November 16, 2020
TORONTO (November 16, 2020) – 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.
The Offering is only made by the preliminary prospectus of the Fund dated November 16, 2020. The preliminary prospectus containing important information relating to these securities has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from one of the agents noted above or through www.sedar.com. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued by the relevant securities commissions in Canada. Investors should read the prospectus before making an investment decision.
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 www.ci.com. CI Global Asset Management is a subsidiary of CI Financial Corp. (TSX: CIX), an independent company offering global asset management and wealth management advisory services with approximately $202.4 billion in assets as of October 31, 2020.
About Galaxy Digital
Galaxy Digital Capital Management L.P. is an affiliate of Galaxy Digital Holdings Ltd. (TSX: GLXY) (“Galaxy Digital”). Galaxy Digital currently operates four distinct business lines, which include: Trading, Asset Management, Principal Investments and Investment Banking. Galaxy Digital’s CEO and Founder is Michael Novogratz. The Company is headquartered in New York City, with offices in Chicago, San Francisco, London, Tokyo, Hong Kong, the Cayman Islands (registered office) and New Jersey. Additional information about the Company’s businesses and products is available on www.galaxydigital.io.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.
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.
CI Global Asset Management is a registered business name of CI Investments Inc.
©CI Investments Inc. 2020. All rights reserved.
For further information:
Vice-President, Corporate Communications
CI Global Asset Management
Galaxy Digital Capital Management L.P.
Head of Asset Management