Galaxy Group Investments LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	3,200,000	$195,872	19.2%	$54.20	—	Put	46438F101
CRCL	CIRCLE INTERNET GROUP INC	238,000	$43,147	4.2%	—	—	Put	172573107
FXI	ISHARES TR	1,000,000	$36,760	3.6%	—	—	Call	464287184
HECO	SSGA ACTIVE TR	1,020,000	$34,282	3.4%	$33.61	—	SPDR GALAXY HEDG	78470P648
GLD	SPDR GOLD TR	100,000	$30,483	3.0%	—	—	Call	78463V107
ASHR	DBX ETF TR	650,000	$17,901	1.8%	$27.54	—	XTRACK HRVST CSI	233051879
TSLA	TESLA INC	35,000	$11,118	1.1%	—	—	Put	88160R101
ASHR	DBX ETF TR	385,000	$10,603	1.0%	$27.54	—	Call	233051879
ET	ENERGY TRANSFER L P	300,000	$5,439	0.5%	—	—	Call	29273V100
ETHA	ISHARES ETHEREUM TR	267,600	$5,103	0.5%	$19.07	—	SHS	46438R105
SLV	ISHARES SILVER TR	142,100	$4,662	0.5%	—	—	Call	46428Q109
BITF	BITFARMS LTD	2,900,000	$2,437	0.2%	$0.92	0.0%	COM	09173B107
CLSK	CLEANSPARK INC	200,000	$2,206	0.2%	—	—	Call	18452B209
MSTR	MICROSTRATEGY INC	4,480	$1,811	0.2%	$364.26	0.0%	CL A NEW	594972408
MARA	MARA HOLDINGS INC	2,000,000	$1,711	0.2%	$14.32	0.0%	COM	565788106
CAEP	CANTOR EQUITY PARTNERS III I	144,314	$1,523	0.1%	$10.53	0.0%	SHS CL A	G1828A108
CEPT	CANTOR EQUITY PARTNERS II IN	100,000	$1,103	0.1%	$11.29	0.0%	CL A ORD SHS	G1827P106
CEPO	CANTOR EQUITY PARTNERS I INC	65,912	$784	0.1%	$11.64	0.0%	SHS CL A	G1827K107
QBTS	D-WAVE QUANTUM INC	35,000	$512	0.1%	$11.76	0.0%	COM	26740W109
DFDV	DEFI DEVELOPMENT CORP	16,522	$354	0.0%	$15.83	0.0%	COM	47100L301
BTMWW	BITCOIN DEPOT INC	400,000	$159	0.0%	$0.40	—	*W EXP 06/30/202	09174P113

Increased Positions (2)

IBIT ISHARES BITCOIN TRUST ETF 32.7%

Value ($000) $332,927 (+52.1%) Shares 5,439,100 (+16.3%) Est. Cost $54.20 Unrealized —

ARKB ARK 21SHARES BITCOIN ETF 18.6%

Value ($000) $189,425 (+21.0%) Shares 5,292,680 (+177.9%) Est. Cost $56.47 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	5,439,100 (+16.3%)	$332,927 (+52.1%)	32.7%	$54.20	—	SHS BEN INT	46438F101
ARKB	ARK 21SHARES BITCOIN ETF	5,292,680 (+177.9%)	$189,425 (+21.0%)	18.6%	$56.47	—	SHS BEN INT	040919102

Exited Positions (16)

SPY SPDR S&P 500 ETF TR 17.8%

Value ($000) $180,963 Shares 323,500 Est. Cost — Unrealized —

MSTR MICROSTRATEGY INC 6.2%

Value ($000) $63,419 Shares 220,000 Est. Cost $364.26 Unrealized 0.0%

COIN COINBASE GLOBAL INC 2.7%

Value ($000) $27,557 Shares 160,000 Est. Cost — Unrealized —

SMH VANECK ETF TRUST 2.4%

Value ($000) $24,382 Shares 115,300 Est. Cost $211.47 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 1.8%

Value ($000) $18,724 Shares 400,000 Est. Cost $54.20 Unrealized —

CORZ CORE SCIENTIFIC INC NEW 1.4%

Value ($000) $14,591 Shares 2,015,272 Est. Cost $11.38 Unrealized -12.1%

MU MICRON TECHNOLOGY INC 0.9%

Value ($000) $8,689 Shares 100,000 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.7%

Value ($000) $7,186 Shares 66,300 Est. Cost — Unrealized —

KWEB KRANESHARES TRUST 0.5%

Value ($000) $5,446 Shares 156,000 Est. Cost $34.91 Unrealized —

SMH VANECK ETF TRUST 0.4%

Value ($000) $3,606 Shares 17,050 Est. Cost $211.47 Unrealized —

WDC WESTERN DIGITAL CORP 0.1%

Value ($000) $1,213 Shares 30,000 Est. Cost $47.25 Unrealized +0.4%

— COMPOSECURE INC 0.1%

Value ($000) $940 Shares 246,145 Est. Cost $4.65 Unrealized —

WDC WESTERN DIGITAL CORP 0.1%

Value ($000) $809 Shares 20,000 Est. Cost $47.25 Unrealized +0.4%

— D-WAVE QUANTUM INC 0.1%

Value ($000) $519 Shares 141,000 Est. Cost $3.68 Unrealized —

GPGI COMPOSECURE INC 0.0%

Value ($000) $380 Shares 35,000 Est. Cost — Unrealized —

BTDR BITDEER TECHNOLOGIES GROUP 0.0%

Value ($000) $108 Shares 12,236 Est. Cost $14.93 Unrealized -22.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	323,500	$180,963	17.8%	—	—	Put	78462F103
MSTR	MICROSTRATEGY INC	220,000	$63,419	6.2%	$364.26	0.0%	Put	594972408
COIN	COINBASE GLOBAL INC	160,000	$27,557	2.7%	—	—	Put	19260Q107
SMH	VANECK ETF TRUST	115,300	$24,382	2.4%	$211.47	—	Put	92189F676
IBIT	ISHARES BITCOIN TRUST ETF	400,000	$18,724	1.8%	$54.20	—	Call	46438F101
CORZ	CORE SCIENTIFIC INC NEW	2,015,272	$14,591	1.4%	$11.38	-12.1%	—	21874A106
MU	MICRON TECHNOLOGY INC	100,000	$8,689	0.9%	—	—	Put	595112103
NVDA	NVIDIA CORPORATION	66,300	$7,186	0.7%	—	—	Put	67066G104
KWEB	KRANESHARES TRUST	156,000	$5,446	0.5%	$34.91	—	Call	500767306
SMH	VANECK ETF TRUST	17,050	$3,606	0.4%	$211.47	—	—	92189F676
WDC	WESTERN DIGITAL CORP	30,000	$1,213	0.1%	$47.25	+0.4%	—	958102105
—	COMPOSECURE INC	246,145	$940	0.1%	$4.65	—	—	20459V113
WDC	WESTERN DIGITAL CORP	20,000	$809	0.1%	$47.25	+0.4%	Call	958102105
—	D-WAVE QUANTUM INC	141,000	$519	0.1%	$3.68	—	—	26740W117
GPGI	COMPOSECURE INC	35,000	$380	0.0%	—	—	Call	20459V105
BTDR	BITDEER TECHNOLOGIES GROUP	12,236	$108	0.0%	$14.93	-22.6%	—	G11448100

Decreased Positions (2)

KWEB KRANESHARES TRUST 0.1%

Value ($000) $996 (-58.7%) Shares 29,000 (-58.0%) Est. Cost $34.91 Unrealized —

WULF TERAWULF INC 0.0%

Value ($000) $65 (-95.4%) Shares 14,900 (-99.3%) Est. Cost $4.46 Unrealized -23.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KWEB	KRANESHARES TRUST	29,000 (-58.0%)	$996 (-58.7%)	0.1%	$34.91	—	CSI CHI INTERNET	500767306
WULF	TERAWULF INC	14,900 (-99.3%)	$65 (-95.4%)	0.0%	$4.46	-23.3%	COM	88080T104

Unchanged Positions (4)

BTCO INVESCO GALAXY BITCOIN ETF 7.7%

Value ($000) $77,959 Shares 725,000 Est. Cost $93.31 Unrealized —

QETH INVESCO GALAXY ETHEREUM ETF 0.7%

Value ($000) $7,294 Shares 290,000 Est. Cost $33.39 Unrealized —

GBTC GRAYSCALE BITCOIN TRUST ETF 0.1%

Value ($000) $707 Shares 8,335 Est. Cost $74.02 Unrealized —

FOUR SHIFT4 PMTS INC 0.1%

Value ($000) $882 Shares 8,902 Est. Cost $99.28 Unrealized -12.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BTCO	INVESCO GALAXY BITCOIN ETF	725,000	$77,959	7.7%	$93.31	—	COM SHS BEN INT	46091J101
QETH	INVESCO GALAXY ETHEREUM ETF	290,000	$7,294	0.7%	$33.39	—	SHS	46148D107
GBTC	GRAYSCALE BITCOIN TRUST ETF	8,335	$707	0.1%	$74.02	—	SHS REP COM UT	389637109
FOUR	SHIFT4 PMTS INC	8,902	$882	0.1%	$99.28	-12.2%	CL A	82452J109