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        <lei>3912007O3KBYO8R0SM92</lei>
        <title>BITCOIN GROUP SE COMMON STOCK</title>
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          <isin value="DE000A1TNV91"/>
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        <balance>30599.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86088000"/>
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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bitdeer Technologies Group</name>
        <lei>2549007M2KGWVJ9XFP20</lei>
        <title>BITDEER TECHNOLOGIES GROUP-A COMMON STOCK</title>
        <cusip>G11448100</cusip>
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          <isin value="KYG114481008"/>
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        <curCd>USD</curCd>
        <valUSD>8473014.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bitfire Group Holdings Ltd</name>
        <lei>N/A</lei>
        <title>BITFIRE GROUP HOLDINGS COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG4671J1012"/>
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        <balance>3319900.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.83930000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BitFuFu Inc</name>
        <lei>N/A</lei>
        <title>BITFUFU INC-A COMMON STOCK</title>
        <cusip>G1152A104</cusip>
        <identifiers>
          <isin value="KYG1152A1040"/>
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        <balance>538394.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>716064.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BITMINE IMMERSION TECHNOLOGIES, INC.</name>
        <lei>254900TGJJ1D9JNAQT27</lei>
        <title>BITMINE IMMERSION TECHNOLOGI COMMON STOCK</title>
        <cusip>09175A206</cusip>
        <identifiers>
          <isin value="US09175A2069"/>
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        <balance>1128918.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28584203.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>BTCS Inc</name>
        <lei>549300HVP35DWSOZOH21</lei>
        <title>BTCS INC COMMON STOCK</title>
        <cusip>05581M404</cusip>
        <identifiers>
          <isin value="US05581M4042"/>
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        <balance>583141.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>793071.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bullish</name>
        <lei>N/A</lei>
        <title>BULLISH COMMON STOCK</title>
        <cusip>G16910120</cusip>
        <identifiers>
          <isin value="KYG169101204"/>
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        <balance>241816.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8228998.48000000</valUSD>
        <pctVal>2.963771859093</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="6960017.35"/>
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      <invstOrSec>
        <name>Canaan Inc</name>
        <lei>254900OEOGK9ALNMUN24</lei>
        <title>CANAAN INC DEPOSITARY RECEIPT</title>
        <cusip>134748102</cusip>
        <identifiers>
          <isin value="US1347481020"/>
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        <balance>6145899.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2242638.55000000</valUSD>
        <pctVal>0.807712997002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="323000"/>
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      <invstOrSec>
        <name>Cango Inc</name>
        <lei>5299003TQHBB4QUSZB86</lei>
        <title>CANGO INC/KY-CLASS A COMMON STOCK</title>
        <cusip>G1820C110</cusip>
        <identifiers>
          <isin value="KYG1820C1107"/>
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        <balance>343538.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>821055.82000000</valUSD>
        <pctVal>0.295713037251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chaince Digital Holdings Inc</name>
        <lei>254900M75P21DCNK3M90</lei>
        <title>CHAINCE DIGITAL HOLDINGS INC COMMON STOCK</title>
        <cusip>G59467202</cusip>
        <identifiers>
          <isin value="KYG594672027"/>
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        <balance>243423.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>727834.77000000</valUSD>
        <pctVal>0.262138365274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="531278.94"/>
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      <invstOrSec>
        <name>CIPHER DIGITAL INC.</name>
        <lei>254900QABG5HCQZ28A17</lei>
        <title>CIPHER DIGITAL INC COMMON STOCK</title>
        <cusip>17253J106</cusip>
        <identifiers>
          <isin value="US17253J1060"/>
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        <balance>521731.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8086830.50000000</valUSD>
        <pctVal>2.912568367027</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="6955657.38"/>
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      <invstOrSec>
        <name>Circle Internet Group, Inc.</name>
        <lei>254900HFVVR6NPMQVN93</lei>
        <title>CIRCLE INTERNET GROUP INC COMMON STOCK</title>
        <cusip>172573107</cusip>
        <identifiers>
          <isin value="US1725731079"/>
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        <balance>370930.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35442361.50000000</valUSD>
        <pctVal>12.76498882443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITADEL SECURITIES LLC</name>
        <lei>12UUJYTN7D3SW8KCSG25</lei>
        <title>CITADEL SECURITIES LLC SLRPA 3.720% 09/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CITA"/>
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        <balance>3996044</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3996044</valUSD>
        <pctVal>1.439222863351</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="12UUJYTN7D3SW8KCSG25" name="CITADEL SECURITIES LLC"/>
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          <isTriParty>Y</isTriParty>
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          <maturityDt>2026-09-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>3996044</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>3996044</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3996044" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CLEANSPARK, INC.</name>
        <lei>254900VO7KBRJQDGY810</lei>
        <title>CLEANSPARK INC COMMON STOCK</title>
        <cusip>18452B209</cusip>
        <identifiers>
          <isin value="US18452B2097"/>
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        <balance>846294.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9833936.28000000</valUSD>
        <pctVal>3.541809332158</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3543124.2"/>
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      <invstOrSec>
        <name>COINBASE GLOBAL, INC.</name>
        <lei>5493004G3J2SC154DU06</lei>
        <title>COINBASE GLOBAL INC -CLASS A COMMON STOCK</title>
        <cusip>19260Q107</cusip>
        <identifiers>
          <isin value="US19260Q1076"/>
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        <balance>205859.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>38726195.08000000</valUSD>
        <pctVal>13.94770061834</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CORE SCIENTIFIC, INC.</name>
        <lei>5299003RGB2LAZ65RK73</lei>
        <title>CORE SCIENTIFIC INC COMMON STOCK</title>
        <cusip>21874A106</cusip>
        <identifiers>
          <isin value="US21874A1060"/>
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        <balance>562015.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9160844.50000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="38781.99"/>
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      <invstOrSec>
        <name>DAIWA CAPITAL MARKETS AMERICA INC</name>
        <lei>M67H5PRC0NQKM73ZAS82</lei>
        <title>DAIWA CAPITAL MARKETS AMERICA INC. SLRPD 3.670% 09/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DAIW"/>
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        <balance>3756281</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3756281</valUSD>
        <pctVal>1.352869361892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="M67H5PRC0NQKM73ZAS82" name="DAIWA CAPITAL MARKETS AMERICA INC"/>
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          <maturityDt>2026-09-01</maturityDt>
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            <repurchaseCollateral>
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              <principalCd>USD</principalCd>
              <collateralVal>3756281</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DEUTSCHE BANK SECURITIES INC</name>
        <lei>9J6MBOOO7BECTDTUZW19</lei>
        <title>Deutsche Bank Securities Inc. SLRPA 3.600% 09/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DEUS"/>
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        <balance>1021442</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1021442</valUSD>
        <pctVal>0.367884507775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="9J6MBOOO7BECTDTUZW19" name="DEUTSCHE BANK SECURITIES INC"/>
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          <isTriParty>Y</isTriParty>
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          <maturityDt>2026-09-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
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              <principalCd>USD</principalCd>
              <collateralVal>1021442</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1021442" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>eToro Group Ltd.</name>
        <lei>213800XPRPJK2X5QRG86</lei>
        <title>ETORO GROUP LTD-A COMMON STOCK</title>
        <cusip>G32089107</cusip>
        <identifiers>
          <isin value="VGG320891077"/>
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        <balance>254292.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8132258.16000000</valUSD>
        <pctVal>2.928929680090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Exodus Movement Inc</name>
        <lei>N/A</lei>
        <title>EXODUS MOVEMENT INC - A COMMON STOCK</title>
        <cusip>30209R106</cusip>
        <identifiers>
          <isin value="US30209R1068"/>
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        <balance>131163.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>996838.80000000</valUSD>
        <pctVal>0.359023372124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GALAXY DIGITAL INC.</name>
        <lei>9845001C4070E5N07806</lei>
        <title>GALAXY DIGITAL INC-A COMMON STOCK</title>
        <cusip>36317J209</cusip>
        <identifiers>
          <isin value="US36317J2096"/>
        </identifiers>
        <balance>554263.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13634869.80000000</valUSD>
        <pctVal>4.910760831207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gemini Space Station Inc</name>
        <lei>N/A</lei>
        <title>GEMINI SPACE STATION INC-A COMMON STOCK</title>
        <cusip>36866J105</cusip>
        <identifiers>
          <isin value="US36866J1051"/>
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        <balance>288033.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1296148.50000000</valUSD>
        <pctVal>0.466823327145</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="403555"/>
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      </invstOrSec>
      <invstOrSec>
        <name>HIVE DIGITAL TECHNOLOGIES LTD.</name>
        <lei>5493004QCZ1QBI9FS784</lei>
        <title>HIVE DIGITAL TECHNOLOGIES LT COMMON STOCK</title>
        <cusip>433921103</cusip>
        <identifiers>
          <isin value="CA4339211035"/>
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        <balance>1081430.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38630000"/>
        <valUSD>3011122.99000000</valUSD>
        <pctVal>1.084491825308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2629085.03"/>
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      <invstOrSec>
        <name>HUT 8 CORP.</name>
        <lei>98450066FEF9C1D3FC20</lei>
        <title>HUT 8 CORP COMMON STOCK</title>
        <cusip>44812J104</cusip>
        <identifiers>
          <isin value="US44812J1043"/>
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        <balance>152188.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38630000"/>
        <valUSD>11969312.30000000</valUSD>
        <pctVal>4.310890450844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IREN LIMITED</name>
        <lei>254900FZF02RB3NNGB71</lei>
        <title>IREN LIMITED COMMON STOCK</title>
        <cusip>Q4982L109</cusip>
        <identifiers>
          <isin value="AU0000185993"/>
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        <balance>690628.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>25632658.22000000</valUSD>
        <pctVal>9.231907295990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="21954149.55"/>
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      <invstOrSec>
        <name>KEEL INFRASTRUCTURE CORP.</name>
        <lei>254900KSNSVR2IGS8P83</lei>
        <title>KEEL INFRASTRUCTURE CORP COMMON STOCK</title>
        <cusip>486917107</cusip>
        <identifiers>
          <isin value="US4869171078"/>
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        <balance>2139499.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38630000"/>
        <valUSD>6697991.53000000</valUSD>
        <pctVal>2.412361462614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MARA HOLDINGS, INC.</name>
        <lei>549300M8ISKPTX2W7F94</lei>
        <title>MARA HOLDINGS INC COMMON STOCK</title>
        <cusip>565788106</cusip>
        <identifiers>
          <isin value="US5657881067"/>
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        <balance>1028714.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11079249.78000000</valUSD>
        <pctVal>3.990323828305</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4120039.11"/>
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      <invstOrSec>
        <name>NATWEST MARKETS SECURITIES INC</name>
        <lei>ZE2ZWJ5BTIQJ8M0C6K34</lei>
        <title>NATWEST MARKETS SECURITIES INC. SLRPD 3.670% 09/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NWST"/>
        </identifiers>
        <balance>718113</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>718113</valUSD>
        <pctVal>0.258636953964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ZE2ZWJ5BTIQJ8M0C6K34" name="NATWEST MARKETS SECURITIES INC"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.67</repurchaseRt>
          <maturityDt>2026-09-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
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              <principalCd>USD</principalCd>
              <collateralVal>718113</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="718113" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEPTUNE DIGITAL ASSETS CORP.</name>
        <lei>N/A</lei>
        <title>NEPTUNE DIGITAL ASSETS CORP COMMON STOCK</title>
        <cusip>64073L101</cusip>
        <identifiers>
          <isin value="CA64073L1013"/>
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        <balance>1949490.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38630000"/>
        <valUSD>900002.60000000</valUSD>
        <pctVal>0.324146660796</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL INC</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Intl, Inc. SLRPD 3.670% 09/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NMRA"/>
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        <balance>3756281</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3756281</valUSD>
        <pctVal>1.352869361892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="OXTKY6Q8X53C9ILVV871" name="NOMURA SECURITIES INTERNATIONAL INC"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.67</repurchaseRt>
          <maturityDt>2026-09-01</maturityDt>
          <repurchaseCollaterals>
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              <principalAmt>3756281</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>3756281</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3756281" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OSL Group Ltd</name>
        <lei>254900CO7POSAPH8UL47</lei>
        <title>OSL GROUP LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG1106B1095"/>
        </identifiers>
        <balance>2348200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83930000"/>
        <valUSD>3510632.84000000</valUSD>
        <pctVal>1.264396249931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1496974.95"/>
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      </invstOrSec>
      <invstOrSec>
        <name>RBC DOMINION SECURITIES INC</name>
        <lei>549300QJJX6CVVUXLE15</lei>
        <title>RBC DOMINION SECURITIES INC. SLRPD 3.670% 09/01/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RBCD"/>
        </identifiers>
        <balance>3756281</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3756281</valUSD>
        <pctVal>1.352869361892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300QJJX6CVVUXLE15" name="RBC DOMINION SECURITIES INC"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.67</repurchaseRt>
          <maturityDt>2026-09-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>3756281</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>3756281</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3756281" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RIOT PLATFORMS, INC.</name>
        <lei>5299005LKZAJQDQZDF73</lei>
        <title>RIOT PLATFORMS INC COMMON STOCK</title>
        <cusip>767292105</cusip>
        <identifiers>
          <isin value="US7672921050"/>
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        <balance>577346.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10966687.27000000</valUSD>
        <pctVal>3.949783099037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOLUNA HOLDINGS, INC.</name>
        <lei>N/A</lei>
        <title>SOLUNA HOLDINGS INC COMMON STOCK</title>
        <cusip>583543301</cusip>
        <identifiers>
          <isin value="US5835433013"/>
        </identifiers>
        <balance>880995.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>951474.60000000</valUSD>
        <pctVal>0.342684914935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="629856.18"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NEW YORK</name>
        <lei>N/A</lei>
        <title>Spot FX Contract: HKD/USD SETTLE 2026-09-01</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Spot FX" value="CCTHKD__00015863"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83930000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NEW YORK</name>
        <lei>N/A</lei>
        <title>Spot FX Contract: HKD/USD SETTLE 2026-09-01</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Spot FX" value="CCTHKD__00015861"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83930000"/>
        <valUSD>0.01000000</valUSD>
        <pctVal>0.000000003601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TERAWULF INC.</name>
        <lei>254900CVMW1SX2T78A64</lei>
        <title>TERAWULF INC COMMON STOCK</title>
        <cusip>88080T104</cusip>
        <identifiers>
          <isin value="US88080T1043"/>
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        <balance>659399.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9976706.87000000</valUSD>
        <pctVal>3.593229861397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5738505.4"/>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-31</ncom:dateSigned>
      <ncom:nameOfApplicant>GLOBAL X FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joe Costello</ncom:signature>
      <ncom:signerName>Joe Costello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
