Galaxy Digital shares fell on Tuesday after the institutional crypto firm reported a fourth-quarter loss of $482 million, stemming from a 22% decrease in the value of its investment portfolio. The company, which listed its shares on the Nasdaq in May, saw the value of its digital assets and investments decline $449 million in the quarter ended Dec. 31, according to a press release. Although the value of Galaxy’s portfolio fell to $1.7 billion, it still held $2.6 billion in cash and stablecoins. At the end ...

Investor.galaxy.com Q4 · 25 As of December 31, 2025 1 GALAXY 2 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 or ...

Core Insights - Demographic shifts and wealth transfers are expected to significantly increase capital flow into crypto markets over the next two decades as younger generations inherit wealth from Baby Boomers [1][2] - UBS Global Wealth Report indicates that $83 trillion will be transferred between generations in the next 20-25 years, with the U.S. accounting for over $29 trillion of this amount [2][3] Wealth Transfer Dynamics - The wealth transfer is projected to consist of $9 trillion moving between spouses and $74 trillion passing to heirs, with notable differences in transfer patterns across countries [2][3] - Italy is expected to see higher inter-generational wealth transfers compared to Japan, despite having a smaller population and GDP, due to higher savings rates and home ownership among the elderly [3] Market Positioning - GalaxyOne aims to capitalize on the wealth transfer by targeting mass-affluent investors, defined as those with an annual income of $200,000 or a net worth of $1 million [4] - The company differentiates itself through white-glove customer service and curated product offerings, which are seen as better suited for the unique needs of this demographic compared to platforms like Robinhood and Coinbase [4] Investor Sentiment - Retail sentiment towards crypto has become bearish, with Bitcoin down approximately 10% at the end of 2024, while traditional assets like gold and stocks perform well [5] - Despite the bearish sentiment, historical patterns suggest this could indicate a potential bullish trend for crypto markets [5] - Consideration of crypto among U.S. investors has decreased from 33% to 26% between 2021 and 2024, with a rise in the perception of digital assets as risky, from 58% to 66% [6]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Galaxy Digital Inc. As filed with the Securities and Exchange Commission on December 9, 2025 Registration No. 333-290956 (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Code Number) Delaware 6211 87-0836313 (I.R.S. Employer Identification Num ...

Core Viewpoint - Galaxy Digital has experienced a significant increase in its share price, rising over 20% in the past month, driven by optimism in the crypto sector, although analysts warn that the stock may be overvalued relative to its growth prospects [1][2]. Group 1: Stock Performance - Galaxy Digital's share price has surged approximately 21% in the past month and nearly 120% year-to-date, reflecting strong investor enthusiasm for digital-asset infrastructure and confidence in the crypto market recovery [2]. Group 2: Retail Expansion - The company has launched a new retail service called "GalaxyOne," shifting its focus from institutional clients to US consumers, offering services like high-yield cash accounts, crypto trading, and stock brokerage [3]. - This strategic pivot aims to diversify revenue streams and cater to retail investors seeking exposure to digital assets [3]. Group 3: Future Performance and Challenges - The retail expansion raises questions about the company's execution and profitability, with future performance dependent on balancing innovation, regulatory compliance, and operational efficiency in a rapidly changing market [4]. Group 4: Valuation Metrics - Analysts suggest that Galaxy Digital's valuation may have priced in much of its growth potential, with an estimated fair value of approximately $37.78 per share, indicating the stock may be modestly overvalued [5]. - On a price-to-sales (P/S) basis, Galaxy Digital trades at about 2.2×, which is lower than the peer average of roughly 2.8× and the broader US capital-markets benchmark near 4.0×, suggesting a valuation premium based on anticipated revenue growth and improving margins [6].

Core Insights - Galaxy Digital reported $505 million in profits for the third quarter, driven by a significant increase in assets on its platform, which reached a record $17 billion, up 70% quarter-over-quarter [1][2] - The firm's shares surged to $46 at market opening, reflecting an 8.3% increase on the day, with a third-quarter revenue of $28.4 million, marking a 231% increase year-over-year [2] - Trading volumes increased by 140% quarter-over-quarter, including a notable $9 billion notional Bitcoin sale facilitated by Galaxy earlier this year [2] Asset Management and Client Activity - Galaxy reported $9 billion in assets under management by the end of the third quarter, alongside $7 billion in "assets under stake" earning blockchain rewards [4] - The firm is benefiting from crypto treasury firms parking $4.5 billion in assets at Galaxy, expecting around $40 million in annual recurring fees from this activity [3] - The average loan book size increased to $1.8 billion, indicating enhanced client diversity [4] Product Offerings and Market Position - GalaxyOne, launched this month, allows customers to trade stocks and crypto in one platform, competing with retail-focused platforms like Robinhood and Coinbase [5] - The firm is also targeting accredited investors with high-yield cash products that are not universally available [5] - Galaxy remains on schedule to deliver power to AI cloud computing platform CoreWeave in the first half of next year, indicating its engagement in data center infrastructure [5] Analyst Insights - Analysts at Compass Point noted that Galaxy's earnings before interest and taxes exceeded Wall Street estimates by 236%, suggesting that the increase in assets will likely lead to higher investor forecasts [6]

Financial Highlights - Galaxy achieved a Q3 2025 Net Income of $505 million[18] - The company's Q3 2025 Adjusted Gross Profit reached $728 million[18] - Galaxy reported a Q3 2025 Adjusted EBITDA of $629 million[18] - The company holds $17 billion in Digital Assets on Platform[18] Digital Asset Ecosystem - Galaxy supports trading of over 100 unique crypto assets[41] - Staked Assets amount to $6.6 billion[48] - ETFs/ETPs total $3.9 billion[48] - Alternatives represent $4.9 billion[48] Data Center Infrastructure - Helios Data Center Campus has 800 MW of approved and committed power capacity[70] - An additional 2,700 MW of load capacity is under study[70] - The company anticipates over $1 billion in average annual revenue for combined phases of the Helios Data Center[71, 72]

As filed with the Securities and Exchange Commission on October 20, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Galaxy Digital 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 6211 87-0836313 (I.R.S. Employer Identification Number) 300 Vesey Street New ...

Core Viewpoint - Galaxy Digital is launching a new banking platform named GalaxyOne, targeting everyday investors, led by Zac Prince, co-founder and former CEO of BlockFi, which previously filed for bankruptcy following the FTX collapse [1] Company Summary - Galaxy Digital is expanding its services by introducing GalaxyOne, a banking platform aimed at retail investors [1] - Zac Prince, who has a background in wealth management through BlockFi, is at the helm of this new initiative [1] Industry Summary - The launch of GalaxyOne reflects a growing trend in the cryptocurrency and banking sectors to attract everyday investors [1] - The move comes in the context of increased scrutiny and challenges faced by cryptocurrency platforms following significant market disruptions [1]

RT Mike Novogratz (@novogratz)Today, we launch GalaxyOne. The next step in bringing Galaxy’s institutional strength to individual investors. Proud of the team. Big things ahead as we expand our reach and unlock the next phase of growth. ...