Galaxy Group Investments LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	1,600,000	$79,440	8.3%	$53.40	—	Put	46438F101
BABA	ALIBABA GROUP HLDG LTD	200,150	$29,338	3.1%	$146.58	—	SPONSORED ADS	01609W102
PURR	HYPERLIQUID STRATEGIES INC	4,260,476	$15,167	1.6%	$3.47	0.0%	COM	44916Y106
CAN	CANAAN INC	17,500,000	$12,075	1.3%	$0.69	—	SPONSORED ADS	134748102
STUB	STUBHUB HLDGS INC	670,547	$9,073	0.9%	$15.72	0.0%	CL A	86384P109
ZM	ZOOM COMMUNICATIONS INC	100,000	$8,629	0.9%	—	—	Call	98980L101
RIOT	RIOT PLATFORMS INC	619,438	$7,848	0.8%	—	—	COM	767292105
RSP	INVESCO EXCHANGE TRADED FD T	31,040	$5,946	0.6%	$191.56	—	S&P500 EQL WGT	46137V357
CLSK	CLEANSPARK INC	506,746	$5,128	0.5%	—	—	COM NEW	18452B209
SLV	ISHARES SILVER TR	75,300	$4,851	0.5%	—	—	Put	46428Q109
MU	MICRON TECHNOLOGY INC	16,871	$4,815	0.5%	—	—	COM	595112103
XLI	SELECT SECTOR SPDR TR	30,300	$4,700	0.5%	—	—	Call	81369Y704
XLE	SELECT SECTOR SPDR TR	100,000	$4,471	0.5%	—	—	Call	81369Y506
CIFR	CIPHER MINING INC	297,751	$4,395	0.5%	—	—	COM	17253J106
GOOGL	ALPHABET INC	13,674	$4,280	0.4%	—	—	CAP STK CL A	02079K305
SLV	ISHARES SILVER TR	57,500	$3,704	0.4%	—	—	Call	46428Q109
ASHR	DBX ETF TR	110,000	$3,614	0.4%	$27.54	—	Call	233051879
VRT	VERTIV HOLDINGS CO	20,803	$3,370	0.4%	—	—	COM CL A	92537N108
IMSR	TERRESTRIAL ENERGY INC	500,000	$3,055	0.3%	$6.11	—	COM SHS	881454102
GLD	SPDR GOLD TR	7,400	$2,933	0.3%	$396.31	—	Call	78463V107
RSP	INVESCO EXCHANGE TRADED FD T	15,000	$2,873	0.3%	$191.56	—	Call	46137V357
FXI	ISHARES TR	50,000	$2,736	0.3%	—	—	Call	464287184
GLD	SPDR GOLD TR	6,700	$2,655	0.3%	$396.31	—	GOLD SHS	78463V107
TSM	TAIWAN SEMICONDUCTOR MFG LTD	8,531	$2,592	0.3%	—	—	SPONSORED ADS	874039100
IGV	ISHARES TR	22,500	$2,378	0.2%	$105.69	—	EXPANDED TECH	464287515
BRR	PROCAP FINL INC	625,000	$2,206	0.2%	$7.98	0.0%	COM SHS	74277P105
XLF	SELECT SECTOR SPDR TR	40,000	$2,191	0.2%	—	—	Call	81369Y605
AMAT	APPLIED MATLS INC	8,500	$2,184	0.2%	—	—	COM	038222105
JPM	JPMORGAN CHASE & CO.	6,693	$2,157	0.2%	—	—	COM	46625H100
EWZ	ISHARES INC	65,000	$2,065	0.2%	—	—	Call	464286400
BLK	BLACKROCK INC	1,818	$1,946	0.2%	—	—	COM	09290D101
MFI	MF INTL LTD	100,000	$1,858	0.2%	$24.41	0.0%	SHS NEW CL A	G6065C121
V	VISA INC	5,047	$1,770	0.2%	—	—	COM CL A	92826C839
MA	MASTERCARD INCORPORATED	3,085	$1,761	0.2%	—	—	CL A	57636Q104
MS	MORGAN STANLEY	9,778	$1,736	0.2%	—	—	COM NEW	617446448
SNDK	SANDISK CORP	7,112	$1,688	0.2%	—	—	COM	80004C200
HOOD	ROBINHOOD MKTS INC	14,630	$1,655	0.2%	—	—	COM CL A	770700102
JPM	JPMORGAN CHASE & CO.	5,000	$1,611	0.2%	—	—	Put	46625H100
RIOT	RIOT PLATFORMS INC	125,200	$1,586	0.2%	—	—	Put	767292105
MELI	MERCADOLIBRE INC	780	$1,571	0.2%	—	—	COM	58733R102
POWL	POWELL INDS INC	4,807	$1,532	0.2%	—	—	COM	739128106
ETOR	ETORO GROUP LTD	40,103	$1,409	0.1%	—	—	SHS CL A	G32089107
LRCX	LAM RESEARCH CORP	8,184	$1,401	0.1%	—	—	COM NEW	512807306
WULF	TERAWULF INC	116,373	$1,337	0.1%	—	—	COM	88080T104
WLAC	WILLOW LANE ACQUISITION CORP	105,296	$1,331	0.1%	—	—	ORD SHS CL A	G9675P102
ADBE	ADOBE INC	3,768	$1,319	0.1%	—	—	COM	00724F101
V	VISA INC	3,700	$1,298	0.1%	—	—	Put	92826C839
MS	MORGAN STANLEY	7,300	$1,296	0.1%	—	—	Put	617446448
HUT	HUT 8 CORP	28,193	$1,295	0.1%	—	—	COM	44812J104
MA	MASTERCARD INCORPORATED	2,200	$1,256	0.1%	—	—	Put	57636Q104
SOLZ	VOLATILITY SHS TR	94,211	$1,200	0.1%	—	—	SOLANA ETF	92864M822
MU	MICRON TECHNOLOGY INC	4,200	$1,199	0.1%	—	—	Put	595112103
BITF	BITFARMS LTD	456,100	$1,072	0.1%	$0.92	+270.3%	Put	09173B107
CLSK	CLEANSPARK INC	103,500	$1,047	0.1%	—	—	Put	18452B209
NVDA	NVIDIA CORPORATION	5,600	$1,044	0.1%	$186.13	0.0%	COM	67066G104
XBI	SPDR SERIES TRUST	8,500	$1,036	0.1%	$121.93	—	STATE STREET SPD	78464A870
GOOGL	ALPHABET INC	3,300	$1,033	0.1%	—	—	Put	02079K305
QUAL	ISHARES TR	5,000	$993	0.1%	$198.62	—	MSCI USA QLT FCT	46432F339
NVT	NVENT ELECTRIC PLC	8,942	$912	0.1%	—	—	SHS	G6700G107
VTV	VANGUARD INDEX FDS	4,640	$886	0.1%	$190.99	—	VALUE ETF	922908744
CIFR	CIPHER MINING INC	60,000	$886	0.1%	—	—	Put	17253J106
AMAT	APPLIED MATLS INC	3,400	$874	0.1%	—	—	Put	038222105
VRT	VERTIV HOLDINGS CO	5,000	$810	0.1%	—	—	Put	92537N108
AVX	AVAX ONE TECHNOLOGY LTD	423,729	$640	0.1%	$2.42	0.0%	COM SHS	05353F108
TSM	TAIWAN SEMICONDUCTOR MFG LTD	2,100	$638	0.1%	—	—	Put	874039100
FIGR	FIGURE TECHNOLOGY SOLUTIO	15,410	$629	0.1%	—	—	COM CL A	349381103
MARA	MARA HOLDINGS INC	67,000	$602	0.1%	—	—	Put	565788106
LRCX	LAM RESEARCH CORP	3,300	$565	0.1%	—	—	Put	512807306
MTUM	ISHARES TR	2,200	$551	0.1%	$250.31	—	MSCI USA MMENTM	46432F396
BLK	BLACKROCK INC	500	$535	0.1%	—	—	Put	09290D101
XHB	SPDR SERIES TRUST	4,500	$463	0.0%	$102.96	—	STATE STREET SPD	78464A888
HOOD	ROBINHOOD MKTS INC	3,600	$407	0.0%	—	—	Put	770700102
NAK	NORTHERN DYNASTY MINERALS LT	150,000	$405	0.0%	—	—	Call	66510M204
BNBX	BNB PLUS CORP	188,210	$231	0.0%	$3.19	0.0%	COM NEW	03815U607
ITB	ISHARES TR	2,000	$193	0.0%	—	—	US HOME CONS ETF	464288752
FIGR	FIGURE TECHNOLOGY SOLUTIO	3,700	$151	0.0%	—	—	Put	349381103
HUBB	HUBBELL INC	192	$85	0.0%	—	—	COM	443510607
COHR	COHERENT CORP	451	$83	0.0%	—	—	COM	19247G107
ETR	ENTERGY CORP NEW	868	$80	0.0%	—	—	COM	29364G103
LNT	ALLIANT ENERGY CORP	1,041	$68	0.0%	—	—	COM	018802108
TSLA	TESLA INC	114	$51	0.0%	—	—	COM	88160R101
FCX	FREEPORT-MCMORAN INC	1,002	$51	0.0%	—	—	CL B	35671D857
BTMWW	BITCOIN DEPOT INC	400,000	$45	0.0%	$0.11	—	*W EXP 06/30/202	09174P113
VST	VISTRA CORP	265	$43	0.0%	—	—	COM	92840M102
XOM	EXXON MOBIL CORP	312	$38	0.0%	—	—	COM	30231G102
LB	LANDBRIDGE COMPANY LLC	739	$36	0.0%	—	—	CL A	514952100
ETN	EATON CORP PLC	112	$36	0.0%	—	—	SHS	G29183103
APH	AMPHENOL CORP NEW	230	$31	0.0%	—	—	CL A	032095101
LINC	LINCOLN EDL SVCS CORP	908	$22	0.0%	—	—	COM	533535100
LEU	CENTRUS ENERGY CORP	40	$10	0.0%	—	—	CLA	15643U104
HCMAW	HCM III ACQUISITION CORP	14,900	$7	0.0%	$0.50	—	*W EXP 07/23/203	G4365E111
ONCHW	1RT ACQUISITION CORP.	12,500	$7	0.0%	$0.58	—	*W EXP 06/26/203	G6757R113

Increased Positions (3)

IBIT ISHARES BITCOIN TRUST ETF 31.7%

Value ($000) $303,553 (-7.0%) Shares 6,113,856 (+21.7%) Est. Cost $53.40 Unrealized —

ETHA ISHARES ETHEREUM TR 1.4%

Value ($000) $13,630 (-22.2%) Shares 607,678 (+9.3%) Est. Cost $25.52 Unrealized —

BITF BITFARMS LTD 0.5%

Value ($000) $4,431 (+124.5%) Shares 1,885,728 (+169.4%) Est. Cost $0.92 Unrealized +270.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	6,113,856 (+21.7%)	$303,553 (-7.0%)	31.7%	$53.40	—	SHS BEN INT	46438F101
ETHA	ISHARES ETHEREUM TR	607,678 (+9.3%)	$13,630 (-22.2%)	1.4%	$25.52	—	SHS	46438R105
BITF	BITFARMS LTD	1,885,728 (+169.4%)	$4,431 (+124.5%)	0.5%	$0.92	+270.3%	COM	09173B107

Exited Positions (20)

QQQ INVESCO QQQ TR 56.0%

Value ($000) $537,031 Shares 894,500 Est. Cost — Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 13.6%

Value ($000) $130,000 Shares 2,000,000 Est. Cost $53.40 Unrealized —

SPY SPDR S&P 500 ETF TR 6.3%

Value ($000) $59,956 Shares 90,000 Est. Cost — Unrealized —

COIN COINBASE GLOBAL INC 5.4%

Value ($000) $51,670 Shares 153,100 Est. Cost — Unrealized —

ETHA ISHARES ETHEREUM TR 4.9%

Value ($000) $47,265 Shares 1,500,000 Est. Cost $25.52 Unrealized —

IREN IREN LIMITED 3.2%

Value ($000) $30,270 Shares 645,000 Est. Cost — Unrealized —

JD JD.COM INC 1.3%

Value ($000) $12,698 Shares 363,000 Est. Cost $34.98 Unrealized —

SUIG SUI GROUP HOLDINGS LIMITED 0.6%

Value ($000) $6,115 Shares 1,584,137 Est. Cost $4.52 Unrealized -42.8%

CRCL CIRCLE INTERNET GROUP INC 0.5%

Value ($000) $4,640 Shares 35,000 Est. Cost — Unrealized —

IMSR HCM II ACQUISITION CORP 0.2%

Value ($000) $1,641 Shares 100,000 Est. Cost $11.89 Unrealized +12.4%

HIVE HIVE DIGITAL TECHNOLOGIES LT 0.1%

Value ($000) $1,249 Shares 310,000 Est. Cost $2.69 Unrealized +56.9%

CLSK CLEANSPARK INC 0.1%

Value ($000) $725 Shares 50,000 Est. Cost — Unrealized —

ONCHU 1RT ACQUISITION CORP. 0.1%

Value ($000) $528 Shares 50,000 Est. Cost $10.55 Unrealized —

CEPT CANTOR EQUITY PARTNERS II IN 0.1%

Value ($000) $526 Shares 50,000 Est. Cost $11.29 Unrealized -0.1%

CAEP CANTOR EQUITY PARTNERS III I 0.1%

Value ($000) $516 Shares 50,000 Est. Cost $10.53 Unrealized -1.5%

HCMAU HCM III ACQUISITION CORP 0.0%

Value ($000) $463 Shares 44,900 Est. Cost $10.31 Unrealized —

— FG NEXUS INC. 0.0%

Value ($000) $275 Shares 50,000 Est. Cost $5.49 Unrealized —

SBXD SILVERBOX CORP IV 0.0%

Value ($000) $262 Shares 25,000 Est. Cost $10.58 Unrealized -0.4%

INFQ CHURCHILL CAP CORP X 0.0%

Value ($000) $213 Shares 16,560 Est. Cost $12.86 Unrealized —

— BITCOIN DEPOT INC 0.0%

Value ($000) $99 Shares 400,000 Est. Cost $31.33 Unrealized -51.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	894,500	$537,031	56.0%	—	—	Put	46090E103
IBIT	ISHARES BITCOIN TRUST ETF	2,000,000	$130,000	13.6%	$53.40	—	Call	46438F101
SPY	SPDR S&P 500 ETF TR	90,000	$59,956	6.3%	—	—	Put	78462F103
COIN	COINBASE GLOBAL INC	153,100	$51,670	5.4%	—	—	Put	19260Q107
ETHA	ISHARES ETHEREUM TR	1,500,000	$47,265	4.9%	$25.52	—	Put	46438R105
IREN	IREN LIMITED	645,000	$30,270	3.2%	—	—	Put	Q4982L109
JD	JD.COM INC	363,000	$12,698	1.3%	$34.98	—	—	47215P106
SUIG	SUI GROUP HOLDINGS LIMITED	1,584,137	$6,115	0.6%	$4.52	-42.8%	—	59982U200
CRCL	CIRCLE INTERNET GROUP INC	35,000	$4,640	0.5%	—	—	Call	172573107
IMSR	HCM II ACQUISITION CORP	100,000	$1,641	0.2%	$11.89	+12.4%	—	G43658106
HIVE	HIVE DIGITAL TECHNOLOGIES LT	310,000	$1,249	0.1%	$2.69	+56.9%	—	433921103
CLSK	CLEANSPARK INC	50,000	$725	0.1%	—	—	Call	18452B209
ONCHU	1RT ACQUISITION CORP.	50,000	$528	0.1%	$10.55	—	—	G6757R121
CEPT	CANTOR EQUITY PARTNERS II IN	50,000	$526	0.1%	$11.29	-0.1%	—	G1827P106
CAEP	CANTOR EQUITY PARTNERS III I	50,000	$516	0.1%	$10.53	-1.5%	—	G1828A108
HCMAU	HCM III ACQUISITION CORP	44,900	$463	0.0%	$10.31	—	—	G4365E129
—	FG NEXUS INC.	50,000	$275	0.0%	$5.49	—	—	30329Y304
SBXD	SILVERBOX CORP IV	25,000	$262	0.0%	$10.58	-0.4%	—	G81354105
INFQ	CHURCHILL CAP CORP X	16,560	$213	0.0%	$12.86	—	—	G2130T108
—	BITCOIN DEPOT INC	400,000	$99	0.0%	$31.33	-51.0%	—	09174P105

Decreased Positions (7)

ARKB ARK 21SHARES BITCOIN ETF 15.5%

Value ($000) $148,612 (-26.1%) Shares 5,117,500 (-3.3%) Est. Cost $56.47 Unrealized —

HECO SSGA ACTIVE TR 2.4%

Value ($000) $23,386 (-45.1%) Shares 590,000 (-42.2%) Est. Cost $33.61 Unrealized —

CORZ CORE SCIENTIFIC INC NEW 1.2%

Value ($000) $11,423 (-59.1%) Shares 784,540 (-49.5%) Est. Cost $14.67 Unrealized +18.9%

DEFT DEFI TECHNOLOGIES INC 0.4%

Value ($000) $3,752 (-80.2%) Shares 4,971,695 (-44.8%) Est. Cost $2.59 Unrealized -40.9%

ASHR DBX ETF TR 0.5%

Value ($000) $5,182 (-53.8%) Shares 157,750 (-53.6%) Est. Cost $27.54 Unrealized —

FCRS/U FUTURECREST ACQUISITION CORP 0.2%

Value ($000) $2,048 (-44.8%) Shares 200,000 (-42.9%) Est. Cost $10.60 Unrealized —

KWEB KRANESHARES TRUST 0.1%

Value ($000) $1,130 (-43.3%) Shares 33,200 (-30.1%) Est. Cost $37.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARKB	ARK 21SHARES BITCOIN ETF	5,117,500 (-3.3%)	$148,612 (-26.1%)	15.5%	$56.47	—	SHS BEN INT	040919102
HECO	SSGA ACTIVE TR	590,000 (-42.2%)	$23,386 (-45.1%)	2.4%	$33.61	—	SPDR GALAXY HEDG	78470P648
CORZ	CORE SCIENTIFIC INC NEW	784,540 (-49.5%)	$11,423 (-59.1%)	1.2%	$14.67	+18.9%	COM	21874A106
DEFT	DEFI TECHNOLOGIES INC	4,971,695 (-44.8%)	$3,752 (-80.2%)	0.4%	$2.59	-40.9%	COM	244916102
ASHR	DBX ETF TR	157,750 (-53.6%)	$5,182 (-53.8%)	0.5%	$27.54	—	XTRACK HRVST CSI	233051879
FCRS/U	FUTURECREST ACQUISITION CORP	200,000 (-42.9%)	$2,048 (-44.8%)	0.2%	$10.60	—	UNIT 99/99/9999	G3730U123
KWEB	KRANESHARES TRUST	33,200 (-30.1%)	$1,130 (-43.3%)	0.1%	$37.68	—	CSI CHI INTERNET	500767306

Unchanged Positions (7)

FWDI FORWARD INDS INC N Y 5.6%

Value ($000) $53,595 Shares 8,108,108 Est. Cost $16.47 Unrealized -22.1%

BTCO INVESCO GALAXY BITCOIN ETF 6.6%

Value ($000) $63,198 Shares 725,000 Est. Cost $93.31 Unrealized —

BLSH BULLISH 2.5%

Value ($000) $23,669 Shares 625,000 Est. Cost $61.33 Unrealized -20.6%

QETH INVESCO GALAXY ETHEREUM ETF 0.9%

Value ($000) $8,575 Shares 290,000 Est. Cost $33.39 Unrealized —

KWM K WAVE MEDIA LTD 0.0%

Value ($000) $164 Shares 400,000 Est. Cost $3.14 Unrealized -54.3%

GBTC GRAYSCALE BITCOIN TRUST ETF 0.1%

Value ($000) $570 Shares 8,335 Est. Cost $74.02 Unrealized —

FOUR SHIFT4 PMTS INC 0.1%

Value ($000) $561 Shares 8,902 Est. Cost $99.28 Unrealized -28.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FWDI	FORWARD INDS INC N Y	8,108,108	$53,595	5.6%	$16.47	-22.1%	COM NEW	349862409
BTCO	INVESCO GALAXY BITCOIN ETF	725,000	$63,198	6.6%	$93.31	—	COM SHS BEN INT	46091J101
BLSH	BULLISH	625,000	$23,669	2.5%	$61.33	-20.6%	ORD SHS	G16910120
QETH	INVESCO GALAXY ETHEREUM ETF	290,000	$8,575	0.9%	$33.39	—	SHS	46148D107
KWM	K WAVE MEDIA LTD	400,000	$164	0.0%	$3.14	-54.3%	ORD SHS	G53151109
GBTC	GRAYSCALE BITCOIN TRUST ETF	8,335	$570	0.1%	$74.02	—	SHS REP COM UT	389637109
FOUR	SHIFT4 PMTS INC	8,902	$561	0.1%	$99.28	-28.8%	CL A	82452J109