Core Insights - LVMH is considering selling its 50% stake in Fenty Beauty, co-owned with Rihanna, indicating a potential shift in its investment strategy [1] Company Overview - LVMH is a luxury goods giant known for its diverse portfolio, including fashion, cosmetics, and beverages [1] - Fenty Beauty, co-founded by Rihanna, has gained significant recognition in the beauty industry for its inclusive product range [1] Market Implications - The potential sale of the stake could impact Fenty Beauty's market positioning and future growth prospects [1] - This move may reflect broader trends in the luxury and beauty sectors, where companies are reassessing their investments [1]

Core Insights - Galaxy Digital Inc. reported a net income of $505 million for Q3 2025, with diluted earnings per share at $1.01, and adjusted EBITDA of $629 million, driven by the Digital Assets division [1][2] - The company experienced a 140% increase in digital asset volumes from Q2, contributing significantly to the profit increase [2] - Total platform assets reached $17 billion, with $8.8 billion in assets under management and $6.6 billion under stake, alongside $1.9 billion in cash and stablecoins [3] Financial Performance - The Global Markets segment achieved a record adjusted gross profit of $295 million, supported by strong spot and derivatives trading, including a $9 billion Bitcoin sale of approximately 80,000 BTC [2] - The asset management and infrastructure solutions departments generated $23 million in adjusted gross profit, attributed to over $2 billion in net inflows into alternatives and ETFs [5] - New digital asset mandates from treasury clients added $4.5 billion in assets, leading to annual recurring fee revenue exceeding $40 million [6] Strategic Developments - Galaxy's Helios Data Center in West Texas is progressing towards operational readiness in 2026, fully leased to CoreWeave for up to 800 MW of capacity, aligning with the company's long-term growth strategy [4] - The recent launch of the GalaxyOne platform in October provides individual US investors access to high-yield cash, cryptocurrency, and equity trading [6] Market Reaction - Following the Q3 report, Galaxy Digital's shares increased by more than 6% within 24 hours, with a trading volume of 16,874,909 shares, reflecting strong market performance in 2025 with an 82.55% year-to-date increase [7]

Core Insights - Galaxy Digital Inc. reported a significant turnaround in its third-quarter results, achieving profitability and exceeding Wall Street expectations for both earnings and revenue [1] Financial Performance - The company swung to a profit in the third quarter, indicating a strong recovery from previous losses [1] - Earnings and revenue figures were substantially above analyst forecasts, showcasing robust financial performance [1] Market Reaction - The positive results are likely to influence investor sentiment and could lead to increased interest in the company's stock [1]

Financial Data and Key Metrics Changes - Galaxy Digital reported a record GAAP net income of $505 million for Q3 2025, with an adjusted gross profit of $728 million, indicating strong performance across its diversified model [9][10] - The firm achieved a firm-wide adjusted EBITDA of $629 million, significantly up from $211 million in Q2 2025 [11] - Cash and stablecoins on the balance sheet increased to $1.9 billion, up approximately $700 million from Q2 2025 [12] Business Line Data and Key Metrics Changes - The digital asset segment generated a record adjusted gross profit of $318 million, driven by strong trading, investment banking, asset management, and staking activities [10][15] - Assets under management and assets under stake reached over $15 billion, nearly doubling from the previous quarter, with asset management growing to approximately $9 billion [17][18] - The lending book grew to over $1.8 billion, reflecting new clients and market appreciation [16] Market Data and Key Metrics Changes - Galaxy Digital's trading volumes increased by 140% from Q2 2025, with record crypto trading volumes achieved during the quarter [15] - The firm executed a significant transaction involving the sale of over $9 billion of Bitcoin on behalf of a single client, marking one of the largest notional Bitcoin transactions ever completed [15] Company Strategy and Development Direction - Galaxy Digital is focused on expanding its digital asset offerings and enhancing its data center capabilities, with the launch of Galaxy One aimed at individual investors [7][24] - The company is strategically positioning itself to capture a broader market by integrating traditional finance with blockchain infrastructure [22][76] - The Helios data center project is a cornerstone of Galaxy's infrastructure strategy, with plans for multi-tenant capabilities and significant power capacity [36][71] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of building trust and relationships in the crypto community [4][5] - The company acknowledged the challenges posed by forced liquidations in the crypto ecosystem but noted that it performed well during this period [39][41] - Galaxy Digital is committed to disciplined risk management and maintaining sufficient capital and liquidity to support long-term growth [14] Other Important Information - The firm secured a $460 million PIPE deal from a large institutional investor, which will support the development of its data center [8][13] - Galaxy Digital's asset management business is now run rate profitable, providing a solid foundation for future growth [18] Q&A Session Summary Question: Impact of forced liquidations on market structure - Galaxy Digital performed well during the liquidation events, with no credit losses and quick responses from the trading desk [39] - Market makers and leveraged retail traders were significantly impacted, leading to reduced liquidity and wider bid-ask spreads [39][40] Question: Aspirations for Galaxy One - Galaxy One aims to serve high-net-worth consumers, providing a seamless platform for managing traditional and digital assets [42][44] - The target audience includes individuals with significant wealth who have historically been underserved by traditional platforms [46][47] Question: Update on data center approvals and demand - Approval timelines for additional capacity in Texas remain uncertain, but there is positive traction in demand from large customers [50][54] - The company is optimistic about securing additional interconnection capacity and has seen increasing proactive inquiries from potential clients [53][54] Question: Financing and refinancing opportunities - Galaxy Digital expects to unlock significant capital through refinancing once the Helios project stabilizes and generates revenue [56][58] - The refinancing could potentially unlock multi-hundreds of millions of dollars of equity for future developments [58] Question: Competitive positioning in the data center market - The company is focused on execution and delivering projects on time and on budget, which is critical for long-term customer demand [66][68] - Galaxy Digital is strategically positioned with existing land and infrastructure, differentiating itself from competitors [66][68]

every once in awhile CT is better than all the top analysts on wall street on certain tickersThe Earnings Correspondent (@earnings_guy):$GLXY (Galaxy Digital) #earnings are out: https://t.co/FyhOE9kMJl ...

Galaxy Digital reports the sale of more than 80,000 Bitcoin for one client in the third quarter. ...

2 GALAXY Investor.galaxy.com Q3 · 25 As of September 30, 2025 1 GALAXY Disclaimer This document, and the information contained herein, has been provided to you by Galaxy Digital Inc . and its affiliates ("Galaxy Digital" or "Galaxy") solely for informational purposes . This document may not be reproduced or redistributed in whole or in part, in any format, without the express written approval of Galaxy Digital .Neither the information, nor any opinion contained in this document, constitutes an offer to buy ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Galaxy Digital reported strong Q3 2025 financial results, with net income surging to $505 million and Adjusted EBITDA reaching $629 million, alongside record digital asset trading and data center expansion [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Galaxy Digital reported strong financial results for Q3 2025, with significant increases across key metrics. Net income surged to $505 million, and Adjusted EBITDA reached $629 million, driven by record performance in Digital Assets and gains from digital asset and investment positions. The company also saw substantial growth in total assets and equity Select Financial Metrics | SELECT FINANCIAL METRICS | Q3 2025 | Q2 2025 | Q/Q % Change | | :----------------------- | :------ | :------ | :----------- | | Total Assets | $11,523M | $9,086M | 27 % | | Total Equity | $3,172M | $2,624M | 21 % | | Cash & Stablecoins | $1,910M | $1,181M | 62 % | | Net Digital Assets and Investments | $2,141M | $1,871M | 14 % | | Net Income / (Loss) | $505M | $30.7M | 1,546 % | | Adjusted EBITDA | $629M | $211M | 198 % | - **Net income for Q3 2025** was **$505 million**, with diluted EPS of **$1.01** and adjusted EPS of **$1.12**[5](index=5&type=chunk) - **Adjusted EBITDA** reached **$629 million** for Q3 2025, primarily due to record results in the Digital Assets operating business and gains on digital asset and investment positions[5](index=5&type=chunk) [Corporate Updates](index=1&type=section&id=Corporate%20Updates) Galaxy Digital achieved record quarterly digital asset trading volumes, expanded its Helios data center development with CoreWeave, secured significant project financing, and launched a new financial technology platform, GalaxyOne. The company also received a substantial equity investment from a major asset manager - **Record quarterly digital asset trading volumes increased by 140%** versus Q2 2025, driven by increased spot and derivatives activity and a large client bitcoin sale[5](index=5&type=chunk) - **Total assets on platform** reached an all-time high of approximately **$17 billion** at quarter end[5](index=5&type=chunk) - Executed a lease agreement with CoreWeave for Phase II of the Helios data center development, bringing CoreWeave's total commitment to the full **800 MW** of approved power capacity at Helios for AI and HPC operations[5](index=5&type=chunk) - Secured a **$1.4 billion** project financing facility, fully funding the **$1.7 billion** Phase I build at Helios[5](index=5&type=chunk) - Launched GalaxyOne on October 6, 2025, a financial technology platform providing U.S.-based individual investors access to high-yield cash, cryptocurrencies, and equities trading[5](index=5&type=chunk) - Announced a **$460 million** equity investment on October 10, 2025, with net proceeds of **$325 million** to fund Helios development and general corporate purposes[5](index=5&type=chunk) [Segment Performance Overview](index=2&type=section&id=Segment%20Performance%20Overview) This section provides an overview of segment performance, highlighting strong growth in Digital Assets, strategic development in Data Centers, and significant gains in Treasury & Corporate operations [Digital Assets](index=2&type=section&id=Digital%20Assets) The Digital Assets segment delivered strong performance in Q3 2025, with significant growth in adjusted gross profit and EBITDA, driven by record activity in Global Markets and sustained momentum in Asset Management & Infrastructure Solutions Segment Reporting Breakdown | Segment Reporting Breakdown | Q3 2025 | Q2 2025 | Q/Q % Change | | :-------------------------- | :------ | :------ | :----------- | | Digital Assets Adjusted Gross Profit | $318M | $71.4M | 345 % | | Digital Assets Adjusted EBITDA | $250M | $13.0M | 1,817 % | - **Digital Assets** generated **adjusted gross profit** of **$318 million** and **adjusted EBITDA** of **$250 million**, fueled by record results in Global Markets and strong performance in Asset Management & Infrastructure Solutions[10](index=10&type=chunk) [Global Markets](index=2&type=section&id=Global%20Markets) Global Markets achieved record adjusted gross profit in Q3 2025, driven by a 140% increase in digital asset trading volumes, heightened spot and derivatives activity, and a record quarter for Investment Banking - **Global Markets** delivered **record adjusted gross profit** of **$295 million** in Q3 2025[9](index=9&type=chunk) - Galaxy's **digital asset trading volumes increased** **140%** in the quarter, reaching all-time highs, including a **$9 billion** notional bitcoin sale on behalf of a client[9](index=9&type=chunk)[11](index=11&type=chunk) Key Performance Indicators | KEY PERFORMANCE INDICATORS | Q3 2025 | Q2 2025 | Q/Q % Change | | :------------------------- | :------ | :------ | :----------- | | Global Markets Adjusted Gross Profit | $295M | $55.4M | 432 % | | Loan Book Size (Average) | $1,768M | $1,107M | 60 % | | Total Trading Counterparties | 1,532 | 1,445 | 6 % | - The **average loan book size** expanded to **$1.8 billion** in Q3 2025, supported by increased client activity[17](index=17&type=chunk) [Asset Management & Infrastructure Solutions](index=3&type=section&id=Asset%20Management%20%26%20Infrastructure%20Solutions) Asset Management & Infrastructure Solutions generated $23 million in adjusted gross profit, driven by over $2 billion in net inflows into alternatives and ETFs. The segment ended the quarter with nearly $9 billion in assets under management and $7 billion in assets under stake - **Asset Management & Infrastructure Solutions** generated **$23 million** of **adjusted gross profit** in Q3 2025, primarily from over **$2 billion** of net inflows into alternatives and ETFs[13](index=13&type=chunk) Key Performance Indicators | KEY PERFORMANCE INDICATORS | Q3 2025 | Q2 2025 | Q/Q % Change | | :------------------------- | :------ | :------ | :----------- | | Adjusted Gross Profit | $23.2M | $16.0M | 44 % | | ETFs | $3,903M | $3,327M | 17 % | | Alternatives | $4,859M | $2,405M | 102 % | | Assets Under Stake | $6,610M | $3,150M | 110 % | - Galaxy ended Q3 with nearly **$9 billion** in assets under management and **$7 billion** in assets under stake, with digital asset treasury mandates adding over **$4.5 billion** in assets[18](index=18&type=chunk) [Data Centers](index=3&type=section&id=Data%20Centers) The Data Centers segment, specifically the Helios campus, is on track to deliver critical IT load to CoreWeave in H1 2026. Galaxy has fully funded Phase I, expanded the campus, and anticipates over $1 billion in average annual revenue from committed critical IT load Segment Reporting Breakdown | Segment Reporting Breakdown | Q3 2025 | Q2 2025 | Q/Q % Change | | :-------------------------- | :------ | :------ | :----------- | | Data Centers Adjusted Gross Profit | $2.7M | - | N.M. | | Data Centers Adjusted EBITDA | $3.7M | - | N.M. | - Galaxy expects immaterial **adjusted gross profit** and **EBITDA** from Data Centers until H1 2026, when Phase I of the lease agreement with CoreWeave is scheduled to start delivering critical IT capacity and recognizing revenue[10](index=10&type=chunk) - Helios Data Center Campus remains on schedule to deliver **133 MW** of critical IT load to CoreWeave in the first half of 2026 under the Phase I lease agreement[16](index=16&type=chunk) - CoreWeave exercised its final option, committing to the full **800 MW** of approved power capacity at Helios for AI and HPC operations[19](index=19&type=chunk) Helios Data Center Development Phases | Phase | Contracted Critical IT Load | Expected Delivery Date | Anticipated Average Annual Revenue | | :---- | :-------------------------- | :--------------------- | :--------------------------------- | | I | 133MW | 1H26 | | | II | 260MW | 2027 | | | III | 133MW | 2028 | | | Total | 526MW | | $1B+ | [Treasury & Corporate](index=2&type=section&id=Treasury%20%26%20Corporate) The Treasury & Corporate segment demonstrated strong financial performance in Q3 2025, driven by significant gains across its diversified digital asset and investment positions Segment Reporting Breakdown | Segment Reporting Breakdown | Q3 2025 | Q2 2025 | Q/Q % Change | | :-------------------------- | :------ | :------ | :----------- |\ | Treasury & Corporate Adjusted Gross Profit | $408M | $228M | 79 % | | Treasury & Corporate Adjusted EBITDA | $376M | $198M | 90 % | - **Treasury & Corporate** generated **adjusted gross profit** of **$408 million** and **adjusted EBITDA** of **$376 million**, primarily due to gains across digital asset and investment positions[10](index=10&type=chunk) [Financial Position](index=4&type=section&id=Financial%20Position) The company's financial position as of September 30, 2025, shows $3.2 billion in total equity, strategically allocated across segments, with diversified digital asset and investment exposure in Treasury & Corporate [Balance Sheet Overview](index=4&type=section&id=Balance%20Sheet%20Overview) Galaxy Digital's balance sheet reflects a total equity of $3.2 billion as of September 30, 2025, allocated across its three primary segments: Digital Assets, Data Centers, and Treasury & Corporate - The Company's **total equity capital** as of September 30, 2025, is **$3.2 billion**[22](index=22&type=chunk) - **Equity capital** is allocated approximately **40%** to Digital Assets, **25%** to Data Centers, and **35%** to Treasury & Corporate[23](index=23&type=chunk) [Treasury & Corporate Net Digital Asset and Investment Exposure](index=4&type=section&id=Treasury%20%26%20Corporate%20Net%20Digital%20Asset%20and%20Investment%20Exposure) The Treasury & Corporate segment maintains a diversified exposure to the digital asset ecosystem, including spot positions, ETFs, equities, venture investments, private equity holdings, and fund investments, excluding derivatives instruments - The **Treasury & Corporate segment's exposure** includes a diversified allocation across spot positions, ETFs, equities, venture investments, private equity holdings, and fund investments[23](index=23&type=chunk) - The **net digital asset and investment exposure** for the Treasury & Corporate segment as of September 30, 2025, excludes derivatives instruments[25](index=25&type=chunk) [Corporate Information](index=5&type=section&id=Corporate%20Information) This section provides details on the Q3 2025 earnings conference call and an overview of Galaxy Digital Inc.'s global leadership in digital assets and data center infrastructure [Earnings Conference Call](index=5&type=section&id=Earnings%20Conference%20Call) Galaxy Digital hosted an investor conference call and an Earnings AMA on October 21, 2025, to discuss its Q3 2025 financial results, with replays available online - An investor conference call was held on October 21, 2025, at 8:30 AM Eastern Time, with a live webcast available on the company's investor relations website and YouTube channel[30](index=30&type=chunk) - Galaxy also hosted an Earnings AMA via X Spaces on October 21, 2025, at 11:35 AM Eastern Time[31](index=31&type=chunk) [About Galaxy Digital Inc.](index=5&type=section&id=About%20Galaxy%20Digital%20Inc.) Galaxy Digital Inc. is a global leader in digital assets and data center infrastructure, providing institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology, alongside developing cutting-edge data center infrastructure for AI and HPC workloads - **Galaxy Digital Inc.** is a **global leader in digital assets and data center infrastructure**, headquartered in New York City with offices across North America, Europe, the Middle East, and Asia[32](index=32&type=chunk) - Its digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology[32](index=32&type=chunk) - The company develops and operates data center infrastructure, including the **800 MW Helios campus** in Texas, which has an additional **2.7 GW** of power under study[32](index=32&type=chunk) [Disclosures & Non-GAAP Measures](index=5&type=section&id=Disclosures%20%26%20Non-GAAP%20Measures) This section outlines important disclaimers, cautionary statements regarding forward-looking information, and definitions of non-GAAP financial measures used in the report [Disclaimer](index=5&type=section&id=Disclaimer) The disclaimer states that the TSX and Ontario Securities Commission have not approved or disapproved of the information or disclosure record contained in the report - The TSX has not approved or disapproved of the information contained herein[33](index=33&type=chunk) - The Ontario Securities Commission has not passed upon the merits of the disclosure record of Galaxy[33](index=33&type=chunk) [Cautionary Statement About Forward-Looking Statements](index=5&type=section&id=Cautionary%20Statement%20About%20Forward-Looking%20Statements) This section warns that the press release contains forward-looking statements based on current expectations, which involve risks and uncertainties that could cause actual results to differ materially. Investors are cautioned against undue reliance on these statements, and the company assumes no obligation to update them - The press release contains **forward-looking statements** regarding future expectations, hopes, beliefs, intentions, or strategies, including business plans and goals related to the CoreWeave lease[35](index=35&type=chunk) - These statements are based on current expectations and beliefs but involve **risks and uncertainties** that may cause actual results to differ materially, such as inability to maintain Nasdaq listing, costs related to AI/HPC plans, changes in regulations, and market conditions[35](index=35&type=chunk)[36](index=36&type=chunk) - The company assumes no obligation to update or revise any forward-looking statements, and investors should not place undue reliance on them[36](index=36&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Financial%20Measures) This section defines and explains the use of non-GAAP financial measures such as adjusted gross profit, adjusted EBITDA, and EBITDA margin. It clarifies that these measures are supplemental, unaudited, and should not be considered substitutes for GAAP results, providing reconciliations to GAAP measures - **Adjusted gross profit**, **adjusted EBITDA**, and **EBITDA margin** are **non-GAAP financial measures** presented as supplemental disclosure[38](index=38&type=chunk) - These non-GAAP measures should not be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP[38](index=38&type=chunk) - **Adjusted EBITDA** excludes items like equity-based compensation, notes interest expense, taxes, depreciation, and certain gains/losses, as these are non-cash, unpredictable, or not driven by core operations[43](index=43&type=chunk) - Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are provided on pages 10-12[39](index=39&type=chunk) [Consolidated Financial Statements (Unaudited)](index=7&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements, including statements of financial position, operations, and details on the ownership structure of GDH LP Limited Partnership Interests [Consolidated Statements of Financial Position](index=7&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) Galaxy Digital's consolidated statements of financial position show a significant increase in total assets and total equity from December 31, 2024, to September 30, 2025, driven by growth in digital intangible assets, digital assets loan receivables, and property and equipment Consolidated Statements of Financial Position (in thousands) | (in thousands) | September 30, 2025 | December 31, 2024 | | :--------------- | :----------------- | :---------------- | | **Assets** | | | | Total current assets | $9,057,186 | $5,880,890 | | Total non-current assets | $2,465,530 | $1,238,965 | | **Total assets** | **$11,522,716** | **$7,119,855** | | **Liabilities** | | | | Total current liabilities | $6,730,442 | $3,887,925 | | Total non-current liabilities | $1,619,955 | $1,037,578 | | **Total liabilities** | **$8,350,397** | **$4,925,503** | | **Equity** | | | | Total equity | **$3,172,319** | **$2,194,352** | - **Cash and cash equivalents increased** from **$462.1 million** at December 31, 2024, to **$1,137.4 million** at September 30, 2025[48](index=48&type=chunk) - **Digital intangible assets** (including fair value) grew from **$2,547.6 million** to **$3,785.1 million** over the same period[48](index=48&type=chunk) [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) Galaxy Digital reported a significant turnaround in net income for Q3 2025, reaching $505.1 million compared to a loss of $33.3 million in Q3 2024. This was driven by substantial increases in revenues and gains from operations, despite higher transaction and impairment expenses Consolidated Statements of Operations (in thousands) | (in thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | | :--------------- | :------------------------------ | :------------------------------ | | Revenues and gains / (losses) from operations | $29,218,853 | $8,712,290 | | Total operating expenses | $28,674,608 | $8,751,430 | | Net income / (loss) before taxes | $545,202 | $(41,215) | | Income taxes expense / (benefit) | $40,145 | $(7,885) | | **Net income / (loss)** | **$505,057** | **$(33,330)** | | Basic EPS | $1.19 | $(0.10) | | Diluted EPS | $1.01 | $(0.10) | - **Revenues and gains from operations** for the nine months ended September 30, 2025, were **$51.1 billion**, up from **$27.4 billion** in the prior year period[51](index=51&type=chunk) - **Net income** for the nine months ended September 30, 2025, was **$240.3 million**, compared to **$229.2 million** in the same period of 2024[51](index=51&type=chunk) [Ownership of GDH LP Limited Partnership Interests](index=9&type=section&id=Ownership%20of%20GDH%20LP%20Limited%20Partnership%20Interests) Following the Reorganization Transactions on May 13, 2025, Galaxy Digital Inc. holds 47.0% of the GDH LP Limited Partnership Interests, with noncontrolling interests holding 53.0%. This represents a shift from the prior structure where Galaxy Digital Holdings Ltd. and Class B Unit Holders held interests Ownership of GDH LP Limited Partnership Interests | | September 30, 2025 | December 31, 2024 | | :-------------------------- | :----------------- | :---------------- | | Galaxy Digital Inc. | 179,312,261 (47.0%) | — (0%) | | Noncontrolling interests | 201,885,332 (53.0%) | — (0%) | | Galaxy Digital Holdings Ltd | — (0%) | 127,577,780 (37.1%) | | Class B Unit Holders | — (0%) | 215,862,343 (62.9%) | | **Total** | **381,197,593 (100.0%)** | **343,440,123 (100.0%)** | - As a result of the Reorganization Transactions on May 13, 2025, Galaxy Digital Holdings Ltd. was acquired by Galaxy Digital Inc., and Class B Unit Holders of GDH LP became noncontrolling interests of Galaxy Digital Inc.[55](index=55&type=chunk) [Non-GAAP Reconciliations](index=9&type=section&id=Non-GAAP%20Reconciliations) This section provides detailed reconciliations of non-GAAP financial measures, including adjusted gross profit, adjusted EBITDA, and adjusted income (loss) per share, to their most directly comparable GAAP measures [Reconciliation of Revenue and Gains/(Losses) from Operations](index=9&type=section&id=Reconciliation%20of%20Revenue%20and%20Gains%2F(Losses)%20from%20Operations) This section provides a reconciliation of GAAP revenues and gains/(losses) from operations to adjusted gross profit for Q3 2025 and Q2 2025, detailing the impact of transaction expenses and impairment of digital assets across Digital Assets, Data Centers, and Treasury & Corporate segments Reconciliation of Revenue and Gains/(Losses) from Operations (in thousands) | (in thousands) | Digital Assets (Q3 2025) | Data Centers (Q3 2025) | Treasury and Corporate (Q3 2025) | Total (Q3 2025) | | :--------------- | :----------------------- | :--------------------- | :------------------------------- | :-------------- | | Revenues and gains / (losses) from operations | $28,805,865 | $2,662 | $410,326 | $29,218,853 | | Less: Transaction expenses | $28,290,508 | — | $2,269 | $28,292,777 | | Less: Impairment of digital assets | $197,702 | — | — | $197,702 | | **Adjusted gross profit** | **$317,655** | **$2,662** | **$408,057** | **$728,374** | Reconciliation of Revenue and Gains/(Losses) from Operations (in thousands) | (in thousands) | Digital Assets (Q2 2025) | Data Centers (Q2 2025) | Treasury and Corporate (Q2 2025) | Total (Q2 2025) | | :--------------- | :----------------------- | :--------------------- | :------------------------------- | :-------------- | | Revenues and gains / (losses) from operations | $8,711,215 | — | $345,434 | $9,056,649 | | Less: Transaction expenses | $8,596,478 | — | $33,462 | $8,629,940 | | Less: Impairment of digital assets | $43,307 | — | $84,170 | $127,477 | | **Adjusted gross profit** | **$71,430** | **—** | **$227,802** | **$299,232** | [Reconciliation of Adjusted EBITDA](index=10&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) This section reconciles net income to adjusted EBITDA for Q3 2025 and Q2 2025, detailing adjustments for equity-based compensation, interest expense, taxes, depreciation, and other non-operating items across the Digital Assets, Data Centers, and Treasury & Corporate segments Reconciliation of Adjusted EBITDA (in thousands) | (in thousands) | Digital Assets (Q3 2025) | Data Centers (Q3 2025) | Treasury and Corporate (Q3 2025) | Total (Q3 2025) | | :--------------- | :----------------------- | :--------------------- | :------------------------------- | :-------------- | | Net income / (loss) | $234,392 | $2,104 | $268,561 | $505,057 | | Add back: Equity based compensation | $11,989 | $1,645 | $8,423 | $22,057 | | Add back: Notes interest expense and other expense | — | — | $14,415 | $14,415 | | Add back: Taxes | — | — | $40,145 | $40,145 | | Add back: Depreciation and amortization expense | $3,812 | — | $3,585 | $7,397 | | Add back: Mining related impairment loss / loss on disposal | — | — | $38,027 | $38,027 | | Add back: Reorganization and domestication costs | — | — | $1,401 | $1,401 | | **Adjusted EBITDA** | **$249,921** | **$3,659** | **$375,772** | **$629,352** | Reconciliation of Adjusted EBITDA (in thousands) | (in thousands) | Digital Assets (Q2 2025) | Data Centers (Q2 2025) | Treasury and Corporate (Q2 2025) | Total (Q2 2025) | | :--------------- | :----------------------- | :--------------------- | :------------------------------- | :-------------- | | Net income / (loss) | $(2,535) | — | $33,226 | $30,691 | | Add back: Equity based compensation | $11,826 | — | $6,957 | $18,783 | | Add back: Notes interest expense and other expense | — | — | $12,042 | $12,042 | | Add back: Taxes | — | — | $11,470 | $11,470 | | Add back: Depreciation and amortization expense | $3,560 | — | $3,898 | $7,458 | | Add back: Unrealized (gain) / loss on notes payable – derivative | — | — | $125,150 | $125,150 | | Add back: Reorganization and domestication costs | — | — | $4,867 | $4,867 | | **Adjusted EBITDA** | **$12,963** | **—** | **$198,264** | **$211,227** | [Reconciliation of Adjusted Income (Loss) per Share](index=10&type=section&id=Reconciliation%20of%20Adjusted%20Income%20(Loss)%20per%20Share) This section reconciles diluted income (loss) per share to adjusted income (loss) per share for the three and nine months ended September 30, 2025, by including the impact of noncontrolling interest holders exchanging their LP units for Class A common stock - **Adjusted income (loss) per share** represents diluted income (loss) per Class A common stock, assuming all outstanding noncontrolling interest holders exchanged their LP units in GDH LP for Class A common stock of the Company[61](index=61&type=chunk) Reconciliation of Adjusted Income (Loss) per Share (in thousands, except for share data and per share amounts) | (in thousands, except for share data and per share amounts) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | | :---------------------------------------------------------- | :------------------------------ | :------------------------------ | | Net income used to calculate diluted EPS | $223,156 | $(33,330) | | Noncontrolling interest income, net of tax | $253,139 | — | | **Net income used to calculate adjusted income (loss) per share** | **$476,295** | **$(33,330)** | | Weighted average number of Class A Common Stock shares for diluted EPS | 221,463,809 | 341,208,036 | | Noncontrolling interest weighted average shares outstanding | 202,646,202 | — | | **Weighted average number of Class A Common Stock shares for Adjusted income (loss) per share** | **424,110,011** | **341,208,036** | | **Adjusted income (loss) per share** | **$1.12** | **$(0.10)** |

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Core Insights - Galaxy Digital has secured a $460 million private investment from a major asset manager to support its data center business and corporate needs [1][2] - The investment involves the issuance of 9,027,778 new Class A shares and the sale of 3,750,000 shares by executives at a price of $36 per share, reflecting an 8.5% discount from the closing price [2] - The transaction is expected to close around October 17, pending approval from the Toronto Stock Exchange [2] Business Strategy - The funds will be utilized to develop the Helios data center campus, which aims to deliver 133 megawatts of critical IT load by the first half of 2026 [3] - Galaxy Digital has shifted its focus from bitcoin mining to AI and high-performance computing (HPC) due to the challenges in the mining sector [3][4] - The company has previously secured $1.4 billion in funding to expand Helios and has a lease agreement with AI cloud provider CoreWeave for all 800 megawatts of approved power capacity [4] Market Reaction - The pivot towards AI and HPC has been positively received by investors, with Galaxy shares rising 3% in post-market trading following the announcement of the new investment [5]