OVERVIEW AS OF MARCH 30, 2021 WWW.GALAXYDIGITAL.IO - Galaxy Digital
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OVERVIEW
Strictly Private & Confidential
AS OF MARCH 30, 2021
WWW.GALAXYDIGITAL.IO
Our Mission:
Institutionalize digital asset ecosystems and
blockchain technology
Strictly Private & Confidential
Key messages
Our Industry is at the Inflection Point as we participate in a once in
a lifetime secular shift into cryptocurrencies as an institutionalized
asset class
Our Full-Platform Approach to Financial Services amplifies our
broad ecosystem reach
We are committed to leading our clients and the industry with our
Strictly Private & Confidential
targeted focus on digital assets, cryptocurrency and blockchain
technology
34
COMPANY OVERVIEW
Strictly Private & ConfidentialGalaxy Digital: Innovative Growth Company in an Emerging Industry
Galaxy Digital has established a broad financial services platform led by industry veterans to serve the digital
asset, cryptocurrency, and blockchain technology markets
5 300+
Synergistic business lines: Trading, Institutional trading counterparties,
Asset Management, Investment with 60+ cryptocurrencies
Banking, Mining and Principal supported
Investments
1
$1.3 BILLION 1,000+
Assets Under Management (“AUM”) Investments evaluated since 2013,
with 80+ completed investments in
crypto, fintech and payments
2
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$336 MILLION 150+
Q4-2020 Net comprehensive income Professionals in New York City, New
reflecting both fee-related income and Jersey, Chicago, Tokyo, Hong Kong,
gains on digital assets & investments Amsterdam and London from
Note: All financial figures in this overview are in US Dollars, unless otherwise stated
leading financial services firms
1. As of March 31, 2021, unaudited. AUM is an internal estimate inclusive of a sub-advised fund, committed capital in a closed-end vehicle, and seed investments by
affiliates. Changes in AUM are generally the result of performance, contributions, and withdrawals.
5 2. As of December 31, 2020; excludes non-controlling interestsGalaxy Digital’s Key Differentiators
STRONG MARKET POSITION Galaxy Digital is the leading diversified financial services and investment firm focused on cryptocurrencies,
digital assets and blockchain technologies, and is dedicated to aiding its clients, partners and counterparties
in navigating these market-transforming innovations
FULL FINANCIAL SERVICES Comprehensive, full-service platform across Trading, Asset Management, Investment Banking and Principal
PLATFORM Investments/Venture Capital
ACCELERATING INDUSTRY Digital assets, including bitcoin and ethereum, continue to gain traction and generate institutional
TAILWINDS engagement. Macroeconomic and geopolitical conditions highlight the utility and investment rationale for
engaging in the digital assets and blockchain technology ecosystem
BLUE-CHIP BRAND IN INDUSTRY One of the most recognizable brands in crypto built on superior industry relationships, proprietary market
research, and established thought leadership
RELENTLESS CLIENT-CENTRIC To integrate the institutional world together with new disruptive technologies, Galaxy is
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INNOVATION committed to innovation in its client solutions, trading systems, and investment products
INSTITUTIONAL-CALIBER Leadership team of institutional veterans from global firms such as Goldman Sachs, BlackRock, Fortress,
MANAGEMENT TEAM Morgan Stanley, Highbridge and PwC
6Galaxy Digital Leadership Team
Deep bench of experts in capital markets, asset management, investing and venture capital
MIKE NOVOGRATZ CHRIS FERRARO DAMIEN VANDERWILT STEVE KURZ MICHAEL ASHE
Founder, CEO & Chairman Co-President and CIO Co-President and Head of Global Markets Head of Asset Management Head of Investment Banking
▪ Formerly, Partner and President of ▪ Prior to joining the firm, Partner at ▪ Formerly, Partner and Global Head of ▪ Previously, Co-Founder OuterRealmVR, ▪ Formerly, Oppenheimer & Co.
Fortress, Partner at Goldman Sachs, Highbridge Principal Strategies and FICC Execution Services at Goldman VP at Fortress, Lehman Brothers Industrials and Emerging Technology
helicopter pilot in US Army Investor at BlackRock Kelso Capital Sachs ▪ Raised $1B of assets as Principal & Head Investment Banking
Advisors of Business Development at River Birch ▪ Prior to that, Citigroup Strategy &
Capital Planning, Structured Finance and ECM
AMANDA FABIANO JASON URBAN KIM PILLEMER ANDREW SIEGEL ALEX IOFFE
Head of Mining Head of Trading Chief of Staff General Counsel Chief Financial Officer
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▪ Previously Director of Bitcoin Mining at ▪ Formerly, CEO of DrawBridge Lending, ▪ Formerly, COO and GC to family office ▪ Formerly, General Counsel, Chief ▪ Former CFO, Virtu Financial
Fidelity DRW, and Head of Goldman Sachs focused on digital investments, Debt Compliance Officer, and Chief Regulatory ▪ Former CFO, Brokerage Business,
Equity Volatility business Capital Markets at Lehman Brothers, Officer at Perella Weinberg Partners; GC Interactive Brokers
and In-house Counsel to Goldman Sachs and CCO at Stanfield Capital; senior
Special Situations Group attorney Morgan Stanley Investment
Management
7The Galaxy Digital Journey to Date
Investments Galaxy Digital is Initial Listing
Across Global Formed Listed on the TSX-V in
Asset Classes 2018 and secured
The company diversified into
Trading and Asset growth capital
Leadership team began
investing in 1994, and Management in 2018
added investments in
cryptocurrencies in 2013
Today
Driving further
institutional adoption with
Scaled Platform diverse product suite and
Expanded Capabilities industry-leading expertise
Scaled organization to across Asset
Added Investment Banking extend industry
Management, Trading,
advisory services, creating first leadership
Investment Banking, and
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financial services platform in
Mining
industry
8Select Operational Highlights through March 22, 2021
Counterparty Loan Book AUM2 Counterparty Trading Volumes
Q3 2020 Q3 2020 Q3 2020
Q4 2020 Q4 2020 Q4 2020
1 3 1
Q1 2021P 240%+ Q1 2021P +58% Q1 2021P
3 +40%
$380M $1,275M
+98% +80%
$807M
300%+
$110M $407M
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Note: All financial figures in this overview are in US Dollars, unless otherwise stated
1. Expectations for Q1 2021, as of March 22, 2021.
2. AUM is an internal estimate inclusive of a sub-advised fund, committed capital in a closed-end vehicle, and seed investments by affiliates. Changes in AUM are generally the result of performance,
contributions, and withdrawals.
3. As of March 31, 2021, unaudited.
9GALAXY DIGITAL: BUSINESS UNITS
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10High-Growth, Technology-Driven Financial Services Platform
Galaxy Digital is an industry leading diversified financial services and investment management innovator in
the digital asset, cryptocurrency, and blockchain technology sector
Asset Active and passive strategies providing diversified, institutional-grade fund
Management product offerings
Market-leading sell-side trading desk offering spot & derivative OTC trading,
Trading
lending and structured products
Investment Full lifecycle financing, strategic advisory, and general corporate services for
Banking blockchain & digital asset companies
Newest segment focused on bitcoin mining, with both proprietary mining
Mining
operations and bespoke financing for miners
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Principal Direct investments in liquid cryptocurrency and digital assets, early-stage and
Investments late-stage venture, and special situations
1112
GALAXY DIGITAL TRADING
Strictly Private & ConfidentialTrading: Expanding Market Share via Counterparty-focused Solutions
Galaxy Digital’s ecosystem approach gives it an edge in identifying trading product trends and appetites
✓ Global, 24/7, high-touch and electronic trading
0 1
coverage across a broad set of products & solutions
1 0 across spot, derivatives, lending and structured
CRYPTO FUNDS 0101
0101
products
0101
FINANCIAL TECHNOLOGY ✓ Technology-first infrastructure for deep and diverse
& PAYMENTS CRYPTO MINING liquidity in a fragmented market with
30+ liquidity venues on our platform
✓ Counterparty trading volumes increased over 80%
quarter-over-quarter in Q4 2020
GALAXY DIGITAL
✓ Global client base with over 300 active counterparties
CORPORATES &
TRADING & LIQUIDITY VENTURE
SOLUTIONS CAPITAL across multiple products
BLOCKCHAIN PROJECTS
✓ Leadership in crypto structured products and global
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market making with the acquisitions of Chicago-based
DrawBridge Lending and Blue Fire Capital
FAMILY OFFICES & HIGH-NET TRADITIONAL ASSET ✓ Emerging Prime Brokerage services in conjunction
WORTH INDIVIDUALS MANAGEMENT & HEDGE FUNDS with partners
13GALAXY DIGITAL ASSET MANAGEMENT
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14Asset Management: Institutional-Grade Exposure to the Growth of Digital
Assets and Blockchain Technology
$1.3B
COLLECTIVE AUM1
Passive Fund Suite Galaxy Interactive Fund
Galaxy Fund Management (“GFM”) Passive Fund Suite:
Galaxy Bitcoin Fund Galaxy Crypto Index Fund Galaxy Ethereum Fund CI Galaxy Bitcoin Fund
Simple and secure institutional- Diversified exposure to the largest Simple and secure institutional- Closed-end fund in partnership with
PRIVATE FUNDS
PUBLIC FUNDS
grade exposure digital assets grade Ethereum exposure CI
The Fund invests directly in bitcoin and The Fund is designed to track the The Fund invests directly in Ether and The Fund is a closed-end investment
is priced based on the Bloomberg performance of the Bloomberg Galaxy is priced based on the Bloomberg fund that trades publicly on the Toronto
Galaxy Bitcoin Index (“BTC”), our latest Crypto Fund (“BGCI”). Constituents and Galaxy Ethereum Index (“ETH”). Stock Exchange (TSX). The Fund’s
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partnered index with Bloomberg. weightings of the Fund are determined underlying holdings will invest directly
by the rules set forth by Bloomberg. into bitcoin. CI Investments, a $200B+
Canadian fund complex is the manager
The Galaxy Bitcoin Fund and the Galaxy Crypto Index Fund both received GREEN ODD ratings and Galaxy is the subadvisor of the Fund.
from Mercer, an investment advisor with over $15T in assets under advisory2.
1. As of March 31, 2021, unaudited. AUM is an internal estimate inclusive of a sub-advised fund, committed capital in a closed-end vehicle, and seed investments by
affiliates. Changes in AUM are generally the result of performance, contributions, and withdrawals.
2. This does not constitute in any way an endorsement by Mercer of any GFM Fund.
15Asset Management: Galaxy Interactive Venture Capital
The $325M1 Galaxy Interactive Fund investments focus on the intersection of blockchain, interactive content,
and digital objects
BLOCKCHAIN PORTFOLIO
INTERACTIVE USE CASE SYNERGIES
CONTENT Blockchain enables new Our companies are pioneers
forms of interactive of the interactive content
content & accelerates sector, and we actively look to
distribution, create partnerships and
by aligning incentives in synergies between them
interactive entertainment
GALAXY
INTERACTIVE MARKET DOMAIN
DIGITAL GROWTH
OBJECTS BLOCKCHAIN EXPERTISE
The interactive entertainment Our team has significant
industry has surpassed every experience in both
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other form of media in market traditional media and
size, and emerging frontier technologies such
technologies (blockchain, as VR/AR and Blockchain
interactivity engines, VR/AR)
1. $325M fund figure includes commitments from an external LP and an affiliate of Galaxy Digital will drive its next stage
16GALAXY DIGITAL INVESTMENT BANKING
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17Investment Banking: Dedicated Sector Expertise
Galaxy Digital’s Investment Banking business combines traditional advisory services with deep sector knowledge
M&A ADVISORY CAPITAL RAISING GENERAL CORPORATE ADVISORY
Strategic advisory on all corporate-related Full lifecycle financing support across multiple Broad-based corporate advice, including:
transactions, including: products, including: ▪ Business planning
▪ Mergers & acquisitions (buy-side & sell- ▪ Public equity (follow-on and IPO) ▪ Corporate strategy
side) ▪ Debt and equity private placements ▪ Financial planning and budgeting
▪ Takeover defense ▪ Direct lending and bridge financings ▪ Competitive analysis
▪ Restructurings ▪ Structured and project financings ▪ Go-to-market strategy for new products
▪ Strategic reviews ▪ Tokenized financings1 and services
Full support for any scenario: Developing a global distribution platform Expertise in technical consulting and services
▪ Strategic partner or target identification ▪ Connectivity with investors focused on the including blockchain implementation and
▪ Transaction structuring & valuation blockchain/digital asset space strategy
▪ Due diligence ▪ Building a network of distribution partners
Sell-side Advisor:
$150m Sale of
SELECTED
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DEAL $45m IPO $90m IPO $10m Series A To
Co-Manager Joint Bookrunner Placement Agent
EXPERIENCE $350m raise
Nov-2019 Nov-2019 Jan-2020 Aug-20202 March 2021
Note: Securities products and services are offered by Galaxy Digital Partners LLC, a member of FINRA and SIPC.
1 Galaxy Digital does not currently offer investment banking services related to tokenization and intends to work to do so in the future in a regulatorily compliant manner.
2 Announcement Date; transaction Closing occurred in October-2020.
1819
GALAXY DIGITAL MINING
Strictly Private & ConfidentialMining: Newly Launched Business Focused on Bitcoin Mining
Galaxy’s bitcoin mining practice strategically focused on providing innovative and sophisticated financial tools
for North America miners.
Mission Product Offerings
LIVE IN MARKET
Work across Galaxy verticals
Process to source clients, Mining Equipment
create/enhance products,
Prop Mining In Development
Finance (“MiFi”)
and identify new solutions
▪ Bespoke, flexible ▪ Using best-in-class, ▪ Hedging solutions
offerings for miners onshore third-party ▪ Hashrate derivatives
Utilize in-house expertise to
across the globe facility operator and ▪ Working capital
Strategy provide novel and
sophisticated tools for North proprietary optimization
American miners ▪ Closed two miner technology
▪ Private placement
financing deals in the mandates
first quarter 2021 ▪ Galaxy mines bitcoin ▪ Cloud mining
The one-stop shop for mining at >80% discount to
▪ Passive or active fund
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Long-Term financial services and the fair market value1
Vision financial hub for mining in products
North America
1. As of March 30, 2021, which assumes a bitcoin price of over $57,000.
20GALAXY DIGITAL PRINCIPAL INVESTMENTS
Strictly Private & Confidential
21Principal Investments: Platform Approach
Principal Investments team brings together deep experience and relationships
▪ Veteran investment professionals across
Integrated & Full-firm
multiple markets
Investment Origination ▪ Cross-sourcing of investment opportunities
SOURCING
▪ Investing across all global asset classes since
Unparalleled Industry
1994; crypto/blockchain since 2013 onward
Relationship Network ▪ Deep capital markets relationships
▪ Proprietary Galaxy Digital research
Differentiated, Research-driven ▪ Market insights exchanged across our
Market Intelligence platform
EVALUATION
▪ Rigorous due diligence
Creative, yet Disciplined
▪ Maintain a disciplined, thematic focus
Investment Approach
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▪ Relative value analysis across currencies and
Comprehensive Multi-Asset
digital assets
Experience ▪ Ability to evaluate the entire capital structure
EXECUTION
▪ Creative SMA solutions
Growing
▪ Active throughout market environments
Capital Mandates
22Principal Investments: Venture & Principal Investments Portfolio
REPRESENTATIVE REPRESENTATIVE
INVESTMENTS CO-INVESTORS
ENTERPRISE
BLOCKCHAIN
DIGITAL ASSET
INFRASTRUCTURE
DIGITAL ASSET
BANKING & FINANCING
CRYPTOCURRENCY
ECOSYSTEMS
INTERACTIVE MEDIA
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& ENTERTAINMENT
LIQUID VENTURE
EXPOSURE
23FOURTH QUARTER 2020 HIGHLIGHTS
Strictly Private & Confidential
24Galaxy Digital Reported a Transformational Fourth Quarter 2020
Net Comprehensive Income1 AUM2 Counterparty Trading Volumes
Q4 2019 Q3 2020 Q3 2020
Q4 2020 1,175% Q4 2020 +98% Q4 2020
+80%
$336M $807M
$407M
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-$31M
Note: All financial figures in this overview are in US Dollars, unless otherwise stated
1. As of December 31, 2020; excludes non-controlling interests
2. AUM is an internal estimate inclusive of a sub-advised fund, committed capital in a closed-end vehicle, and seed investments by affiliates. Changes in AUM are generally
25 the result of performance, contributions, and withdrawals.Forward-looking Information and Important Considerations
Certain information in this presentation, including, but not limited to, statements regarding Galaxy Digital Holdings Ltd.’s (“Galaxy Digital” or the “Company”) anticipated business or opportunities, may constitute forward looking
information within the meaning of Canadian securities laws (collectively, forward-looking information). Forward-looking information can be identified by the use of terms such as “may,” “will,” “should,” “expect, “anticipate,”
“project,” “estimate,” “intend,” “continue” or “believe” (or the negatives) or other similar variations. Because of various r isks and uncertainties, including those referenced below and herein, actual events or results may differ
materially from those reflected or contemplated in such forward-looking information. Forward looking statements are subject to the risk that the global economy, industry or the Company’s businesses and investments do not
perform as anticipated, that revenue or expenses estimates may not be met or may be materially less or more than those antici pated, that trading and lending momentum does not continue or the demand for trading and lending
solutions declines, that expected fundraising for asset management products is delayed or not achieved, that investment banki ng transactions may be modified or not completed at all, that the mining business is not able to gain
traction with clients and partners and those other risks contained in the Annual Information Form (AIF) for the year ended De cember 31, 2020. Factors that could cause actual results of the Company and its businesses to differ
materially from those described in such forward-looking statements include, but are not limited to, a decline in the digital asset market or general economic conditions; the failure or delay in the adoption of digital assets and the
blockchain ecosystem by institutions; a delay or failure in developing infrastructure for the trading, mining and investment banking businesses or achieving mandates and gaining traction and the failure to grow assets under
management. In connection with the forward-looking information contained in this presentation, the Company has made assumptions that no significant events occur outside of the normal course of business and other
assumptions set out herein. Forward-looking information is not a guarantee of future performance; accordingly, you should not pu t undue reliance on forward-looking information.
Certain statements reflect Galaxy Digital’s views, estimates, opinions or predictions (which may be based on proprietary mode ls and assumptions, including, in particular, Galaxy Digital’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 tha t they will be ultimately realized. To the extent these assumptions or models are not correct or
circumstances change, the actual performance of Galaxy Digital and its subsidiaries may vary substantially from, and be less than, the estimated performance. The forward-looking information in this presentation and other
information in this presentation are applicable only as of today and Galaxy Digital undertakes no obligation to update any of this information to reflect events or circumstances after that date or to reflect the occurrence of
unanticipated events.
This presentation contains certain pre-released first quarter 2021 financial information (the “pre-released financial information”). The pre-released financial information contained in this presentation are preliminary and represent
the most current information available to the Company's management, as the Company completes its financial procedures. The Co mpany's actual consolidated financial statements for such period may result in material changes
to the pre-released financial information summarized in this presentation (including by any one financial metric, or all of the financial metrics, being below or above the figures indicated) as a result of the completion of normal
quarter end accounting procedures and adjustments, and also what one might expect to be in the final consolidated financial s tatements based on the financial information summarized in this presentation. Although the Company
believes the expectations reflected in this presentation are based upon reasonable assumptions, the Company can give no assur ance that actual results will not differ materially from these expectations.
The information (Information) contained herein may not be reproduced or redistributed in whole or in part, in any format, wit hout the express written approval of Galaxy Digital. You should make your own investigations and
evaluations of the Information. The Information is being provided solely for informational purposes about Galaxy Digital and may not be used or relied on for any purpose (including, without limitation, as legal, tax or investment
advice) without the express written approval of Galaxy Digital. The Information is not an offer to buy or sell, nor is it a s olicitation of an offer to buy or sell, any investment banking services, securities, futures, options, commodities
or other financial instruments or to participate in any investment banking services or trading strategy. Nothing contained in this document constitutes investment, legal or tax advice. If any offer and sale of securities is made, it will
be pursuant to offering materials. Any decision to make an investment should be made after reviewing such offering materials, 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 consequen ces of an investment. You should also speak with your own broker and/or advisors if you require
Strictly Private & Confidential
information about buying or selling any securities, including those related to Galaxy Digital. Any decisions based on the Inf ormation are the sole responsibility of the reader.
Certain information contained herein (including financial information) has been obtained from published and non -published sources. Such information has not been independently verified by Galaxy Digital, and Galaxy Digital
does not assume responsibility for the accuracy of such information. None of Galaxy Digital nor any of its respective affili ates, 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 t he Information or such other information. Affiliates of Galaxy Digital own investments in some of the digital
assets, investments and protocols discussed in this document.
26Forward-looking Information and Important Considerations
Any interests in Galaxy Digital or any affiliate that may be offered or sold have not been and will not be registered under t he applicable securities laws of the United States. Consequently, any interests in Galaxy Digital or any
affiliate may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, “U.S. persons” as defined in Regulation S under the U.S. Securities Act of 1933, as amended, absent
registration or an exemption from registration thereunder. No public offering of any shares in the Galaxy Digital or any affi liate is being, or has been, made in the United States. Any interest in Galaxy Digital or any affiliate may
not be purchased by an “employee benefit plan” within the meaning of the U.S. Employee Retirement Income Security Act of 1974 , as amended (ERISA), including (i) an investor using assets of: (A) an “employee benefit plan” as
defined in Section 3(3) of ERISA that is subject to Title I of ERISA; (B) a “plan” as defined in Section 4975 of the U.S. Int ernal Revenue Code, as amended (the IRC), including an individual retirement account or other
arrangement that is subject to Section 4975 of the IRC; or (C) an entity which is deemed to hold the assets of any of the foregoing types of plans, accounts or arrangements that is subject to Title I of ERISA or Section 4975 of
the IRC. None of the Information has been filed with the U.S. Securities and Exchange Commission, any securities administrato r under any state securities laws or any other governmental or self-regulatory authority. No
governmental authority has opined on the adequacy of the information contained herein. Any representation to the contrary is a criminal offense in the United States. Neither Galaxy Digital nor any of its affiliates is, or expects to
be, registered as an investment company under the U.S. Investment Company Act of 1940, as amended (the Investment Company Act ), and purchasers of any securities will not be entitled to the benefits of the Investment
Company Act.
BLOOMBERG is a trademark or service mark of Bloomberg Finance L.P. GALAXY is a trademark of GDCM. Bloomberg Finance L.P. and its affiliates (collectively, Bloomberg) are not affiliated with GDCM, Galaxy Crypto Index
Master Fund LP, the Galaxy Ethereum Fund and the Galaxy Bitcoin Funds (collectively, the Fund), and their respective affilia tes (collectively, Galaxy). Bloomberg’s association with Galaxy is to act as the administrator and
calculation agent of 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 t hereto 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 f or a particular purpose with respect thereto. To the maximum extent allowed by law, Bloomberg, Galaxy
and its or their licensors, 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.
Securities transactions are effected through Galaxy Digital Partners LLC, a member of FINRA and SIPC.
Additional information about the Company and its products and services is contained in Galaxy Digital’s filings with the Cana dian securities regulators available on the Company’s profile at www.sedar.com and on the investor
relations portion of Galaxy Digital’s website at www.galaxydigital.io.
© Copyright Galaxy Digital 2021. All rights reserved.
® Registered Service Mark of Galaxy Digital Holdings LP
Strictly Private & Confidential
27Additional Disclaimers
Galaxy manages the Galaxy Crypto Index Fund, Galaxy Ethereum Fund and the Galaxy Bitcoin Funds (each a “Fund”) which invests in digital assets. 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 Fund or any advisory services or any other security or to participate in any advisory servic es or trading strategy. If any offer and sale of securities is made, it will be pursuant to the confidential
offering memorandum of the Fund (the Offering Memorandum). Any decision to make an investment in the Fund should be made afte r 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 de termination of the suitability and consequences of an investment.. The performance of the Fund will
vary from the performance of the relevant Index that it tracks. None of the Information has been filed with the U.S. Securit ies 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 Fund or Galaxy, or the adequacy of the information contained herein. Any representation to
the contrary is a criminal offense in the United States.
The Company listed on the TSX via TSX Sandbox, an initiative intended to facilitate listing applications that may not satisfy the original listing requirements of TSX, but due to facts or situations unique to a particular issuer
otherwise warrant a listing on TSX. The TSX has exercised its discretion to waive the requirements of subsection 309(c)(i) of its manual (C$10 million in treasury resulting from public raise) which the Company did not meet and
has approved the listing of the Company pursuant to TSX Sandbox. Galaxy Digital's approval pursuant to TSX Sandbox was condit ioned upon public filing of an Annual Information Form and prominent quarterly disclosure of
digital assets and investments, which the Company has completed and agreed to continue to provide. The Company will remain li sted pursuant to TSX Sandbox until such time as it has completed a twelve-month period without
significant compliance issues after graduation. In addition, Galaxy Digital is required to disclose the following two risk fa ctors that were also included in the most recent Annual Information Form for the year-ended 2020: (1) The
Company has limited operating history and its business lines are nascent and subject to material legal, regulatory, operation al and other risks in every jurisdiction; and (2) the market price and trading volume of the Company's
ordinary shares has been volatile and will likely continue to be so in response to, among other factors, market fluctuations in digital assets generally or the digital assets that Galaxy Digital holds or trades.
Strictly Private & Confidential
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