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TORONTO (December 8, 2020) – CI Global Asset Management (“CI GAM”) announced that it has filed with the securities regulatory authorities of all Canadian provinces and territories and obtained a receipt for the final prospectus in relation to the initial public offering of CI Galaxy Bitcoin Fund (the ”Fund”).
The initial public offering of the Fund consists of Class A Units, Class C Units and/or Class F Units each at a price of US$10 per Unit or, in each case, C$12.88 per Unit (the “Offering”).
The maximum size of the Offering is US$350,000,000. The closing of the Offering is expected to occur on or about December 16, 2020 and is subject to customary closing conditions, including the receipt of all necessary regulatory approvals. The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Class A Units, which will trade in both U.S. dollars and Canadian dollars under the symbol “BTCG.U” and “BTCG.UN”, respectively, subject to the fulfillment of TSX requirements. The Class C Units and the Class F Units will not be listed on a stock exchange but will be reclassified as Class A units immediately upon the closing of the Offering.
The Fund is a closed-end investment fund that 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 Limited.
CI GAM will be the manager of the Fund and Galaxy Digital Capital Management L.P. (“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.
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 is being led by CIBC Capital Markets and includes BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Industrial Alliance Securities Inc., Richardson Wealth Limited, Echelon Wealth Partners Inc., Hampton Securities Limited, Leede Jones Gable Inc., Mackie Research Capital Corporation and PI Financial Corp. (collectively, the “Agents”). The Fund has granted the Agents an option to purchase up to 15% of the Class A Units issued at the closing date of the Offering, on the same terms and conditions, which are exercisable for a period of 30 days following the closing date of the Offering.
This Offering is only made by the final prospectus of the Fund dated December 4, 2020 (the “Prospectus”). The Prospectus contains important information relating to these securities. Copies of the Prospectus may be obtained from one of the Agents noted above or through www.sedar.com. Investors should read the Prospectus before making an investment decision.