Core Viewpoint - The cryptocurrency "vault company" trend may have peaked, and the next major trend will be the migration of traditional assets to blockchain through Real-World Assets (RWA) [1][4] Group 1: Cryptocurrency Vault Companies - Michael Novogratz, CEO of Galaxy Digital, suggests that the peak of "vault companies" holding cryptocurrencies on their balance sheets has likely been reached [1] - Companies like MicroStrategy have pioneered this model, and new entrants are now diversifying into Ethereum and other lesser-known tokens [2] - Galaxy Digital has partnered with over 20 crypto vault investment firms, generating approximately $2 billion in assets for its custody platform, creating a recurring revenue stream [2] Group 2: Financial Performance of Galaxy Digital - Galaxy Digital reported a net profit of approximately $30.7 million for Q2 2025, a significant recovery from a loss of $177 million in the same period last year [3] - The company's diluted earnings per share for the quarter was $0.08, slightly below analyst expectations, leading to a 4% drop in stock price [3] Group 3: RWA and Tokenization Trends - Novogratz believes that crypto vault companies and cryptocurrency ETFs provide important exposure for hedge funds wary of directly holding tokens [4] - Major financial institutions like Goldman Sachs and JPMorgan are increasingly focusing on RWA as a new business trend [4] - The concept of tokenization involves mapping traditional financial assets onto the blockchain, which could lead to a market size exceeding $18 trillion by 2033, with a projected CAGR of 53% since 2025 [5][6] Group 4: Advantages of RWA for Traditional Banks - RWA offers a more straightforward regulatory framework compared to pure crypto assets, making it easier for traditional banks to adopt [7] - The underlying assets like bonds and loans provide stable cash flows, aligning well with traditional banking business models [7]

Financial Data and Key Metrics Changes - In Q2, the company generated $299 million in adjusted gross profit, with a GAAP net income of $31 million, reflecting a significant increase in equity capital to $2.6 billion, up more than $700 million quarter over quarter [15][17][19]. - The firm-wide adjusted EBITDA for Q2 was $211 million, with total operating expenses of $133 million [17]. - The company recorded a negative mark to market adjustment of $125 million due to stock price performance, which will not impact future quarters following the reorganization [17][19]. Business Line Data and Key Metrics Changes - The digital assets segment generated $71 million in adjusted gross profit, a 10% increase quarter over quarter, despite a 30% decline in industry-wide spot crypto trading volumes [15][20]. - The Global Markets business saw adjusted gross profit rise to $55 million from $43 million in Q1, while the asset management segment generated $16 million in adjusted gross profit, down from $22 million in Q1 [15][20][21]. - The data center segment is not expected to report financial results until 2026, as expenditures are being capitalized [15][16]. Market Data and Key Metrics Changes - The company reported a 20% decline in its crypto trading volumes, outperforming the overall market [20]. - The asset management business ended the quarter with nearly $9 billion in total assets under management, reflecting market appreciation and organic growth [21]. - The company experienced approximately $175 million in net inflows in the asset management segment, driven by venture fund and treasury management solutions [21]. Company Strategy and Development Direction - The company is focused on long-term growth, with plans to build out its data center capacity to 3.5 gigawatts, positioning itself as a major player in the AI and HPC data center market [9][39]. - The firm is actively pursuing partnerships with over 20 digital asset treasury companies, providing integrated solutions across trading, asset management, and advisory services [24][25]. - The company aims to bridge traditional finance and digital assets, investing in technology and product innovation to capitalize on emerging market opportunities [26]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting July as the best month in the company's history, with all business lines performing well [6][11]. - The management noted the importance of regulatory clarity and the potential for significant growth in the digital asset ecosystem as traditional finance integrates with digital currencies [26]. - The company is preparing for a future where digital currencies replace traditional currencies, with expectations of increased demand for non-US dollar stablecoins over time [45]. Other Important Information - The company completed its domestication and reorganization in the U.S., listing on NASDAQ and raising nearly $500 million in common equity capital [14][15]. - The firm announced the acquisition of 160 acres of land adjacent to its Helios campus, which could provide additional power capacity [28][39]. Q&A Session Summary Question: Outlook for growth of non-US dollar stablecoins - Management expects limited short-term growth for non-US dollar stablecoins, but sees long-term potential as digital currencies replace traditional currencies [45]. Question: Update on expected financing cost range for project debt - The expected yield for Phase one financing is projected to be in the 10% to 11% range, with ongoing negotiations for Phase two financing [46][48]. Question: Conversations with hyperscalers and AI adjacent companies - Management indicated strong demand from hyperscalers, with ongoing discussions about power delivery timelines extending into 2027 and beyond [52][55]. Question: Competitive environment for treasury companies - The company is seeing a significant number of opportunities in the treasury space, with expectations of saturation in the market but potential for existing companies to grow substantially [92].

Financial Data and Key Metrics Changes - In Q2 2025, the company generated $299 million in adjusted gross profit, with a GAAP net income of $31 million, reflecting a significant increase in equity capital to $2.6 billion, up more than $700 million quarter over quarter [13][15][16] - The firm-wide adjusted EBITDA for Q2 was $211 million, with total operating expenses of $133 million [15][16] - The company recorded a negative mark to market adjustment of $125 million due to stock price performance, which will not impact future quarters following the reorganization [15][16] Business Line Data and Key Metrics Changes - The digital assets segment generated $71 million in adjusted gross profit, a 10% increase quarter over quarter, despite a 30% decline in industry-wide spot crypto trading volumes [13][17] - The Global Markets business saw adjusted gross profit rise to $55 million from $43 million in Q1, while the asset management segment generated $16 million in adjusted gross profit, down from $22 million in Q1 [13][17][19] - The data center segment is not expected to report financial results until 2026, with all expenditures currently capitalized [14] Market Data and Key Metrics Changes - The company reported a 20% decline in its crypto trading volumes, outperforming the overall market [17] - The asset management business ended the quarter with nearly $9 billion in total assets under management, reflecting market appreciation and organic growth [19] - The company experienced approximately $175 million in net inflows during the quarter, driven by its venture fund and treasury management solutions [19] Company Strategy and Development Direction - The company is focused on long-term growth, with plans to build out its data center capacity to 3.5 gigawatts, positioning itself as a major player in the AI and HPC sectors [7][36] - The firm is actively pursuing partnerships with over 20 digital asset treasury companies, providing integrated solutions across trading, asset management, and advisory services [22][23] - The management emphasized the importance of regulatory clarity and technological investment to bridge traditional finance and digital assets [23] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the future, highlighting July as the best month in the company's history, with all business lines performing well [5][9] - The CEO noted the importance of upcoming regulatory developments and the potential for significant growth in the digital asset space [8][23] - The management acknowledged the challenges posed by market volatility but remains committed to disciplined growth and capital management [16][23] Other Important Information - The company announced the successful completion of its NASDAQ listing and raised nearly $500 million in common equity capital [12][13] - The firm is expanding its partnership with CoreWeave, which has committed to the full 800 megawatts of power at the Helios Data Center [27][36] - The company is also exploring additional land acquisitions to further enhance its data center capabilities [36] Q&A Session Summary Question: Outlook for growth of non-US dollar stablecoins - Management expects limited short-term growth for non-US dollar stablecoins but sees long-term potential as digital currencies replace traditional currencies [41] Question: Update on expected financing cost range for project debt - The expected yield for Phase one financing is projected to be in the 10% to 11% range, with ongoing negotiations for Phase two [42][43] Question: Conversations with hyperscalers and AI companies - Management reported strong demand from hyperscalers and noted that existing partnerships are progressing well [47][50] Question: Competitive environment for treasury strategies - The company is seeing a significant number of opportunities in the treasury space, with expectations of saturation in new company issuance [90]

Digital Assets Opportunity - Global assets have significant growth potential in global wealth allocation, with over $700 trillion in assets potentially tokenized by blockchain technology[28] - As of July 31, 2025, Bitcoin's market cap is $2 trillion, the global crypto market cap is $4 trillion, gold is $141 trillion, global equities are $128 trillion, global bonds are $95 trillion, and real estate is $23 trillion[28, 30] - Galaxy's Asset Management & Infrastructure Solutions has $9 billion combined assets on platform[42] - Balance sheet net digital asset and investment exposure includes $748 million in Bitcoin, $196 million in Ether, $330 million in other token exposure, and $718 million in venture & fund investments[45] - Euro stablecoins could capture approximately 20% of the global stablecoin market[47] Data Center Opportunity - Global data center demand is expected to quadruple by 2030, representing a 298% growth from 55 GW in 2023 to 219 GW in 2030[32] - Hyperscalers are projected to invest over $350 billion in data center CapEx in 2025[34] - Helios is unlocking 4x expansion in load capacity, with +2,700 MW additional load capacity under study[35] Financial Performance - Q2 2025 Net Income is $299 million[16] - Q2 2025 Adjusted Gross Profit is $299,232[16, 58] - Anticipated average annual revenue for combined phases of Helios is over $1 billion, with 90% anticipated EBITDA margins[54, 55]

[Q2 2025 Financial and Corporate Highlights](index=1&type=section&id=Q2%202025%20Financial%20and%20Corporate%20Highlights) Galaxy Digital reported strong Q2 2025 financial performance with significant asset and equity growth, returning to net income and positive Adjusted EBITDA, alongside strategic corporate advancements [Select Financial Metrics Overview](index=1&type=section&id=1.1%20Select%20Financial%20Metrics%20Overview) Galaxy Digital Inc. reported significant quarter-over-quarter growth in key financial metrics for Q2 2025, including a substantial increase in total assets, total equity, and balance sheet net digital assets, returning to net income and positive Adjusted EBITDA Select Financial Metrics (Q2 2025 vs Q1 2025, in millions) | SELECT FINANCIAL METRICS | Q2 2025 | Q1 2025 | Q/Q % Change | | :--------------------------------- | :-------- | :-------- | :----------- | | Total Assets | $9,086M | $6,336M | 43 % | | Total Equity | $2,624M | $1,902M | 38 % | | Cash & Stablecoins | $1,181M | $1,185M | — % | | Balance Sheet Net Digital Assets | $1,274M | $908M | 40 % | | Balance Sheet Venture, Fund and Other Investments | $718M | $623M | 15 % | | Net Income / (Loss) | $30.7M | ($295M) | N.M. | | Adjusted EBITDA | $211M | ($290M) | N.M. | [Key Corporate and Financial Updates](index=1&type=section&id=1.2%20Key%20Corporate%20and%20Financial%20Updates) Galaxy Digital achieved a net income of $30.7 million and Adjusted EBITDA of $211 million in Q2 2025, driven by digital asset appreciation and strong operating performance, successfully completing its reorganization and beginning trading on Nasdaq, with post-quarter record performance in Digital Assets and expanded Helios data center capacity - Net income for Q2 2025 was **$30.7 million**, or **$0.08 per diluted share**[6](index=6&type=chunk) - Adjusted EBITDA reached **$211 million** in Q2 2025, primarily due to the appreciation of balance sheet digital assets and investments, alongside positive Digital Assets operating business performance[6](index=6&type=chunk) - Total equity stood at **$2.6 billion** as of June 30, 2025, with **$1.2 billion** held in cash and stablecoins[6](index=6&type=chunk) - Galaxy commenced trading on Nasdaq under the ticker **GLXY** on May 16, 2025, following a successful corporate reorganization and domestication as a Delaware entity[6](index=6&type=chunk) - July 2025 marked the strongest monthly financial performance for the Digital Assets operating business in the firm's history, with record results in Global Markets[6](index=6&type=chunk) - Subsequent to quarter end, Galaxy completed the sale of over **80,000 bitcoin** for a client, one of the largest notional bitcoin transactions in digital assets history[6](index=6&type=chunk) - CoreWeave exercised its final option for an additional **133 MW** of critical IT load at Galaxy's Helios data center campus, committing to the full **800 MW** of approved gross power[6](index=6&type=chunk) - Galaxy entered an agreement to acquire **160 acres** of land and a **1 GW** load interconnection request adjacent to Helios, expanding the campus to over **1,500 acres** and increasing total potential power capacity to **3.5 GW**[6](index=6&type=chunk) [Segment Performance Analysis](index=2&type=section&id=Segment%20Performance%20Analysis) This section details the performance of Galaxy Digital's Digital Assets and Data Centers segments, highlighting growth in Global Markets and significant expansion in HPC infrastructure [Digital Assets](index=2&type=section&id=2.1%20Digital%20Assets) The Digital Assets segment reported a 10% QoQ increase in adjusted gross profit to $71.4 million, primarily driven by growth in Global Markets, despite a slight decline in adjusted EBITDA due to increased expenses, with Assets on Platform growing 27% QoQ to approximately $9 billion Digital Assets Segment Performance (Q2 2025 vs Q1 2025, in millions) | Metric | Q2 2025 | Q1 2025 | Q/Q % Change | | :--------------------------- | :-------- | :-------- | :----------- | | Digital Assets Adjusted Gross Profit | $71.4M | $64.7M | 10 % | | Digital Assets Adjusted EBITDA | $13.0M | $13.0M | (1)% | - Digital Assets generated adjusted gross profit of **$71.4 million**, up **10% quarter-over-quarter**, driven by growth in Global Markets[10](index=10&type=chunk) - Adjusted EBITDA for Digital Assets was **$13.0 million**, down modestly QoQ, as higher adjusted gross profit was offset by increased compensation and general and administrative expenses[10](index=10&type=chunk) - Galaxy ended Q2 2025 with approximately **$9 billion** in combined assets under management and assets under stake, increasing **27% QoQ** due to appreciating digital asset prices and net inflows[19](index=19&type=chunk) [Global Markets](index=2&type=section&id=2.1.1%20Global%20Markets) Global Markets adjusted gross profit increased 28% QoQ to $55.4 million, despite a 22% decline in digital asset trading volumes, outperforming the broader market, with the average loan book size growing 27% to $1,107 million and the Investment Banking team recognizing revenue from the Bitstamp acquisition Global Markets Key Performance Indicators (Q2 2025 vs Q1 2025, in millions) | KEY PERFORMANCE INDICATORS | Q2 2025 | Q1 2025 | Q/Q % Change | | :------------------------- | :-------- | :-------- | :----------- | | Global Markets Adjusted Gross Profit | $55.4M | $43.2M | 28 % | | Loan Book Size (Average) | $1,107M | $874M | 27% | | Total Trading Counterparties | 1,445 | 1,381 | 5% | - Global Markets adjusted gross profit totaled **$55.4 million** in Q2 2025, increasing **28% QoQ**[10](index=10&type=chunk) - Digital asset trading volumes declined **22% QoQ**, primarily due to reduced spot trading activity, but Galaxy outperformed the broader market's **30% decline**[10](index=10&type=chunk) - Average loan book size increased to **$1,107 million** in Q2 2025, driven by continued demand for margin lending and a growing client base[18](index=18&type=chunk) - The Investment Banking team recognized revenue from its role as the exclusive financial advisor to Bitstamp in its acquisition by Robinhood[18](index=18&type=chunk) [Asset Management & Infrastructure Solutions](index=3&type=section&id=2.1.2%20Asset%20Management%20%26%20Infrastructure%20Solutions) Asset Management & Infrastructure Solutions generated $16.0 million of adjusted gross profit in Q2 2025, a 26% QoQ decline, mainly due to lower industry-wide onchain activity impacting validator rewards, despite Assets on Platform growing 27% to $8,921 million with significant increases in ETFs, Alternatives, and Assets Under Stake Asset Management & Infrastructure Solutions Key Performance Indicators (Q2 2025 vs Q1 2025, in millions) | KEY PERFORMANCE INDICATORS | Q2 2025 | Q1 2025 | Q/Q % Change | | :------------------------- | :-------- | :-------- | :----------- | | Adjusted Gross Profit | $16.0M | $21.6M | (26)% | | Assets on Platform | $8,921M | $7,020M | 27% | | ETFs | $3,327M | $2,598M | 28% | | Alternatives | $2,444M | $2,079M | 18% | | Assets Under Stake | $3,150M | $2,343M | 34% | - Adjusted gross profit for Asset Management & Infrastructure Solutions was **$16.0 million**, declining **26% QoQ**, driven by lower industry-wide onchain activity and reduced validator rewards[12](index=12&type=chunk) - Subsequent to quarter end, Galaxy integrated with Fireblocks to broaden access to its staking services, marking the third custodial integration this year[19](index=19&type=chunk) [Data Centers (High-Performance Computing)](index=3&type=section&id=2.2%20Data%20Centers%20(High-Performance%20Computing)) Galaxy's Data Centers segment, focused on High-Performance Computing, saw CoreWeave commit to the full 800 MW of gross power at the Helios campus, with an additional 133 MW option exercised, and is expanding the Helios campus to over 1,500 acres with a total potential power capacity of 3.5 GW through a new land acquisition, with construction for Phase I on schedule and revenue generation expected in the first half of 2026 - CoreWeave exercised its final option for an additional **133 MW** of critical IT load for AI and HPC operations at Galaxy's Helios data center campus, committing to the full **800 MW** of currently approved gross power[15](index=15&type=chunk) - Galaxy entered an agreement to acquire **160 acres** of land and a **1 GW** load interconnection request adjacent to the Helios campus, expanding the campus size to over **1,500 acres** and increasing total potential power capacity to **3.5 GW**[16](index=16&type=chunk) - Construction at the Helios campus is progressing on schedule, with major interior demolition for Phase I complete and site work underway[17](index=17&type=chunk) - Galaxy expects to begin generating Data Centers revenue in the **first half of 2026**, upon delivering critical IT capacity to CoreWeave under Phase I of the lease agreement[10](index=10&type=chunk) Helios Data Center Campus Committed Critical IT Load and Revenue Projections | Metric | Value | | :----------------------------------- | :---------- | | Contracted Critical IT Load (MW) | 133 | | Committed Critical IT Load (Phase I, MW) | 260 | | Committed Critical IT Load (Phase II, MW)| 133 | | Total Committed Critical IT Load (MW)| 526 | | Expected Delivery Date (Phase I) | 1H26 | | Expected Delivery Date (Phase II) | 2027 | | Expected Delivery Date (Phase III) | 2028 | | Anticipated Average Annual Revenue ($) | $1B+ | [Balance Sheet and Consolidated Financials](index=4&type=section&id=Balance%20Sheet%20and%20Consolidated%20Financials) Galaxy Digital's Q2 2025 financials show substantial growth in total assets and equity, a return to net income, and a detailed breakdown of its diversified digital asset and investment exposures [Balance Sheet Net Digital Asset and Investment Exposure](index=4&type=section&id=3.1%20Balance%20Sheet%20Net%20Digital%20Asset%20and%20Investment%20Exposure) Galaxy's balance sheet maintains a diversified exposure to the digital asset ecosystem, including spot positions, ETFs, venture investments, private equity holdings, and fund investments, with its net digital asset and investment exposure as of June 30, 2025, reflecting this diversified allocation - The Company's balance sheet maintains exposure to the digital asset ecosystem through a diversified allocation across spot positions, ETFs, venture investments, private equity holdings and fund investments[24](index=24&type=chunk) [Consolidated Statements of Financial Position](index=7&type=section&id=3.2%20Consolidated%20Statements%20of%20Financial%20Position) As of June 30, 2025, Galaxy Digital Inc. reported total assets of $9,085,951 thousand, a significant increase from December 31, 2024, primarily driven by increases in digital intangible assets, digital assets loan receivable, and assets posted as collateral, with total equity also seeing a substantial rise Consolidated Statements of Financial Position (Selected, in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------------- | :------------ | :---------------- | | **Assets** | | | | Cash and cash equivalents | $691,331 | $462,103 | | Digital intangible assets | $3,186,098 | $2,547,581 | | Digital assets loan receivable, net | $894,876 | $579,530 | | Assets posted as collateral | $718,649 | $277,147 | | Property and equipment, net | $596,120 | $237,038 | | Total assets | $9,085,951 | $7,119,855 | | **Liabilities** | | | | Digital assets borrowed | $2,836,370 | $1,497,609 | | Collateral payable | $1,869,501 | $1,399,655 | | Total liabilities | $6,461,733 | $4,925,503 | | **Equity** | | | | Total stockholders' equity | $1,506,321 | $2,194,352 (GDH LP Unit Holders) | | Noncontrolling interest | $1,117,897 | — | | Total equity | $2,624,218 | $2,194,352 | [Consolidated Statements of Operations](index=8&type=section&id=3.3%20Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2025, Galaxy Digital Inc. reported a net income of $30,691 thousand, a significant improvement from a net loss in the prior year and prior quarter, driven by positive gains from operations despite high transaction expenses, with diluted EPS at $0.08 Consolidated Statements of Operations (Selected, in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | | Revenues | $8,661,555 | $8,882,891 | | Gains / (losses) from operations | $395,094 | ($18,180) | | Revenues and gains / (losses) from operations | $9,056,649 | $8,864,711 | | Transaction expenses | $8,629,940 | $8,834,836 | | Total operating expenses | $8,890,256 | $9,003,390 | | Net income / (loss) before taxes | $42,161 | ($139,640) | | Income taxes expense / (benefit) | $11,470 | ($14,044) | | Net income / (loss) | $30,691 | ($125,596) | | Net income / (loss) per Class A common stock (Diluted) | $0.08 | ($0.37) | [Ownership of GDH LP Limited Partnership Interests](index=8&type=section&id=3.4%20Ownership%20of%20GDH%20LP%20Limited%20Partnership%20Interests) As of June 30, 2025, Galaxy Digital Inc. held a 45.5% ownership interest in GDH LP, with noncontrolling interests holding 54.5%, reflecting the Reorganization Transactions completed on May 13, 2025, where Galaxy Digital Holdings Ltd. was acquired by Galaxy Digital Inc., and Class B Unit Holders became noncontrolling interests Ownership of GDH LP Limited Partnership Interests | Entity | June 30, 2025 Ownership | June 30, 2025 % interest | | :-------------------------- | :---------------------- | :----------------------- | | Galaxy Digital Inc. | 170,332,037 | 45.5 % | | Noncontrolling interests | 203,885,332 | 54.5 % | | Total | 374,217,369 | 100.0 % | - On May 13, 2025, Galaxy Digital Holdings Ltd. was acquired by Galaxy Digital Inc. as a result of the Reorganization Transactions, and the Class B Unit Holders of GDH LP became noncontrolling interests of Galaxy Digital Inc[49](index=49&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section explains Galaxy Digital's non-GAAP financial measures, including adjusted gross profit and Adjusted EBITDA, and provides detailed reconciliations to GAAP figures for Q2 2025 [Non-GAAP Financial Measures Explanation](index=6&type=section&id=4.1%20Non-GAAP%20Financial%20Measures%20Explanation) Galaxy Digital uses non-GAAP financial measures such as adjusted gross profit, adjusted EBITDA, and EBITDA margin to provide supplemental disclosure for management and investors, considering these measures useful for understanding operating performance, risk management, and comparing results across periods by excluding non-cash or unpredictable items not driven by core operations - Adjusted gross profit, adjusted EBITDA, and EBITDA margin are non-GAAP financial measures used as supplemental disclosure, not as substitutes for GAAP[35](index=35&type=chunk) - Adjusted gross profit is considered helpful as it eliminates the impact of directly attributable transaction expenses, providing insight into financial performance[38](index=38&type=chunk) - Adjusted EBITDA excludes items like equity-based compensation, interest expense on structural debt, taxes, depreciation, and certain gains/losses, as these are non-cash, unpredictable, or not core to operations[40](index=40&type=chunk) - EBITDA Margin is defined as EBITDA divided by revenue minus pass-through expenses, used as an analytical indicator of performance[41](index=41&type=chunk) [Reconciliation of Revenue and Gains/(Losses) from Operations](index=10&type=section&id=4.2%20Reconciliation%20of%20Revenue%20and%20Gains%2F(Losses)%20from%20Operations) The reconciliation shows that for Q2 2025, total adjusted gross profit was $299,232 thousand, a significant improvement from a negative adjusted gross profit in Q1 2025, primarily driven by positive contributions from Digital Assets and Treasury & Corporate segments Reconciliation of Revenue and Gains/(Losses) from Operations to Adjusted Gross Profit (in thousands) | Metric | Digital Assets | Data Centers | Treasury and Corporate | Total | | :-------------------------------------- | :------------- | :----------- | :--------------------- | :--------- | | **Three Months Ended June 30, 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** | | **Three Months Ended March 31, 2025** | | | | | | Revenues and gains / (losses) from operations | $13,063,899 | $— | ($208,024) | $12,855,875 | | Less: Transaction expenses | $12,920,860 | $— | $26,150 | $12,947,010 | | Less: Impairment of digital assets | $78,308 | $— | $34,121 | $112,429 | | **Adjusted gross profit** | **$64,731** | **$—** | **($268,295)** | **($203,564)** | [Reconciliation of Adjusted EBITDA](index=10&type=section&id=4.3%20Reconciliation%20of%20Adjusted%20EBITDA) Galaxy Digital's total Adjusted EBITDA for Q2 2025 was $211,227 thousand, a significant turnaround from a negative Adjusted EBITDA in Q1 2025, largely driven by the Treasury and Corporate segment's contribution of $198,264 thousand Reconciliation of Adjusted EBITDA (in thousands) | Metric | Digital Assets | Data Centers | Treasury and Corporate | Total (June 30, 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** | | | | | | Total (March 31, 2025) | | Net income / (loss) | $3,529 | ($2,899) | ($296,061) | ($295,431) | | **Adjusted EBITDA** | **$13,038** | **($1,177)** | **($301,364)** | **($289,503)** | [Company Information and Disclosures](index=5&type=section&id=Company%20Information%20and%20Disclosures) This section provides an overview of Galaxy Digital Inc.'s business, details on its earnings call, and a cautionary statement regarding forward-looking information [About Galaxy Digital Inc.](index=5&type=section&id=5.1%20About%20Galaxy%20Digital%20Inc.) Galaxy Digital Inc. is a global leader in digital assets and data center infrastructure, providing solutions that advance finance and artificial intelligence, with its platform offering institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology, alongside operating cutting-edge data center infrastructure for AI and high-performance computing - Galaxy is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence[30](index=30&type=chunk) - Its digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology[30](index=30&type=chunk) - The company invests in and operates cutting-edge data center infrastructure to power AI and high-performance computing in the U.S.[30](index=30&type=chunk) [Earnings Conference Call & AMA](index=5&type=section&id=5.2%20Earnings%20Conference%20Call%20%26%20AMA) Galaxy Digital hosted an investor conference call on August 5, 2025, to discuss its financial results, with a live webcast and replay available, and an Earnings AMA was also scheduled for August 7, 2025, via X Spaces for further discussion - An investor conference call was held on August 5, 2025, at **8:30 AM Eastern Time**, with a live webcast and replay available on the company's investor relations website[28](index=28&type=chunk) - Galaxy hosted an Earnings AMA on Thursday, August 7, at **10:30 AM Eastern Time** via X Spaces, where management may discuss financial results and forward-looking statements[29](index=29&type=chunk) [Cautionary Statement About Forward-Looking Statements](index=6&type=section&id=5.3%20Cautionary%20Statement%20About%20Forward-Looking%20Statements) This press release contains forward-looking statements regarding Galaxy's future expectations, plans, and goals, including those related to the CoreWeave lease and Helios campus expansion, which are subject to various risks and uncertainties such as market conditions, regulatory changes, technological challenges, and financing, potentially causing actual results to differ materially from projections, and investors are cautioned against undue reliance on these statements - The press release contains forward-looking statements regarding expectations, hopes, beliefs, intentions, or strategies for the future, including business plans and goals related to the CoreWeave lease[32](index=32&type=chunk) - These statements are based on current expectations and beliefs but involve risks and uncertainties that may cause actual results to differ materially, including inability to maintain Nasdaq listing, costs related to AI/HPC plans, changes in laws, economic factors, and market disruptions[32](index=32&type=chunk) - Specific risks include challenges in retrofitting facilities for AI/HPC, difficulties in obtaining financing, changes in AI/HPC infrastructure needs, and delays in land acquisition or business mandates[32](index=32&type=chunk)[33](index=33&type=chunk) - Investors are cautioned not to place undue reliance on forward-looking statements, and the company assumes no obligation to update or revise them[33](index=33&type=chunk)

Financial Highlights - Total assets increased to $9.086 billion as of June 30, 2025, up 43% from $6.336 billion in Q1 2025 [4] - Total equity rose to $2.624 billion, a 38% increase from $1.902 billion in Q1 2025 [4] - Net income for Q2 2025 was $30.7 million, compared to a loss of $295 million in Q1 2025 [4][7] - Adjusted EBITDA for Q2 2025 was $211 million, a significant recovery from a loss of $290 million in Q1 2025 [4][7] Corporate Updates - Galaxy Digital began trading on Nasdaq under the ticker GLXY on May 16, 2025, following a successful reorganization [7] - The company reported its strongest monthly financial performance in July 2025 for its Digital Assets operating business, with record results in Global Markets [7] - Galaxy completed the sale of over 80,000 bitcoin on behalf of a client, marking one of the largest transactions in digital assets history [7] Digital Assets Performance - Global Markets adjusted gross profit increased by 28% quarter-over-quarter to $55.4 million in Q2 2025 [11] - The average loan book size rose to $1.107 billion, a 27% increase from Q1 2025 [11][16] - Digital asset trading volumes declined by 22% quarter-over-quarter, but Galaxy outperformed the broader market, which saw a 30% decline [16] Asset Management & Infrastructure Solutions - Adjusted gross profit from Asset Management & Infrastructure Solutions was $16 million in Q2 2025, down 26% from Q1 2025 due to lower industry-wide on-chain activity [12] - Assets on the platform increased by 27% quarter-over-quarter to $8.921 billion [12][17] Data Centers Expansion - CoreWeave exercised an option for an additional 133 MW of critical IT load at Galaxy's Helios data center campus, bringing total committed power to 800 MW [14][15] - Galaxy entered into an agreement to acquire 160 acres of land adjacent to the Helios campus, expanding its size to over 1,500 acres and increasing potential power capacity to 3.5 GW [15] Balance Sheet and Investment Exposure - As of June 30, 2025, the balance sheet net digital asset and investment exposure included $1.274 billion in digital assets and $718 million in venture and other investments [4][22] - The company maintained a diversified allocation across spot positions, ETFs, venture investments, and private equity holdings [22][23]

Core Insights - GK8 by Galaxy is expanding its digital asset custody platform to include access to the Solana blockchain, allowing financial institutions and crypto funds to interact securely with Solana-based DeFi protocols [1][2] - The demand for access to Solana's efficient and cost-effective ecosystem is increasing as DeFi becomes integral to institutional digital asset strategies [2][3] - GK8's integration provides a compliant and secure method for clients to engage with Solana DeFi applications without relying on third-party wallets [2][3] Company Overview - GK8 offers a self-custody technology for digital assets, enabling regulated self-custody, digital asset management, and token issuance [4] - The company utilizes patented technologies such as the Impenetrable Vault and uMPC to support traditional financial institutions and crypto-native companies in navigating the digital asset economy [4] - GK8 aims to set high standards for digital asset custody, fostering trust and paving the way for mass adoption of digital assets [4] DeFi Integration Features - GK8's DeFi integration allows institutional users to maintain full control while interacting with DeFi through GK8-managed uMPC wallets [7] - The platform enforces internal governance policies, including transaction and role-based permissions, and multi-step approvals [7] - GK8 enables users to initiate trades, swaps, and liquidity activities directly from managed accounts, achieving performance of up to 7,500 signatures per second [7]

Core Viewpoint - Galaxy Digital Inc. has successfully executed one of the largest notional bitcoin transactions in crypto history, selling over 80,000 bitcoin valued at over $9 billion for a Satoshi-era investor as part of an estate planning strategy [1][2]. Company Overview - Galaxy Digital Inc. is a global leader in digital assets and data center infrastructure, providing solutions that enhance progress in finance and artificial intelligence [3]. - The company's digital assets platform offers institutional access to various services including trading, advisory, asset management, staking, self-custody, and tokenization technology [3]. - Galaxy also invests in and operates advanced data center infrastructure to support AI and high-performance computing, addressing the increasing demand for scalable energy and computing solutions in the U.S. [3]. - The company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia [3].

Group 1: Market Overview - As of the start of the third quarter, 10 top stock picks for 2025 have shown double-digit gains, with nine products achieving multi-month gains of 400% or more [2] - Schaeffer's Investment Research celebrates its 44th anniversary and has released a free report on top stock picks for the remainder of 2025 [2] Group 2: Nuclear Energy Sector - NuScale Power Corp (NYSE:SMR) specializes in small modular reactors and has seen its stock rise 112% in 2025 and 230% over the past 12 months, despite 19.9% of its float being sold short [3][5] - The nuclear energy sector received a boost from President Trump's executive orders aimed at doubling U.S. nuclear power by 2050, alongside a proposed $2 trillion budget by the European Commission that includes nuclear energy funding [5] Group 3: Cryptocurrency Sector - Galaxy Digital Inc (NASDAQ:GLXY) is forming a cup-and-handle pattern on its weekly chart, with potential bullish momentum if Bitcoin remains above $100,000 [6] - The stock has seen a 25% increase since the last report, with Bitcoin reaching $120,000 and establishing support at $115,000 [9] - The pro-crypto stance of the Trump Administration and the recent passing of major cryptocurrency regulations in the U.S. are expected to benefit companies like Galaxy Digital [8][9] Group 4: Liquified Natural Gas (LNG) Sector - Global LNG demand is projected to grow by 25% to 30% by 2030, particularly in Europe, as reliance on Russian pipelines decreases [10] - Venture Global Inc (NYSE:VG) is positioning itself as a top three U.S. LNG exporter, with potential technical upside of 20% to 40%, targeting a stock price between $22 and $25 [10] - Recent contracts, including a 20-year deal with Italy's Eni to supply LNG, highlight the increasing demand and strategic partnerships in the LNG sector [12]

Core Insights - K Wave Media (KWM) has established a strategic partnership with Galaxy Digital, a leading digital asset investment firm, which will act as KWM's asset manager and strategic advisor [1] - The partnership aims to support KWM's Bitcoin treasury strategy and expand its institutional capital financing channels, highlighting the advantages of KWM's model that combines Korea's cultural influence with a long-term commitment to Bitcoin [1][2] - KWM has raised nearly $1 billion in institutional capital to support its strategic initiatives, marking a significant step towards becoming a Bitcoin-first public company [1][2] Group 1 - KWM recently acquired 88 Bitcoins, a number considered a symbol of wealth in Asian markets, and is actively expanding its Bitcoin reserves, making it one of the boldest Bitcoin strategies among publicly listed companies globally [2] - Galaxy Digital will provide guidance in areas such as the construction and execution of Bitcoin treasury purchases, risk management, and long-term coordination with institutional-level financial infrastructure [5] - The partnership signifies a new phase in KWM's development, redefining the meaning of being a public company in the Bitcoin and borderless capital era [3] Group 2 - KWM's strategy targets the Korean retail market, U.S. institutional investors, and the global cryptocurrency market, creating a strong multi-market flywheel effect [3] - The company is actively exploring more collaboration and acquisition opportunities to expand its treasury reserves and cultural influence [3]