Core Insights - Galaxy Digital's digital assets segment achieved a record adjusted gross profit of $505 million in 2025, representing a 67% year-over-year growth from $303 million in 2024 [1] - Despite a 10% decline in total crypto market capitalization for the year, Galaxy reported an adjusted EBITDA of $34 million for 2025 [2] - The company faced a GAAP net loss of $241 million for 2025, primarily due to approximately $160 million in one-time charges related to legacy Bitcoin mining infrastructure and corporate restructuring [3] Financial Performance - Galaxy's adjusted gross profit in the global markets business reached $423 million for the full year, up 88% year-over-year, while Q4 generated $30 million of adjusted gross profit [12] - The average loan book size remained stable at $1.8 billion in Q4, despite a 40% decline in trading volumes quarter-over-quarter [13] - The company ended 2025 with total assets of $11.3 billion and over $3 billion in equity, with $2.6 billion in cash and stablecoins after Q4 financings [6][10] Data Center Expansion - Galaxy's Helios data center platform has over 1.6 GW of approved power capacity, with 800 MW contracted to CoreWeave and initial revenue recognition expected in Q1 [5][15] - The first data hall is anticipated to be delivered to CoreWeave later in Q1, with remaining data halls scheduled for the first half of the year [17] - The company is negotiating with potential tenants for the newly approved 830 MW capacity, focusing on large hyperscaler customers [18] Market Context - CEO Mike Novogratz described the broader crypto market as being in a bear phase, with Bitcoin trading in a range of approximately $75,000 to $100,000 [8] - Management emphasized that the digital assets business remained operationally profitable despite industry challenges and balance-sheet pressures [4][7] - Galaxy's liquidity position is expected to support general corporate purposes, including potential repayment of $445 million in exchangeable notes maturing in December 2026 [11]

Table of Contents As filed with the Securities and Exchange Commission on May 27, 2025. Registration No. 333-286310 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 CIRCLE INTERNET GROUP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 6199 99-2840247 (I.R.S. Empl ...

Table of Contents As filed with the Securities and Exchange Commission on May 16, 2025. Registration No. 333-286310 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 CIRCLE INTERNET GROUP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 6199 99-2840247 (I.R.S. Empl ...