Blockchain

Bradmer Pharmaceuticals Inc. (Re), 2018 CanLII 48607 (ON SEC)

10. In conjunction with this intention, on January 9, 2018, approximately US$300 million of assets (Contributed Assets) were contributed to Galaxy LP by Galaxy Group Investments LLC (Galaxy Group), a New York-based family office investment vehicle owned by Michael Novogratz and related family trusts. The Contributed Assets consisted of direct holdings in bitcoin and other cryptocurrencies, equities of companies in businesses relating to blockchain or cryptocurrency, digital token mining and joint ventures, and interests in third-party-managed fund limited partnerships previously acquired by Mr. Novogratz through his family office.

29. The Filer is not including the Required Statements in the Circular for the following reasons:

(a) The Contributed Assets comprised different cryptocurrency- and blockchain-related investments, including cryptocurrency holdings with a liquid trading value, restricted holdings of pre-sold digital tokens, investments in cryptocurrency and blockchain-related funds, venture capital investments and commodity futures positions with a liquid trading value. Most of the Contributed Assets were acquired during 2017 and were held through various branches of the Novogratz family office, including some held personally by Mr. Novogratz, and were not held separately from his other family office assets and investments.

3iQ Corp (Re), 2019 ONSEC 37 (CanLII)

[6] Bitcoin is a novel asset in an emerging and evolving market. It is a risky asset. Markets for novel asset classes and securities evolve over time. Emerging markets for securities and asset classes look and feel very different from mature markets. As markets evolve and mature, they change, either through the efforts of the market participants or through government intervention or regulation, or both.