Galaxy Group Investments LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	894,500	$537,031	28.5%	—	—	Put	46090E103
FWDI	FORWARD INDS INC N Y	8,108,108	$207,324	11.0%	$16.47	0.0%	COM NEW	349862409
IBIT	ISHARES BITCOIN TRUST ETF	2,000,000	$130,000	6.9%	$54.20	—	Call	46438F101
SPY	SPDR S&P 500 ETF TR	90,000	$59,956	3.2%	—	—	Put	78462F103
COIN	COINBASE GLOBAL INC	153,100	$51,670	2.7%	—	—	Put	19260Q107
ETHA	ISHARES ETHEREUM TR	1,500,000	$47,265	2.5%	$25.52	—	Put	46438R105
BLSH	BULLISH	625,000	$39,756	2.1%	$61.33	0.0%	ORD SHS	G16910120
IREN	IREN LIMITED	645,000	$30,270	1.6%	—	—	Put	Q4982L109
CORZ	CORE SCIENTIFIC INC NEW	1,555,000	$27,897	1.5%	$14.67	0.0%	COM	21874A106
DEFT	DEFI TECHNOLOGIES INC	9,000,000	$18,990	1.0%	$2.59	0.0%	COM	244916102
JD	JD.COM INC	363,000	$12,698	0.7%	$34.98	—	SPON ADS CL A	47215P106
SUIG	SUI GROUP HOLDINGS LIMITED	1,584,137	$6,115	0.3%	$4.52	0.0%	COM	59982U200
CRCL	CIRCLE INTERNET GROUP INC	35,000	$4,640	0.2%	—	—	Call	172573107
FCRS/U	FUTURECREST ACQUISITION CORP	350,000	$3,710	0.2%	$10.60	—	UNIT 99/99/9999	G3730U123
IMSR	HCM II ACQUISITION CORP	100,000	$1,641	0.1%	$11.89	0.0%	SHS CL A	G43658106
HIVE	HIVE DIGITAL TECHNOLOGIES LT	310,000	$1,249	0.1%	$2.69	0.0%	COM	433921103
KWM	K WAVE MEDIA LTD	400,000	$968	0.1%	$3.14	0.0%	ORD SHS	G53151109
ONCHU	1RT ACQUISITION CORP.	50,000	$528	0.0%	$10.55	—	UNIT 06/26/2030	G6757R121
HCMAU	HCM III ACQUISITION CORP	44,900	$463	0.0%	$10.31	—	UNIT 07/23/2030	G4365E129
—	FG NEXUS INC.	50,000	$275	0.0%	$5.49	—	COM NEW	30329Y304
SBXD	SILVERBOX CORP IV	25,000	$262	0.0%	$10.58	0.0%	SHS CL A	G81354105
INFQ	CHURCHILL CAP CORP X	16,560	$213	0.0%	$12.86	—	SHS CL A	G2130T108
—	BITCOIN DEPOT INC	400,000	$99	0.0%	$31.33	0.0%	COM	09174P105

Increased Positions (2)

ETHA ISHARES ETHEREUM TR 0.9%

Value ($000) $17,516 (+243.2%) Shares 555,890 (+107.7%) Est. Cost $25.52 Unrealized —

KWEB KRANESHARES TRUST 0.1%

Value ($000) $1,995 (+100.4%) Shares 47,500 (+63.8%) Est. Cost $37.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ETHA	ISHARES ETHEREUM TR	555,890 (+107.7%)	$17,516 (+243.2%)	0.9%	$25.52	—	SHS	46438R105
KWEB	KRANESHARES TRUST	47,500 (+63.8%)	$1,995 (+100.4%)	0.1%	$37.68	—	CSI CHI INTERNET	500767306

Exited Positions (15)

IBIT ISHARES BITCOIN TRUST ETF 10.4%

Value ($000) $195,872 Shares 3,200,000 Est. Cost $54.20 Unrealized —

CRCL CIRCLE INTERNET GROUP INC 2.3%

Value ($000) $43,147 Shares 238,000 Est. Cost — Unrealized —

FXI ISHARES TR 2.0%

Value ($000) $36,760 Shares 1,000,000 Est. Cost — Unrealized —

GLD SPDR GOLD TR 1.6%

Value ($000) $30,483 Shares 100,000 Est. Cost — Unrealized —

TSLA TESLA INC 0.6%

Value ($000) $11,118 Shares 35,000 Est. Cost — Unrealized —

ASHR DBX ETF TR 0.6%

Value ($000) $10,603 Shares 385,000 Est. Cost $27.54 Unrealized —

ET ENERGY TRANSFER L P 0.3%

Value ($000) $5,439 Shares 300,000 Est. Cost — Unrealized —

SLV ISHARES SILVER TR 0.2%

Value ($000) $4,662 Shares 142,100 Est. Cost — Unrealized —

MSTR MICROSTRATEGY INC 0.1%

Value ($000) $1,811 Shares 4,480 Est. Cost $364.26 Unrealized +1.9%

MARA MARA HOLDINGS INC 0.1%

Value ($000) $1,711 Shares 2,000,000 Est. Cost $14.32 Unrealized +17.7%

CEPO CANTOR EQUITY PARTNERS I INC 0.0%

Value ($000) $784 Shares 65,912 Est. Cost $11.64 Unrealized -4.9%

QBTS D-WAVE QUANTUM INC 0.0%

Value ($000) $512 Shares 35,000 Est. Cost $11.76 Unrealized +54.9%

DFDV DEFI DEVELOPMENT CORP 0.0%

Value ($000) $354 Shares 16,522 Est. Cost $15.83 Unrealized +15.4%

BTMWW BITCOIN DEPOT INC 0.0%

Value ($000) $159 Shares 400,000 Est. Cost $0.40 Unrealized —

WULF TERAWULF INC 0.0%

Value ($000) $65 Shares 14,900 Est. Cost $4.46 Unrealized +71.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	3,200,000	$195,872	10.4%	$54.20	—	Put	46438F101
CRCL	CIRCLE INTERNET GROUP INC	238,000	$43,147	2.3%	—	—	Put	172573107
FXI	ISHARES TR	1,000,000	$36,760	2.0%	—	—	Call	464287184
GLD	SPDR GOLD TR	100,000	$30,483	1.6%	—	—	Call	78463V107
TSLA	TESLA INC	35,000	$11,118	0.6%	—	—	Put	88160R101
ASHR	DBX ETF TR	385,000	$10,603	0.6%	$27.54	—	Call	233051879
ET	ENERGY TRANSFER L P	300,000	$5,439	0.3%	—	—	Call	29273V100
SLV	ISHARES SILVER TR	142,100	$4,662	0.2%	—	—	Call	46428Q109
MSTR	MICROSTRATEGY INC	4,480	$1,811	0.1%	$364.26	+1.9%	—	594972408
MARA	MARA HOLDINGS INC	2,000,000	$1,711	0.1%	$14.32	+17.7%	—	565788106
CEPO	CANTOR EQUITY PARTNERS I INC	65,912	$784	0.0%	$11.64	-4.9%	—	G1827K107
QBTS	D-WAVE QUANTUM INC	35,000	$512	0.0%	$11.76	+54.9%	—	26740W109
DFDV	DEFI DEVELOPMENT CORP	16,522	$354	0.0%	$15.83	+15.4%	—	47100L301
BTMWW	BITCOIN DEPOT INC	400,000	$159	0.0%	$0.40	—	—	09174P113
WULF	TERAWULF INC	14,900	$65	0.0%	$4.46	+71.5%	—	88080T104

Decreased Positions (6)

ASHR DBX ETF TR 0.6%

Value ($000) $11,221 (-37.3%) Shares 340,250 (-47.7%) Est. Cost $27.54 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 17.3%

Value ($000) $326,576 (-1.9%) Shares 5,024,241 (-7.6%) Est. Cost $54.20 Unrealized —

CLSK CLEANSPARK INC 0.0%

Value ($000) $725 (-67.1%) Shares 50,000 (-75.0%) Est. Cost — Unrealized —

CAEP CANTOR EQUITY PARTNERS III I 0.0%

Value ($000) $516 (-66.1%) Shares 50,000 (-65.4%) Est. Cost $10.53 Unrealized -0.6%

CEPT CANTOR EQUITY PARTNERS II IN 0.0%

Value ($000) $526 (-52.4%) Shares 50,000 (-50.0%) Est. Cost $11.29 Unrealized -4.7%

BITF BITFARMS LTD 0.1%

Value ($000) $1,974 (-19.0%) Shares 700,000 (-75.9%) Est. Cost $0.92 Unrealized +67.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASHR	DBX ETF TR	340,250 (-47.7%)	$11,221 (-37.3%)	0.6%	$27.54	—	XTRACK HRVST CSI	233051879
IBIT	ISHARES BITCOIN TRUST ETF	5,024,241 (-7.6%)	$326,576 (-1.9%)	17.3%	$54.20	—	SHS BEN INT	46438F101
CLSK	CLEANSPARK INC	50,000 (-75.0%)	$725 (-67.1%)	0.0%	—	—	Call	18452B209
CAEP	CANTOR EQUITY PARTNERS III I	50,000 (-65.4%)	$516 (-66.1%)	0.0%	$10.53	-0.6%	SHS CL A	G1828A108
CEPT	CANTOR EQUITY PARTNERS II IN	50,000 (-50.0%)	$526 (-52.4%)	0.0%	$11.29	-4.7%	CL A ORD SHS	G1827P106
BITF	BITFARMS LTD	700,000 (-75.9%)	$1,974 (-19.0%)	0.1%	$0.92	+67.8%	COM	09173B107

Unchanged Positions (6)

ARKB ARK 21SHARES BITCOIN ETF 10.7%

Value ($000) $201,228 Shares 5,292,680 Est. Cost $56.47 Unrealized —

HECO SSGA ACTIVE TR 2.3%

Value ($000) $42,566 Shares 1,020,000 Est. Cost $33.61 Unrealized —

QETH INVESCO GALAXY ETHEREUM ETF 0.6%

Value ($000) $12,035 Shares 290,000 Est. Cost $33.39 Unrealized —

BTCO INVESCO GALAXY BITCOIN ETF 4.4%

Value ($000) $82,657 Shares 725,000 Est. Cost $93.31 Unrealized —

FOUR SHIFT4 PMTS INC 0.0%

Value ($000) $689 Shares 8,902 Est. Cost $99.28 Unrealized -6.4%

GBTC GRAYSCALE BITCOIN TRUST ETF 0.0%

Value ($000) $748 Shares 8,335 Est. Cost $74.02 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARKB	ARK 21SHARES BITCOIN ETF	5,292,680	$201,228	10.7%	$56.47	—	SHS BEN INT	040919102
HECO	SSGA ACTIVE TR	1,020,000	$42,566	2.3%	$33.61	—	SPDR GALAXY HEDG	78470P648
QETH	INVESCO GALAXY ETHEREUM ETF	290,000	$12,035	0.6%	$33.39	—	SHS	46148D107
BTCO	INVESCO GALAXY BITCOIN ETF	725,000	$82,657	4.4%	$93.31	—	COM SHS BEN INT	46091J101
FOUR	SHIFT4 PMTS INC	8,902	$689	0.0%	$99.28	-6.4%	CL A	82452J109
GBTC	GRAYSCALE BITCOIN TRUST ETF	8,335	$748	0.0%	$74.02	—	SHS REP COM UT	389637109