Bloomberg and Galaxy continue to expand crypto
capabilities for Clients
The funds seek to track the newly launched
Bloomberg Galaxy Solana Index ("SOL")
The Index can be accessed on the Bloomberg
Terminal via ticker SOL Index <Go>
NEW YORK, Dec. 15, 2021 /CNW/ - Galaxy Digital Holdings
Ltd. (TSX: GLXY) ("Galaxy Digital" or the
"Company"), the pre-eminent global provider of blockchain and
cryptocurrency financial services for institutions, today announced
the launch of the Galaxy Solana Funds, passively managed funds that
seek to track the performance of the newly-launched Bloomberg
Galaxy Solana Index (ticker: SOL).
As the world's fastest programmable blockchain, Solana can
handle up to 50,000 transactions per second and hosts over 400
DeFi, NFT and other Web 3.0 projects. At the time of writing Solana
ranks the fifth largest digital asset by market capitalization at
$48 billion, and its total value
locked (TVL) stands at $11 billion,
up from $150 million in March 2021.
The Galaxy Solana Funds are designed to provide institutional
investors access to returns based on the performance of Solana
through simple, secure vehicles that spare investors the
complexities of investing in digital assets directly.
The Bloomberg Galaxy Solana Index seeks to measure the
performance of Solana. The digital asset benchmark is owned and
administered by Bloomberg Index Services Limited and is co-branded
with Galaxy Fund Management. The index can be accessed by Bloomberg
clients on the Terminal via ticker SOL INDEX <GO>.
"We're consistently looking for opportunities in the
ever-evolving crypto markets and it's clear that Solana is growing
quickly in the space," said Alan
Campbell, Global Head of Product for Bloomberg's Multi-Asset
Index business. "This new index is another opportunity to meet the
actively engaged institutional market, and we're excited to
continue working closely with an industry leader like Galaxy as we
expand our crypto capabilities and offerings."
Galaxy Digital's funds platform, Galaxy Fund Management (GFM),
has over $3.4 billion USD in AUM
as of November 30, 2021, a 54%
increase from September 30, 2021, and
a 323% increase year to date. As a leader in digital asset and
blockchain funds, GFM offers multiple passive and active funds
spanning the cryptocurrency and blockchain ecosystems.
"The crypto economy is on an exciting growth trajectory, and
we're meeting the opportunity by thoughtfully expanding our product
suite to provide access to the institutional-grade portion of the
digital asset class," said Steve
Kurz, Global Head of Asset Management at Galaxy Digital.
"Solana has a compelling use case, a strong technological
foundation, and is of increasing interest to crypto investors."
About Galaxy Digital
Galaxy Digital (TSX: GLXY) is a technology-driven financial
services and investment management firm that provides institutions
and direct clients with a full suite of financial solutions
spanning the digital assets ecosystem. Galaxy Digital operates in
the following businesses: Trading, Asset Management, Principal
Investments, Investment Banking, and Mining. Galaxy Digital's CEO
and Founder is Mike Novogratz. The
Company is headquartered in New York
City, with offices in Chicago, San
Francisco, London,
Amsterdam, 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.
Disclaimers
The TSX has neither approved nor disapproved the contents of
this press release.
This press release is not an offer to sell or the solicitation
of an offer to sell or buy any security in any jurisdiction where
such an offer or solicitation would be illegal, nor shall there be
any sale of any security in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of that jurisdiction.
The private placement shares of the Galaxy Institutional Solana
Fund (the "Fund") has not been registered under the Securities Act
of 1933, as amended (the "Securities Act") or any state securities
laws, and the shares are being offered pursuant to an exemption
from registration provided by Rule 506(c) of Regulation D under the
Securities Act and in reliance on similar exemptions under
applicable state laws. An investment in the shares of the Fund is
suitable only for sophisticated, well-informed investors, and
investors will be required to represent that they are accredited
investors as such term is defined in Rule 501(a) of Regulation D
under the Securities Act.
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 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 to
make an independent determination of the suitability and
consequences of an investment.
Investing in the Fund and digital assets involves a substantial
degree of risk. There can be no assurance that the investment
objectives of the Fund will be achieved. Any investment in the Fund
may result in a loss of the entire amount invested. Investment
losses may occur, and investors could lose some or all their
investment. Neither historical returns nor economic, market or
other performance is an indication of future results.
Decentralized Finance (or DeFi) refers to a variety of
blockchain-based applications or protocols that provide for
peer-to-peer financial services using smart contracts and other
technology rather than such services being offered by central
intermediaries. Common DeFi applications include borrowing/lending
Digital Assets and providing liquidity or market making in Digital
Assets. Because DeFi applications rely on smart contracts, any
errors, bugs, or vulnerabilities in smart contracts used in
connection with DeFi activities may adversely affect such
activities. DeFi lending is subject to counterparty risk and credit
risk, but because lending is automated through the DeFi protocol,
rather than individual decisions made by a portfolio manager on
behalf of a Fund, such risks may be exacerbated, particularly if
there are flaws in DeFi protocol's code or operation. DeFi
applications may involve regulated financial products or regulated
activities, however because of their decentralized nature, there is
generally no entity subject to regulatory supervision. Accordingly,
DeFi applications may be subject to more risks than engaging in
similar activities through regulated financial intermediaries. In
addition, in certain decentralized protocols, it may be difficult
or impossible to verify the identity of a transaction counterparty
necessary to comply with any applicable anti-money laundering,
countering the financing of terrorism, or sanctions regulations or
controls. All of these risks could cause the value of DeFi tokens
held by the Fund to decline, including to zero.
Securities transactions are affected through Galaxy Digital
Partners LLC, a member of FINRA and SIPC.
BLOOMBERG is a trademark or service mark of Bloomberg Finance
L.P. GALAXY is a trademark of Galaxy Digital Capital Management LP
(GDCM). Bloomberg Finance L.P. and its affiliates (collectively,
Bloomberg) are not affiliated with GDCM, the Galaxy Funds and their
respective affiliates (collectively, Galaxy). Bloomberg's
association with Galaxy is to act as the administrator and
calculation agent of the Indices (collectively, 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, its
licensees, Galaxy, 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.
SOURCE Galaxy Digital Holdings Ltd.