CI Global Asset Management has provided further details of the previously announced proposal for the merger of CI Galaxy Bitcoin Fund (TSX: BTCG), a closed-end investment fund, into CI Galaxy Bitcoin ETF (TSX: BTCX), an exchange-traded fund (the continuing ETF) to be listed on the Toronto Stock Exchange as of, March 9, 2021. If approved, unitholders of BTCG will receive the equivalent dollar value of units in the ETF US$ Series of the Continuing ETF upon completion of the Merger. The proposed Merger is expected to take place on a taxable basis, would be considered a disposition for tax purposes and may have tax consequences for unitholders of BTCG. CI GAM believes the Merger to be in the best interest of investors as it will result in investors holding units of an ETF, which offers increased liquidity through continuous distribution. CI GAM expects that BTCX, the Continuing ETF, will be an efficient way to access this asset class and will permit BTCG investors to benefit from the potential economies of scale of an ETF. The costs and expenses associated with the Merger are being borne by CI GAM and not by the funds. As previously announced, CI GAM will be lowering the management fee of BTCG to match that of BTCX once the Continuing ETF is listed on the TSX. Pursuant to National Instrument 81-102 Investment Funds, unitholders of BTCG are required to approve the Merger. In addition, the Merger will require regulatory approval. A unitholder meeting will be held on April 26, 2021 and, if required, an adjourned meeting will be held on May 6, 2021. Holders of record of BTCG units on March 17, 2021 will be entitled to receive notice and vote at the meeting.