NEW YORK, May 21, 2019 /CNW/ - Galaxy Digital Holdings Ltd. (TSXV: GLXY; Frankfurt: 7LX) ("Galaxy Digital" or the "Company") and Galaxy Digital Holdings LP (the "Partnership") announce an update to Partnership's material investment position.  As indicated in its recent filings, on April 18^th the Partnership accepted a tender offer in the ordinary shares of Block.one.  On May 20, 2019, the transaction closed and the Partnership received $71.2 million for the tendered shares, representing a majority of the Company's position and a 123% return on the realized investment. Following the transaction, the Partnership's remaining ordinary shares in Block.one will no longer represent a material investment position.

"The acceptance of Block.one's tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio. We continue to work closely with Block.one as a key partner across a number of our business lines, including the Galaxy EOS VC Fund, which invests in companies building on the EOS.IO protocol, and remain excited about the EOS.IO protocol." said Michael Novogratz, CEO and Founder of Galaxy Digital.

As previously disclosed, the Partnership considers a variety of quantitative and qualitative factors in determining if any one investment is considered a material investment position as of each report date. Factors considered include, but are not limited to, the proportion of each investment to total assets; whether any one investment is materially larger than other portfolio investments; the concentration of the portfolio and any associated risks; the liquidity of each investment, or lack thereof; the impact of such an investment on the Partnership's assets or operations; and the existence or absence of other factors that could cause one to conclude that the investment was significant to the Partnership notwithstanding its absolute size.

About Galaxy Digital
Galaxy Digital is a diversified, multi-service merchant bank dedicated to the digital assets and blockchain technology industry.  Galaxy Digital's team has extensive experience spanning investing, portfolio management, capital markets, operations, asset management, and blockchain technology.  Galaxy Digital currently operates four distinct business lines, which include: Trading, Asset Management, Principal Investments and Advisory Services.  Galaxy Digital's CEO and Founder is Michael Novogratz.  The Company is headquartered in New York City, with offices in 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 TSXV has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
Certain information in this press release, including, but not limited to, statements regarding the industry, may constitute forward looking information (collectively, forward-looking statements), which can be identified by the use of terms such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" (or the negatives) or other similar variations. Because of various risks and uncertainties, including those referenced below, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements are not guarantees of future performance, accordingly, you should not to put undue reliance on forward-looking statements.  Information identifying assumptions, risks and uncertainties relating to Galaxy Digital is contained in Galaxy Digital's filings with the Canadian securities regulators available at www.sedar.com. These risks include those discussed in the risks and uncertainties section in the Partnership's and the Company's Management's Discussion and Analysis for the year ended December 31, 2018. The forward-looking statements in this press release are applicable only as of the date of this release or as of the date specified in the relevant forward-looking statement.

SOURCE Galaxy Digital Holdings Ltd.

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