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	9.4%	$53.40	—	Put	46438F101
BABA	ALIBABA GROUP HLDG LTD	105,150	$15,413	1.8%	$146.58	—	SPONSORED ADS	01609W102
PURR	HYPERLIQUID STRATEGIES INC	4,260,476	$15,167	1.8%	$3.47	0.0%	COM	44916Y106
CAN	CANAAN INC	17,500,000	$12,075	1.4%	$0.69	—	SPONSORED ADS	134748102
ZM	ZOOM COMMUNICATIONS INC	100,000	$8,629	1.0%	—	—	Call	98980L101
RSP	INVESCO EXCHANGE TRADED FD T	31,040	$5,946	0.7%	$191.56	—	S&P500 EQL WGT	46137V357
SLV	ISHARES SILVER TR	75,300	$4,851	0.6%	—	—	Put	46428Q109
XLI	SELECT SECTOR SPDR TR	30,300	$4,700	0.6%	—	—	Call	81369Y704
STUB	STUBHUB HLDGS INC	331,708	$4,488	0.5%	$15.72	0.0%	CL A	86384P109
XLE	SELECT SECTOR SPDR TR	100,000	$4,471	0.5%	—	—	Call	81369Y506
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
IMSR	TERRESTRIAL ENERGY INC	500,000	$3,055	0.4%	$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
IGV	ISHARES TR	22,500	$2,378	0.3%	$105.69	—	EXPANDED TECH	464287515
BRR	PROCAP FINL INC	625,000	$2,206	0.3%	$7.98	0.0%	COM SHS	74277P105
XLF	SELECT SECTOR SPDR TR	40,000	$2,191	0.3%	—	—	Call	81369Y605
EWZ	ISHARES INC	65,000	$2,065	0.2%	—	—	Call	464286400
MFI	MF INTL LTD	100,000	$1,858	0.2%	$24.41	0.0%	SHS NEW CL A	G6065C121
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
QUAL	ISHARES TR	5,000	$993	0.1%	$198.62	—	MSCI USA QLT FCT	46432F339
VTV	VANGUARD INDEX FDS	4,640	$886	0.1%	$190.99	—	VALUE ETF	922908744
AVX	AVAX ONE TECHNOLOGY LTD	423,729	$640	0.1%	$2.42	0.0%	COM SHS	05353F108
MTUM	ISHARES TR	2,200	$551	0.1%	$250.31	—	MSCI USA MMENTM	46432F396
XHB	SPDR SERIES TRUST	4,500	$463	0.1%	$102.96	—	STATE STREET SPD	78464A888
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
BTMWW	BITCOIN DEPOT INC	400,000	$45	0.0%	$0.11	—	*W EXP 06/30/202	09174P113
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 (1)

IBIT ISHARES BITCOIN TRUST ETF 35.9%

Value ($000) $302,379 (-7.4%) Shares 6,090,206 (+21.2%) Est. Cost $53.40 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	6,090,206 (+21.2%)	$302,379 (-7.4%)	35.9%	$53.40	—	SHS BEN INT	46438F101

Exited Positions (22)

QQQ INVESCO QQQ TR 63.7%

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

IBIT ISHARES BITCOIN TRUST ETF 15.4%

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

SPY SPDR S&P 500 ETF TR 7.1%

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

COIN COINBASE GLOBAL INC 6.1%

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

ETHA ISHARES ETHEREUM TR 5.6%

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

IREN IREN LIMITED 3.6%

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

CORZ CORE SCIENTIFIC INC NEW 3.3%

Value ($000) $27,897 Shares 1,555,000 Est. Cost $14.67 Unrealized +18.9%

JD JD.COM INC 1.5%

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

SUIG SUI GROUP HOLDINGS LIMITED 0.7%

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

CRCL CIRCLE INTERNET GROUP INC 0.6%

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

BITF BITFARMS LTD 0.2%

Value ($000) $1,974 Shares 700,000 Est. Cost $0.92 Unrealized +270.3%

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 0.1%

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	63.7%	—	—	Put	46090E103
IBIT	ISHARES BITCOIN TRUST ETF	2,000,000	$130,000	15.4%	$53.40	—	Call	46438F101
SPY	SPDR S&P 500 ETF TR	90,000	$59,956	7.1%	—	—	Put	78462F103
COIN	COINBASE GLOBAL INC	153,100	$51,670	6.1%	—	—	Put	19260Q107
ETHA	ISHARES ETHEREUM TR	1,500,000	$47,265	5.6%	$25.52	—	Put	46438R105
IREN	IREN LIMITED	645,000	$30,270	3.6%	—	—	Put	Q4982L109
CORZ	CORE SCIENTIFIC INC NEW	1,555,000	$27,897	3.3%	$14.67	+18.9%	—	21874A106
JD	JD.COM INC	363,000	$12,698	1.5%	$34.98	—	—	47215P106
SUIG	SUI GROUP HOLDINGS LIMITED	1,584,137	$6,115	0.7%	$4.52	-42.8%	—	59982U200
CRCL	CIRCLE INTERNET GROUP INC	35,000	$4,640	0.6%	—	—	Call	172573107
BITF	BITFARMS LTD	700,000	$1,974	0.2%	$0.92	+270.3%	—	09173B107
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	0.1%	$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 (6)

ARKB ARK 21SHARES BITCOIN ETF 17.6%

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

HECO SSGA ACTIVE TR 2.8%

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

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 0.6%

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%)	17.6%	$56.47	—	SHS BEN INT	040919102
HECO	SSGA ACTIVE TR	590,000 (-42.2%)	$23,386 (-45.1%)	2.8%	$33.61	—	SPDR GALAXY HEDG	78470P648
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%)	0.6%	$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 (8)

FWDI FORWARD INDS INC N Y 6.4%

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

BTCO INVESCO GALAXY BITCOIN ETF 7.5%

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

BLSH BULLISH 2.8%

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

ETHA ISHARES ETHEREUM TR 1.5%

Value ($000) $12,469 Shares 555,890 Est. Cost $25.52 Unrealized —

QETH INVESCO GALAXY ETHEREUM ETF 1.0%

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	6.4%	$16.47	-22.1%	COM NEW	349862409
BTCO	INVESCO GALAXY BITCOIN ETF	725,000	$63,198	7.5%	$93.31	—	COM SHS BEN INT	46091J101
BLSH	BULLISH	625,000	$23,669	2.8%	$61.33	-20.6%	ORD SHS	G16910120
ETHA	ISHARES ETHEREUM TR	555,890	$12,469	1.5%	$25.52	—	SHS	46438R105
QETH	INVESCO GALAXY ETHEREUM ETF	290,000	$8,575	1.0%	$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