, 2021.


CI Galaxy Bitcoin ETF (the “ETF”) is an exchange-traded mutual fund that invests in the digital currency bitcoin. An investment in the ETF may be considered speculative and is not intended as a complete investment program. It is appropriate only for investors who have the capacity to absorb a loss of some or all of their investment. An investment in the ETF is considered high risk.


Commissions, management fees and expenses all may be associated with an investment in exchange-traded funds (ETFs). You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them. Please read the prospectus before investing. Important information about the ETF is contained in its prospectus. ETFs are not guaranteed; their values change frequently and past performance may not be repeated.


This communication is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment advice, or construed as an endorsement or recommendation of any entity or security discussed. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies.


Certain statements in this document are forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained herein are based upon what CI Global Asset Management believes to be reasonable assumptions, CI Global Asset Management cannot assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.


CI Global Asset Management is a registered business name of CI Investments Inc. ©CI Investments Inc. 2021. All rights reserved.



Murray Oxby
Vice-President, Corporate Communications
CI Global Asset Management