Galaxy Digital Capital Management LP

ITEM 5. FEES AND COMPENSATION

A.     Advisory Fees and Compensation

The fees applicable to any client are detailed in each Fund’s offering documents and each
other client’s investment management agreement or similar document. The fees applicable to
any sub-advisory arrangement are set forth in the applicable sub-advisory agreement. A brief
summary of the fees that we charge is provided below. In the sole discretion of the Adviser,
a Fund General Partner or Fund Board of Directors, as applicable, such fees may be waived,
reduced or calculated differently with respect to certain investors, including investors affiliated
with the Adviser.

It should be noted that any client of the Adviser after the date of this Brochure may have
materially different terms as to fees than those summarized below and any such terms for
an existing client may be amended from time to time.

Advisory Services:

The Adviser receives a management fee from the Funds or Managed Accounts for investment
management services (the “Management Fee”). As of the date hereof, the amount of
Management Fee equals up to 2% per annum depending upon the Managed Account or the
Fund and the investor’s choice of share class. The Management Fee for the various funds and
accounts is generally calculated based upon assets under management, net asset value, capital
commitments or invested capital. With respect to certain Managed Accounts, Management Fees
or similar fees may be charged based on such other metrics as may be agreed with the applicable
client. The Management Fee is generally calculated and paid, either in advance or arrears
(generally quarterly or monthly), in accordance with the relevant Funds’ offering documents
or Managed Accounts’ investment management agreement, and will generally be pro-rated
for any period that is less than a full period. For its Funds, the Adviser will determine to reduce
or waive the Management Fee in respect of particular investors, including any affiliate of the
Adviser. A detailed description of the Management Fee calculation is provided in the
applicable investment management agreement and/or offering or similar document.

Additionally, certain Funds and other clients, as noted in Item 6 below, bear a performance-
based incentive allocation or pay a performance-based fee to the Adviser or a Fund General
Partner or its affiliates (any such allocation or fee, “Carried Interest”) of up to 20%
depending upon the Fund. As described in more detail under Item 6 below, for certain Funds
Carried Interest is calculated based upon returns in excess of a benchmark.

Sub-Advisory Services:

With respect to each of the Digital Asset ETFs, the Adviser has entered into a sub-advisory
agreement with State Street. In accordance with each sub-advisory agreement, State Street pays
the Adviser an annual 0.65-0.9% sub-advisory fee calculated based on the average daily net assets
of each Digital Asset ETF.

B.     Payment of Fees; Carried Interest Allocations

Management Fees paid to the Adviser or its affiliates, and any Carried Interest paid or
allocated thereto by a client are generally deducted from the client’s account or paid directly
to the Adviser or an affiliate by the applicable client, on the basis described in the offering
documents of each Fund and each other client’s investment management agreement or similar
document. Sub-advisory fees are paid by State Street directly to the Adviser.

C.     Additional Fees and Expenses

The expenses attributable to each specific client are detailed in each client’s investment
management agreement and/or offering or similar document. Subject to the terms of such
agreements and documents, we have set forth below the expenses that each client can
generally be expected to bear. However in some instances certain expenses listed below may
be borne by, or solely applicable to, certain clients and not others, or be subject to a cap or
other limits as to certain clients and not others. In addition, certain expenses not listed below
may be allocated to certain clients if permitted by the client’s investment management
agreement and/or offering or similar document.

       1.      Categories of Expenses

Unless otherwise specified in a client’s investment management agreement and/or offering or
similar document, Adviser shall bear and pay its (i) overhead expenses, including office rent;
(ii) cost of furniture and fixtures; (iii) cost of stationery; (iv) employee salaries, benefits, travel
expenses associated with the marketing of the Fund, (v) payroll taxes and other related
expenses and (vi) entertainment expenses. There are several categories of expenses that are
allocated to and among clients. These categories are discussed below under “Organizational
and Operational Expenses,” “Sourcing and Diligence Expenses” and “Portfolio Company-
Related Expenses.”

               (a)     Organizational and Operational Expenses

Organizational and operational expenses relate to the organization and operation of Funds or
other clients that are not directly related to sourcing investments or to any particular portfolio
company.

Examples of organizational expenses are legal, accounting, and filing expenses incurred in
connection with organizing, establishing and maintaining any Fund and the related general
partner, expenses attributable to the marketing and offering of interests in such Fund or
vehicle, including commissions, costs, fees, and expenses of any placement agent or finder
and legal, accounting, filing, capital raising, travel and accommodation expenses incurred in
connection with such Fund’s establishment, organization and marketing (including, first class
and/or business class airfare and/or private charter, first class and/or business class lodging,
ground transportation, and premium meals), printing and other similar costs, fees, and
expenses. We and our affiliates may compensate third parties, including brokers and
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ITEM 7. TYPES OF CLIENTS

As discussed in response to Item 4.B, our clients include privately offered pooled investment
vehicles, which are intended for investment by investors that are accredited investors under
Rule 501 of Regulation D of the Securities Act, and, for certain Funds, are qualified
purchasers under Section 2(a)(51) of the Investment Company Act or “knowledgeable
employees,” as defined under Rule 3c-5 of the Investment Company Act so as to comply with
the exemption under Section 3(c)(7) of the Investment Company Act. We also offer investment
advice to Managed Accounts. The investment objectives and guidelines of such Managed
Accounts are determined in conjunction with the applicable client.

The minimum investment for a client or an investor generally will be determined by the
Adviser, or the applicable Fund General Partner of the client and will generally be set out in the
relevant client’s offering documents and/or investment management or other agreements. Such
minimum investment amounts may be waived by the Adviser or the applicable Fund General
Partner, if permissible under relevant law. Minimum investment amounts generally are
negotiated on a case-by-case basis with a client or an investor.

We have also been engaged by State Street to serve as the sub-adviser for the Digital Asset ETFs.
Information concerning the purchase and sale of shares in each Digital Asset ETF is disclosed in
each Digital Asset ETF’s prospectus and/or statement of additional information.