GLXY 8-K
Galaxy Digital Inc. (GLXY)
8-K
2025-08-05
For: 2025-08-05
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April 11, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 2025
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
(212 ) 390-9216
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On August 5, 2025, Galaxy Digital Inc. (“Galaxy”) issued a press release (the “Press Release”) regarding its financial results for the quarter ended June 30, 2025. As previously announced, Galaxy will host a conference call on August 5, 2025 at 8:30 a.m. Eastern Time to discuss its financial results for the quarter ended June 30, 2025.
On August 5, 2025, Galaxy also published quarterly update slides (the “Quarterly Update Presentation”) related to its financial results for the quarter ended June 30, 2025 and a financial supplement (the “Financial Supplement”) providing the consolidated statements of income and balance sheets for each of the quarters ended March 31, 2022 through June 30, 2025. Copies of the Press Release, Quarterly Update Presentation and Financial Supplement are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this Current Report on Form 8-K.
The information furnished with this Item 2.02, including Exhibits 99.1, 99.2 and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 99.3 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GALAXY DIGITAL INC. | ||||||||
Date: August 5, 2025 | By: | /s/ Anthony Paquette | ||||||
| Anthony Paquette | ||||||||
| Chief Financial Officer | ||||||||
1 GALAXY As of June 30, 2025 Q2 · 25 Investor.galaxy.com Exhibit 99.2
2 GALAXY D is cl ai m er 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 sell, or a solicitation of an offer to buy or sell, any advisory services, securities, futures, options or other financial instruments or to participate in any advisory services or trading strategy. Nothing contained in this document constitutes investment, legal or tax advice. You should make your own investigations and evaluations of the information herein. Any decisions based on information contained in this document are the sole responsibility of the reader. Certain statements in this document reflect Galaxy Digital’s views, estimates, opinions or predictions (which may be based on proprietary models and assumptions, including, in particular, Galaxy Digital’s views on the current and future market for certain digital assets), and there is no guarantee that these views, estimates, opinions or predictions are currently accurate or that they will be ultimately realized. To the extent these assumptions or models are not correct or circumstances change, the actual performance may vary substantially from, and be less than, the estimates included herein. None of Galaxy Digital nor any of its affiliates, shareholders, partners, members, directors, officers, management, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Galaxy Digital and Galaxy Digital, does not assume responsibility for the accuracy of such information. Affiliates of Galaxy Digital may have owned or may own investments in some of the digital assets, companies and protocols discussed in this document and the inclusion herein is not an endorsement of such asset or company. Except where otherwise indicated, the information in this document is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. The Toronto Stock Exchange has not approved or disapproved of the information contained herein. No securities commission or similar regulatory authority in Canada has reviewed the information contained herein or has in any way passed on the merits of the securities of Galaxy Digital or upon the merits of the disclosure record of Galaxy Digital. The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an advertisement or public offering of securities in Canada, nor is there any attempt to induce or cause any person or company to purchase any securities. CAUTION ABOUT FORWARD-LOOKING STATEMENTS Certain statements in these materials constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PLSRA”), Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and “forward-looking information” under Canadian securities laws (collectively, “forward-looking statements”). In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of Galaxy Digital’s future financial performance or results, our anticipated growth strategies, anticipated trends in our business or future events and circumstances. These statements are only predictions based on Galaxy Digital’s current expectations, estimates, forecasts and projections about future events and trends that may affect the business, results of operations, financial condition and prospects. And as a result, these statements involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Galaxy Digital and which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. For a further discussion of these risks, uncertainties and assumptions, please see the section titled “Risk Factors” in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 filed with the Securities Exchange Commission on August 5, 2025, and available on Galaxy’s profile at www.sec.gov/edgar. Forward-looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. They can be affected by inaccurate assumptions we might make or by known or unknown risks or uncertainties. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward-looking statement. Forward-looking statements speak only as of the date they are made. Subject to any continuing obligations under applicable law Galaxy Digital disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in these materials to reflect any change in expectations in relation to such forward-looking statements or any change in events, conditions or circumstances on which any such statement is based. ©Copyright Galaxy Digital 2025 All rights reserved. ®Registered Service Mark of Galaxy Digital Holdings LP Galaxy manages a number of funds, including the Galaxy Crypto Index Fund, Galaxy Ethereum Fund, the Galaxy Bitcoin Funds, the Galaxy Liquid Crypto Fund, the Galaxy Venture Fund I, the Galaxy Interactive Family of Funds and the Galaxy Vision Hill Family of Funds (each a “Fund” and together “Galaxy Funds”) which invests in digital assets. The Information is not an offer to buy or sell, nor is it a solicitation of an offer to buy or sell, interests in the Fund or any advisory services or any other security or to participate in any advisory services or trading strategy. If any offer and sale of securities is made, it will be pursuant to the confidential offering memorandum of the Fund (the “Offering Memorandum”). Any decision to make an investment in the Fund should be made after reviewing such Offering Memorandum, conducting such investigations as the investor deems necessary and consulting the investor’s own investment, legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment. The performance of the Fund will vary from the performance of the relevant Index that it tracks. None of the Information has been filed with the SEC, any securities administrator under any state securities laws or any other governmental or self-regulatory authority. No governmental authority has opined on the merits of the offering of any securities by the Fund or Galaxy, or the adequacy of the information contained herein. Any representation to the contrary is a criminal offense in the United States. Investing in the Funds and digital assets involves a substantial degree of risk. There can be no assurance that the investment objectives of the Fund will be achieved. Any investment in the Fund may result in a loss of the entire amount invested. Investment losses may occur, and investors could lose some or all of their investment. Neither historical returns nor economic, market or other performance is an indication of future results. In addition to our results determined in accordance with GAAP, this presentation and the accompanying tables contain adjusted gross profit, adjusted EBITDA and EBITDA margin, which are non-GAAP financial measures. Adjusted gross profit, adjusted EBITDA and EBITDA margin are unaudited, presented as supplemental disclosure and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Please see slide 16 for a reconciliation of adjusted gross profit to revenues and gains / (losses) from operations (including for our individual segments) during the three months ended June 30, 2025, and of adjusted EBITDA to net income (loss) (including for our individual segments) during the three months ended June 30, 2025. It is important to note that the particular items we exclude from, or include in, adjusted gross profit, adjusted EBITDA and EBITDA margin may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. We also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise. We believe adjusted gross profit is a helpful non-GAAP financial measure to our management and investors because it eliminates the impact of the directly attributable transaction expenses. As such, it provides useful information about our financial performance, enhances the overall understanding of our past performance and future prospects, allows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision-making and provides an additional tool for investors to use to understand and compare our operating results across accounting periods. Adjusted EBITDA is a non-GAAP financial measure that is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision-making. This non-GAAP measure provides investors with additional information in evaluating the Company’s operating performance. Adjusted EBITDA represents Net income / (loss) excluding (i) equity based compensation, (ii) interest expense on structural debt, (iii) taxes, (iv) depreciation and amortization expense, (v) gains and losses on the embedded derivative on our exchangeable notes which ceased to exist upon consolidation as a result of the Reorganization Transactions, (vi) mining-related impairment loss / loss on disposal of mining equipment, (vii) settlement expense, (viii) other (income) / expense, net and (ix) and reorganization and reorganization merger costs.. The above items are excluded from our Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. EBITDA Margin is defined as EBITDA, divided by revenue minus pass through expenses for the same period. This non-GAAP financial measure is commonly used as an analytical indicator of performance by investors within the industries in which we operate. EBITDA margin is not a measure of financial performance under GAAP. Items excluded from EBITDA Margin are significant components in understanding and assessing financial performance. EBITDA Margin should not be considered in isolation or as an alternative to or a substitute for financial statement data presented in Galaxy’s Digital’s consolidated financial statements as indicators of financial performance or liquidity (which, in the case of EBITDA margin, is net income margin).
3 GALAXY Equity Capital $2.6B Note: All figures as of June 30, 2025. (1) Adjusted Gross Profit is a non-GAAP financial measure. Refer to page 16 for more information and a non-GAAP to GAAP reconciliation. (2) Adjusted EBITDA is a non-GAAP financial measure. Refer to page 16 for more information and a non-GAAP to GAAP reconciliation. Galaxy is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and AI Company Snapshot Q2 2025 Net Income $31M Q2 2025 Adjusted Gross Profit $299M Q2 2025 Adjusted EBITDA $211M Complementary offerings across two main operating businesses: Digital Assets Institutional-grade digital asset solutions built to support the dynamic needs of an evolving financial ecosystem. Global Markets Asset Management & Infrastructure Solutions Data Centers Developing world-class, high-performance computing infrastructure designed to meet the growing demand for large-scale, power-ready facilities. High-Performance Computing Infrastructure Employees Globally 600+ 2 1
4 GALAXY Galaxy Leadership Team Erin Brown Chief Operating Officer Andrew Taubman Deputy Chief Operations Officer Andrew Siegel General Counsel & Chief Compliance Officer Jason Urban Global Head of Trading Chris Ferraro President & CIO Mike Novogratz Founder & CEO Tony Paquette Chief Financial Officer Michael Ashe Head of Strategy & Corporate Development Sebastian Benkert Chief Marketing Officer Rob Cornish Chief Technology Officer Francesca Don Angelo Deputy General Counsel & Corporate Secretary Steve Kurz Global Head of Asset Management Tom Harrop Chief Risk Officer Leinee Hornbeck Chief People Officer Leon Marshall CEO of Galaxy Europe & Global Head of Sales A deep bench of experts in capital markets, asset management, digital assets, investing, and technology.
5 GALAXY Our Opportunity
6 GALAXY (1) Source: CoinGecko. Market data as of 7/31/2025. (2) Source: FactSet & World Gold Council. Market data as of 7/31/2025. (3) Source: MacroMicro. Represents Global M2 Money Supply of Major Central Banks as of May 2025. (4) Source: SIBLIS Research, Data as of January 1, 2025 (5) Source: SIFMA. Data represents full year 2023. (6) Source: Savills. Data as of 2023. Digital Assets | Early Innings of a Massive Opportunity Digital Assets See Significant Growth Potential in Global Wealth Allocation Digital Assets Positioned for Institutional Growth Value of Global Assets $2T $4T $23T $95T $128T $141T $380T Bitcoin Global Crypto Market Cap Gold M2 Global Equities Global Bonds Real Estate543 621 1 Over $700 trillion in assets could be tokenized as blockchain technology reshapes traditional markets Transformational Asset Class Digital assets combine value, energy, computing, and information, forming a new category of investable opportunities at the intersection of technology and finance Bridging Innovation and Tradition Institutional-grade products like ETFs, derivatives, and tokenized securities are accelerating adoption by traditional investors Maturing Infrastructure The core infrastructure supporting digital assets is rapidly maturing, following the same evolutionary path as traditional financial markets
7 GALAXY Source: McKinsey, Dell’Oro Group. (1) Includes Cloud, Colocation, Telco and Enterprise. Data Centers | Early Innings of a Massive Opportunity 55 GW 219 GW 2023 2030 Investment Momentum Expected to Accelerate as Demand Grows 800 MW 800 MW 3.5 GW Committed Capacity Approved Capacity With Additional Load Capacity Under Study Helios Positioned to Succeed in a Supply-Constrained Market $349B $464B $571B $693B $800B 2024 2025 2026 2027 2028 Global Annual Data Center IT CapEx1 Global Data Center Demand • The U.S. faces a projected 15+ GW supply shortfall by 2030 • Meeting this demand requires building 2x the capacity built in the past 24 years — in under 5 years • Rare opportunity for fast, large-scale infrastructure deployment Helios Load Capacity Ramp-Up +2,700 MW Global Demand for Data Center Capacity Expected to Quadruple by 2030 Unlocking 4x Expansion in Load Capacity Hyperscalers are projected to invest over $350 billion in data center capex in 2025
8 GALAXY Digital Assets Serving the digital asset ecosystem end-to-end. Global Markets Asset Management & Infrastructure Solutions
9 GALAXY Global Markets Investment Banking Franchise Trading Sell-side trading desk offering spot and derivative over-the-counter trading, lending, and structured products 001 Principal Liquidity Access to a deep network of exchanges and market makers Specialized crypto and financial advisory services to global public and private clients in digital asset, Web3, and blockchain sectors DIGITAL ASSETS PLATFORM Global Markets Asset Management & Infrastructure Solutions 002 Derivatives Speculate, diversify, and hedge risk Margin lending Leverage Collar Loans Hedging Solutions Treasury Management Instant Liquidity Miner Financing CLOs 003 Lending & Structured Products Leverage digital assets securely with a regulated lending institution Total Trading Counterparties 1,445 Average Loan Book Size1 $1.1B Unique Crypto Assets Supported 100+ 001 M&A Advisory 002 Equity & Debt Capital Markets 003 General Advisory NOTABLE CLIENTS Note: All financial figures in this overview are in US Dollars, unless otherwise stated. All figures as of June 30, 2025. Securities products and services are offered by Galaxy Digital Partners LLC, a member of FINRA and SIPC. (1) For the period April 1, 2025 through June 30, 2025. Represents the average market value of all open loans, excluding uncommitted credit facilities. June 2025 has acquired Exclusive Financial Advisor to Bitstamp
10 GALAXY Asset Management & Infrastructure Solutions Infrastructure Solutions Asset Management DIGITAL ASSETS PLATFORM High-conviction investing across public and private markets in digital assets, blockchain technology, and emerging technology Institutional-grade staking and custody solutions, built for customization and security Staked Assets $3.1B ETFs / ETPs $3.3B Alternatives $2.4B $9B Global Markets Asset Management & Infrastructure Solutions Self-Custody Technology Integrated Tokenization Platform Unlimited Multi-Party Computation Staking Operating System Staking Consulting Staked Assets as Collateral Staking Services 001 Alternatives Venture capital, hedge fund, and liquid token strategies, offering broad exposure to high-growth opportunities across the ecosystem 002 Global ETFs / ETPs Passive and active investment solutions via partnerships with leading institutions 003 Crypto Services Index Construction SPVs/Co-Invests Treasury Mandates Opportunistic Investments 001 Staking Solutions 002 GK8 Secure, institutional-grade self-custody and operational infrastructure solutions KEY PARTNERSHIPS1 SUPPORTED ASSETS COMBINED ASSETS ON PLATFORM2 Note: Data as of June 30, 2025, unless otherwise noted. All third-party company product and service names in this presentation are for identification purposes only. The product names, logos, and brands are the property of their respective owners. Use of these names, logos, and brands does not imply endorsement. (1) Inclusive of global partner ETFs/ETPs offered in North America, South America, and Europe and includes private, passive funds which are a different wrapper for similar products Galaxy Asset Management also offers in an ETF structure. (2) $268 million of assets are counted in both AUS and AUM due to the SBET mandate and TIA prop units.
11 GALAXY Balance Sheet Net Digital Asset and Investment Exposure AllUnityBalance Sheet 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. AllUnity is launching EURAU – the first euro-denominated, fully reserved stablecoin initiative Enables seamless access to digital assets and on-chain settlement for those transacting in the European economy and EUR-denominated trade. Launched through a partnership between & & Bitcoin $748M Ether $196M Other Token Exposure $330M Venture & Fund Investments $718M Market Opportunity Euro stablecoins could capture ~20% of the global stablecoin market, in accordance with its role in settling global trade Regulatory Compliance AllUnity obtained an EMI license from BaFin MiCAR framework compliant 1 2 3 4 Note: Galaxy also held digital asset derivative positions not reflected in pie chart. (1) Includes spot BTC, associated tokens such as wrapped BTC, and interests in investment vehicles designed to hold BTC. (2) Includes spot ETH, associated tokens such as wrapped ETH, and interests in investment vehicles designed to hold ETH. (3) Represents spot and interests in investment vehicles that provide exposure to other digital assets. (4) Includes venture, private equity and fund investments held on Galaxy’s balance sheet.
12 GALAXY Data Centers Developing infrastructure for an AI-enabled future. Data Centers High-Performance Computing Infrastructure
13 GALAXY DATA CENTERS Galaxy is well-positioned to be a leader in developing and operating high-performance computing infrastructure Data Centers High-Performance Computing Infrastructure Helios Overview Location Dickens County, TX Committed Capacity 800 MW Approved Capacity 800 MW Load Capacity Under Study 2,700 MW Campus Acreage1 1,500 Acres Electricity Market ERCOT West Load Zone (1) Campus acreage represents contiguous land under Galaxy’s direct control.
14 GALAXY DATA CENTERS Data Centers High-Performance Computing Infrastructure CoreWeave, as our anchor tenant, has committed to a total of 526 MW of critical IT capacity for a period of 15 years, generating an anticipated average annual revenue of over $1B for the combined three phases. AI and HPC Infrastructure Phase I Contracted Critical IT Load1 133 MW Expected Delivery Date2 1H26 Phase II Committed Critical IT Load1 260 MW Expected Delivery Date2 2027 Phase I + II + III Anticipated Average Annual Revenue for Combined Phases3 $1B+ Anticipated EBITDA Margins3 90% (1) Approximately 200 MW of gross power capacity for Phase I, approximately 400 MW of gross power capacity for Phase II, and approximately 200 MW of gross power capacity for Phase III. (2) Will be completed in phases, with the full capacity for Phase I expected to be delivered by the end of the first half of 2026, Phase II throughout 2027, and Phase III starting in 2028. (3) Based on contractual terms, internal estimates for capital expenditures, and assumes full capacity utilization of the 526 MW of critical IT load. Anticipated Average Annual Revenue over the 15-year term includes the impact of annual escalators. Actual results may differ materially due to business, economic and competitive uncertainties and contingencies, which are beyond the control of the Company and its management and subject to change. 526 MW Committed Critical IT Load1 15 Years Contract Term Phase III Committed Critical IT Load1 133 MW Expected Delivery Date2 2028
15 GALAXY Appendix
16 GALAXY APPENDIX Reconciliation of Non-GAAP Metrics Reconciliation to Adjusted Gross Profit Three Months Ended June 30, 2025 Revenues and gains / (losses) from operations $9,056,649 (-) Impairment of digital assets 8,629,940 (-) Transaction expenses 127,477 Adjusted gross profit $299,232 Reconciliation to Adjusted EBITDA Three Months Ended June 30, 2025 Net income / (loss) $30,691 Add back: Equity based compensation 18,783 Interest expense 12,042 Taxes 11,470 Depreciation and amortization expense 7,458 Unrealized (gain) / loss on notes payable – derivative 125,150 Mining related impairment loss / loss on disposal 15 Settlement expense 1,557 Other (income) / expense, net (806) Reorganization and domestication costs 4,867 Adjusted EBITDA $211,227
Galaxy Digital Inc. Historical Select Financial Data as of Q2 2025 The information contained in this supplement speaks only as of the particular date or dates included in the accompanying pages. Galaxy Digital Inc. (the "Company") does not undertake an obligation to, and disclaims any duty to, update any of the information provided. The information contained in this supplement contains certain financial and other information reproduced or derived from more comprehensive information contained in our periodic reports and other filings with the Securities and Exchange Commission ("SEC"). The information contained in this supplement is unaudited and is not intended as a substitute for, and should be read in the context of, the information contained in these other documents. In the event of any conflict, the information contained in our periodic reports and other filings with the SEC shall take precedence. Exhibit 99.3
Consolidated Statements of Operations (Unaudited) Three Months Ended Year Ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Consolidated Revenues and gains / (losses) from operations Digital asset sales 8,564,980 12,849,568 15,648,238 8,464,827 8,785,677 9,257,178 51,488,120 Fees 16,992 11,517 27,816 20,722 26,528 28,128 50,811 Blockchain rewards 41,162 71,112 84,761 48,099 37,680 10,274 5,685 Proprietary mining 944 11,236 15,430 11,435 16,312 20,128 33,121 Revenues from contracts with customers 8,624,078 12,943,433 15,776,245 8,545,083 8,866,197 9,315,708 51,577,737 Blockchain rewards from non-customers 5,243 5,364 2,423 1,944 674 2,910 982 Lending 32,234 27,409 29,085 23,630 16,020 16,754 48,060 Revenues 8,661,555 12,976,206 15,807,753 8,570,657 8,882,891 9,335,372 51,626,779 Gains / (losses) from operations 395,094 (120,331) 544,613 141,633 (18,180) 493,051 582,860 Revenues and gains / (losses) from operations 9,056,649 12,855,875 16,352,366 8,712,290 8,864,711 9,828,423 52,209,639 Operating Expenses Digital asset sales costs 8,546,795 12,839,085 15,630,871 8,454,159 8,769,445 9,247,968 51,441,223 Blockchain reward distributions 33,382 56,446 60,760 39,330 29,829 379 2,565 Borrowing costs 41,710 33,838 37,466 26,632 18,779 17,883 18,171 Mining and hosting costs 741 5,534 11,909 10,013 10,466 15,255 20,772 Other transaction expenses 7,312 12,107 9,790 6,000 6,317 6,606 11,352 Transaction expenses 8,629,940 12,947,010 15,750,796 8,536,134 8,834,836 9,288,091 51,494,083 Impairment of digital assets 127,477 112,429 140,980 108,467 56,947 25,525 98,340 Compensation and benefits 64,969 56,953 85,977 57,290 61,253 61,071 219,256 Notes interest expense 14,240 14,071 9,683 7,105 7,040 6,976 27,285 Depreciation and amortization 7,458 13,591 13,416 13,007 10,956 9,500 22,945 Other expenses 46,172 103,643 221,913 29,427 32,358 30,306 93,564 Total operating expenses 8,890,256 13,247,697 16,222,765 8,751,430 9,003,390 9,421,469 51,955,473 Notes payable - derivative (125,150) 89,606 (16,583) (2,858) (2,573) (9,713) (9,603) Other income / (expense), net 918 672 166 783 1,612 213 (135) Total other income / (expense) (124,232) 90,278 (16,417) (2,075) (961) (9,500) (9,738) Net income / (loss) for the period, before taxes 42,161 (301,544) 113,184 (41,215) (139,640) 397,454 244,428 Tax expense / (benefit) 11,470 (6,112) (4,337) (7,885) (14,044) 9,327 15,914 Net income / (loss) for the period 30,691 (295,432) 117,521 (33,330) (125,596) 388,127 228,514
Reconciliation to Non-GAAP Adjusted Gross Profit Revenues and gains / (losses) from operations 9,056,649 12,855,875 16,352,366 8,712,290 8,864,711 9,828,423 52,209,639 Less: Impairment of digital assets 127,477 112,429 140,980 108,467 56,947 25,525 98,340 Less: transaction expenses 8,629,940 12,947,010 15,750,796 8,536,134 8,834,836 9,288,091 51,494,083 Adjusted gross profit 299,232 (203,564) 460,590 67,689 (27,072) 514,807 617,216 Reconciliation to Non-GAAP Adjusted EBITDA Net income 30,691 (295,432) 117,521 (33,330) (125,596) 388,127 228,514 Equity based compensation 18,783 10,014 24,242 17,713 23,257 20,532 86,174 Notes interest expense and other expense 12,042 16,269 11,770 9,107 8,863 8,593 32,113 Taxes 11,470 (6,112) (4,337) (7,885) (14,044) 9,327 15,914 Depreciation and amortization expense 7,458 12,613 12,203 12,110 10,956 9,500 22,945 Settlement expense 1,557 3,977 182,462 — — — — Unrealized (gain) / loss on notes payable - derivative 125,150 (89,606) 16,582 2,859 2,573 9,713 9,603 Mining related impairment loss / loss on disposal 15 57,014 — — — 1,682 Other (income) / expense, net (806) (660) (167) (781) (1,612) (213) 183 Reorganization and domestication costs 4,867 2,419 680 1,227 759 578 3,742 Adjusted EBITDA 211,227 (289,503) 360,956 1,020 (94,844) 446,157 400,870
Statements of Operations by Segment (Unaudited) Three Months Ended Year Ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Digital Assets Revenues and gains / (losses) from operations Digital asset sales 8,564,980 12,849,568 15,648,238 8,464,827 8,785,677 9,257,178 51,488,120 Fees 19,087 14,580 21,974 14,527 19,607 18,854 29,240 Blockchain rewards 42,550 80,700 80,941 53,590 37,142 8,251 3,230 Proprietary mining — — — — — — — Revenues from contracts with customers 8,626,617 12,944,848 15,751,153 8,532,944 8,842,426 9,284,283 51,520,590 Blockchain rewards from non-customers 1,205 1,055 1,308 960 674 2,910 982 Lending 27,923 25,626 27,251 21,905 15,873 15,376 43,919 Revenues 8,655,745 12,971,529 15,779,712 8,555,809 8,858,973 9,302,569 51,565,491 Gains / (losses) from operations 55,470 92,370 108,297 71,158 (3,073) 66,958 87,907 Revenues and gains / (losses) from operations 8,711,215 13,063,899 15,888,009 8,626,967 8,855,900 9,369,527 51,653,398 Operating Expenses Digital asset sales costs 8,546,795 12,839,085 15,630,870 8,454,159 8,769,445 9,247,968 51,441,223 Blockchain reward distributions 38,321 67,766 63,448 44,590 33,099 5,594 3,069 Borrowing costs 6,437 5,789 13,933 5,762 1,948 4,009 8,825 Mining and hosting costs — — — — — — — Other transaction expenses 4,925 8,220 6,755 5,240 5,612 5,620 8,473 Transaction expenses 8,596,478 12,920,860 15,715,006 8,509,751 8,810,104 9,263,191 51,461,590 Impairment of digital assets 43,307 78,308 72,048 47,931 10,333 8,934 47,791 Compensation and benefits 45,347 38,826 47,250 41,027 45,374 42,275 148,909 Notes interest expense — — — — — — — Depreciation and amortization 3,560 3,555 3,389 3,568 3,182 1,307 4,344 Other expenses 25,058 18,821 20,908 15,835 17,932 14,050 44,854 Total operating expenses 8,713,750 13,060,370 15,858,601 8,618,112 8,886,925 9,329,757 51,707,488 Notes payable - derivative — — — — — — — Other income / (expense), net — — — — — — — Total other income / (expense) — — — — — — — Net income / (loss) for the period, before taxes (2,535) 3,529 29,408 8,855 (31,025) 39,770 (54,090) Tax expense / (benefit) — — — — — — — Net income / (loss) for the period (2,535) 3,529 29,408 8,855 (31,025) 39,770 (54,090)
Reconciliation to Non-GAAP Adjusted Gross Profit Revenues and gains / (losses) from operations 8,711,215 13,063,899 15,888,009 8,626,967 8,855,900 9,369,527 51,653,398 Less: impairment of digital assets 43,307 78,308 72,048 47,931 10,333 8,934 47,791 Less: transaction expenses 8,596,478 12,920,860 15,715,006 8,509,751 8,810,104 9,263,191 51,461,590 Adjusted gross profit 71,430 64,731 100,955 69,285 35,463 97,402 144,017 Reconciliation to Non-GAAP Adjusted EBITDA Net income (2,535) 3,529 29,408 8,855 (31,025) 39,770 (54,090) Equity based compensation 11,826 5,942 12,947 11,128 17,128 13,620 51,716 Notes interest expense and other expense — — — — — — — Taxes — — — — — — — Depreciation and amortization expense 3,560 3,555 3,389 3,568 3,182 1,307 4,344 Settlement expense — — — — — — — Unrealized (gain) / loss on notes payable - derivative — — — — — — — Mining related impairment loss / loss on disposal — — — — — — — Other (income) / expense, net 112 12 — — — — 48 Reorganization and domestication costs — — — — — — — Adjusted EBITDA 12,963 13,038 45,744 23,551 (10,715) 54,697 2,018 Key Performance Metrics Global Markets Loan book size (average, $ actuals) 1,107,328 874,028 861,201 668,144 536,611 493,636 371,994 Total trading counterparties 1,445 1,381 1,328 1,280 1,212 1,161 1,052 Asset Management & Infrastructure Solutions Assets on Platform ($ actuals) 8,921,116 7,019,827 9,900,611 8,029,155 6,647,675 8,304,473 5,416,370 ETFs 3,326,798 2,598,011 3,482,253 2,589,448 2,392,210 2,729,560 1,588,611 Alternatives 2,444,463 2,079,150 2,182,916 2,046,078 2,111,247 5,088,712 3,584,341 Assets under stake 3,149,855 2,342,666 4,235,442 3,393,629 2,144,218 486,201 243,418
Statements of Operations by Segment (Unaudited) Three Months Ended Year Ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Data Centers Revenues and gains / (losses) from operations Digital asset sales — — — — — — — Fees — — — — — — — Blockchain rewards — — — — — — — Proprietary mining — — — — — — — Revenues from contracts with customers — — — — — — — Blockchain rewards from non-customers — — — — — — — Lending — — — — — — — Revenues — — — — — — — Gains / (losses) from operations — — — — — — Revenues and gains / (losses) from operations — — — — — — — Operating Expenses Digital asset sales costs — — — — — — — Blockchain reward distributions — — — — — — — Borrowing costs — — — — — — — Mining and hosting costs — — — — — — — Other transaction expenses — — — — — — — Transaction expenses — — — — — — — Impairment of digital assets — — — — — — — Compensation and benefits — 1,263 — — — — — Notes interest expense — — — — — — — Depreciation and amortization — 1,251 2,148 1,875 1,800 1,674 5,548 Other expenses — 385 — — — — — Total operating expenses — 2,899 2,148 1,875 1,800 1,674 5,548 Notes payable - derivative — — — — — — — Other income / (expense), net — — — — — — — Total other income / (expense) — — — — — — — Net income / (loss) for the period, before taxes — (2,899) (2,148) (1,875) (1,800) (1,674) (5,548) Tax expense / (benefit) — — — — — — — Net income / (loss) for the period — (2,899) (2,148) (1,875) (1,800) (1,674) (5,548)
Reconciliation to Non-GAAP Adjusted Gross Profit Revenues and gains / (losses) from operations — — — — — — — Less: impairment of digital assets — — — — — — — Less: transaction expenses — — — — — — — Adjusted gross profit — — — — — — — Reconciliation to Non-GAAP Adjusted EBITDA Net income — (2,899) (2,148) (1,875) (1,800) (1,674) (5,548) Equity based compensation — 471 — — — — — Notes interest expense and other expense — — — — — — — Taxes — — — — — — — Depreciation and amortization expense — 1,251 2,148 1,875 1,800 1,674 5,548 Settlement expense — — — — — — — Unrealized (gain) / loss on notes payable - derivative — — — — — — — Mining related impairment loss / loss on disposal — — — — — — — Other (income) / expense, net — — — — — — — Reorganization and domestication costs — — — — — — — Adjusted EBITDA — (1,177) — — — — —
Statements of Operations by Segment (Unaudited) Three Months Ended Year Ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Treasury and Corporate Revenues and gains / (losses) from operations Digital asset sales — — — — — — — Fees (2,095) (3,063) 5,842 6,195 6,921 9,274 21,571 Blockchain rewards (1,388) (9,588) 3,820 (5,491) 538 2,023 2,455 Proprietary mining 944 11,236 15,430 11,435 16,312 20,128 33,121 Revenues from contracts with customers (2,539) (1,415) 25,092 12,139 23,771 31,425 57,147 Blockchain rewards from non-customers 4,038 4,309 1,115 984 — — — Lending 4,311 1,783 1,834 1,725 147 1,378 4,141 Revenues 5,810 4,677 28,041 14,848 23,918 32,803 61,288 Gains / (losses) from operations 339,624 (212,701) 436,316 70,475 (15,107) 426,093 494,953 Revenues and gains / (losses) from operations 345,434 (208,024) 464,357 85,323 8,811 458,896 556,241 Operating Expenses Digital asset sales costs — — — — — — — Blockchain reward distributions (4,939) (11,320) (2,688) (5,260) (3,270) (5,215) (504) Borrowing costs 35,273 28,049 23,533 20,870 16,831 13,874 9,346 Mining and hosting costs 741 5,534 11,909 10,013 10,466 15,255 20,772 Other transaction expenses 2,387 3,887 3,035 760 705 986 2,879 Transaction expenses 33,462 26,150 35,789 26,383 24,732 24,900 32,493 Impairment of digital assets 84,170 34,121 68,932 60,536 46,614 16,591 50,549 Compensation and benefits 19,622 16,864 38,727 16,264 15,879 18,796 70,347 Notes interest expense 14,240 14,071 9,683 7,105 7,040 6,976 27,285 Depreciation and amortization 3,898 8,785 7,879 7,564 5,974 6,519 13,053 Other expenses 21,114 84,437 201,005 13,592 14,426 16,256 48,710 Total operating expenses 176,506 184,428 362,015 131,444 114,665 90,038 242,437 Notes payable - derivative (125,150) 89,606 (16,583) (2,858) (2,573) (9,713) (9,603) Other income / (expense), net 918 672 166 783 1,612 213 (135) Total other income / (expense) (124,232) 90,278 (16,417) (2,075) (961) (9,500) (9,738) Net income / (loss) for the period, before taxes 44,696 (302,174) 85,925 (48,196) (106,815) 359,358 304,066 Tax expense / (benefit) 11,470 (6,112) (4,337) (7,885) (14,044) 9,327 15,914 Net income / (loss) for the period 33,226 (296,062) 90,262 (40,311) (92,771) 350,031 288,152
Reconciliation to Non-GAAP Adjusted Gross Profit Revenues and gains / (losses) from operations 345,434 (208,024) 464,357 85,323 8,811 458,896 556,241 Less: impairment of digital assets 84,170 34,121 68,932 60,536 46,614 16,591 50,549 Less: transaction expenses 33,462 26,150 35,789 26,383 24,732 24,900 32,493 Adjusted gross profit 227,802 (268,295) 359,636 (1,596) (62,535) 417,405 473,199 Reconciliation to Non-GAAP Adjusted EBITDA Net income 33,226 (296,062) 90,262 (40,311) (92,771) 350,031 288,152 Equity based compensation 6,957 3,601 11,295 6,585 6,129 6,912 34,458 Notes interest expense and other expense 12,042 16,269 11,770 9,107 8,863 8,593 32,113 Taxes 11,470 (6,112) (4,337) (7,885) (14,044) 9,327 15,914 Depreciation and amortization expense 3,898 7,807 6,666 6,667 5,974 6,519 13,054 Settlement expense 1,557 3,977 182,462 — — — — Unrealized (gain) / loss on notes payable - derivative 125,150 (89,606) 16,582 2,859 2,572 9,713 9,603 Mining related impairment loss / loss on disposal 15 57,014 — — — — 1,682 Other (income) / expense, net (918) (672) (167) (781) (1,612) (213) 135 Reorganization and domestication costs 4,867 2,419 680 1,227 759 578 3,742 Adjusted EBITDA 198,264 (301,364) 315,213 (22,532) (84,130) 391,460 398,853
Balance Sheet Net Digital Asset and Investment Exposure (Unaudited) Period ended ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Net Digital Asset Exposure Bitcoin 748,147 516,628 808,778 848,757 642,406 875,546 441,594 Ether 195,638 149,810 262,033 172,345 233,470 303,442 272,013 Other token exposure 330,434 241,075 417,641 304,631 324,295 424,738 143,689 Net Digital Asset Exposure 1,274,219 907,513 1,488,452 1,325,733 1,200,171 1,603,726 857,296 Venture and Fund Investment Exposure 718,306 623,189 625,571 599,321 577,702 550,907 555,045 Total Net Digital Asset and Investment Exposure 1,992,525 1,530,702 2,114,023 1,925,054 1,777,873 2,154,633 1,412,341
Consolidated Statements of Financial Position (Unaudited) ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Assets Current assets Cash and cash equivalents 691,331 509,438 462,103 271,977 314,033 247,232 316,610 295,001 301,625 399,943 542,101 1,038,176 1,073,854 934,177 Digital intangible assets 3,186,098 2,123,860 2,547,581 2,367,770 1,851,966 1,853,704 972,429 821,069 834,149 693,645 362,383 654,036 593,602 1,679,217 Digital financial assets 369,649 514,479 359,665 103,447 83,125 102,744 74,386 131,824 275,194 141,363 199,632 191,292 251,540 362,220 Digital assets loan receivable, net of allowance 894,876 280,095 579,530 305,276 177,230 95,218 104,504 80,442 47,099 45,143 49,971 110,349 69,894 172,849 Assets posted as collateral 718,649 506,634 277,147 227,050 203,942 173,390 318,195 123,499 8,783 94,886 25,138 95,140 82,786 131,623 Investments 748,290 545,754 834,812 594,564 508,380 578,975 — — 17,878 — — — — — Derivative assets 134,907 128,353 207,653 141,961 153,470 341,336 173,209 45,442 69,083 92,209 18,763 23,909 29,718 45,744 Accounts receivable 41,393 28,864 55,279 30,309 82,646 169,739 60,929 54,535 65,146 41,794 30,874 41,057 86,591 137,570 Digital assets receivable 2,668 17,674 53,608 43,118 44,576 24,132 14,686 7,528 9,620 20,296 12,423 21,012 17,287 50,355 Loans receivable 529,021 407,966 476,620 398,510 404,991 402,722 377,105 247,276 316,647 188,976 62,611 76,028 131,045 303,534 Prepaid expenses and other assets 39,898 29,884 26,892 31,452 26,643 34,724 36,924 54,285 33,305 31,438 33,870 52,272 63,075 34,228 Total current assets 7,356,780 5,093,001 5,880,890 4,515,434 3,851,002 4,023,916 2,448,977 1,860,901 1,978,529 1,749,693 1,337,766 2,303,271 2,399,392 3,851,517 Non-current assets Digital intangible assets 3,014 15,030 20,979 56,789 22,372 52,859 41,356 — — — — — — — Digital assets receivable 3,397 1,996 7,112 7,015 3,854 18,065 6,174 3,537 4,378 7,403 5,154 11,172 6,072 35,737 Digital assets loan receivable, non-current — — — 18,376 12,881 — — — — — — — — Investments 863,653 736,060 808,694 704,542 800,315 822,412 735,103 586,513 589,878 683,680 588,558 743,156 725,422 1,008,759 Loans receivable, non-current 6,675 56,800 — — — — 10,259 113,792 18,698 100,150 100,977 — — — Property and equipment, net 596,120 262,216 237,038 220,303 225,290 227,193 213,348 212,419 205,638 192,940 188,019 140,619 149,072 94,736 Other non-current assets 194,078 113,052 107,105 115,083 108,518 93,411 94,806 106,210 101,177 100,472 75,755 39,563 49,847 41,553 Goodwill 62,234 58,037 58,037 49,450 44,257 44,257 44,257 44,257 44,257 45,278 24,645 24,645 24,645 24,645 Total non-current assets 1,729,171 1,243,191 1,238,965 1,171,558 1,217,487 1,258,197 1,145,303 1,066,728 964,026 1,129,923 983,108 959,155 955,058 1,205,430 Total Assets 9,085,951 6,336,192 7,119,855 5,686,992 5,068,489 5,282,113 3,594,280 2,927,629 2,942,555 2,879,616 2,320,874 3,262,426 3,354,450 5,056,947 Liabilities and Equity Current liabilities Derivative liabilities 86,364 89,702 165,858 112,136 118,770 395,835 160,642 39,737 47,371 81,325 16,568 19,334 41,854 31,654 Accounts payable and accrued liabilities 226,080 270,468 281,531 196,855 193,841 192,441 140,376 132,877 118,492 113,052 120,955 119,823 133,891 110,213 Digital assets borrowed 2,836,370 1,760,455 1,497,609 1,163,768 950,178 975,582 398,277 272,239 355,092 308,338 170,566 501,119 425,108 864,525 Payable to customers 16,324 19,288 19,520 96,864 94,816 80,740 3,442 3,446 11,905 13,876 9,591 22,771 142,936 138,119 Loans payable 348,214 345,249 510,718 248,818 211,384 275,415 93,069 51,565 1,546 3,058 — 112,528 105,783 129,236 Collateral payable 1,869,501 943,513 1,399,655 1,154,471 811,656 684,838 581,362 520,618 440,184 349,976 131,506 206,187 189,615 755,315 Other current liabilities 88,613 73,358 13,034 166,879 116,973 116,014 40,936 50,579 7,468 11,148 8,090 19,372 37,988 81,295 Total current liabilities 5,471,466 3,502,033 3,887,925 3,139,791 2,497,618 2,720,865 1,418,104 1,071,061 982,058,000 880,773 457,276 1,001,134 1,077,175 2,110,357 Non-current Liabilities Notes payable 725,571 763,798 845,186 434,306 427,679 421,405 408,053 395,896 393,465 389,213 384,515 425,629 424,842 472,361 Digital assets borrowed, non-current 8,564 6,603 — — — — — — — — — — — — Other non-current liabilities 256,132 162,114 192,392 60,796 68,555 59,794 56,952 53,157 59,430 63,975 62,889 32,517 27,668 19,785 Total non-current liabilities 990,267 932,515 1,037,578 495,102 496,234 481,199 465,005 449,053 452,895 453,188 447,404 458,146 452,510 492,146 Total Liabilities 6,461,733 4,434,548 4,925,503 3,634,893 2,993,852 3,202,064 1,883,109 1,520,114 1,434,953 1,333,961 904,680 1,459,280 1,529,685 2,602,503 Equity Unit holders capital 1,506,321 1,901,644 2,194,352 2,052,099 2,074,637 2,080,049 1,711,171 1,407,515 1,507,602 1,545,655 1,416,194 1,746,494 1,774,695 2,306,684 Non-controlling interest 1,117,897 — — — — — — — — — — 56,652 50,070 147,760 Total Equity 2,624,218 1,901,644 2,194,352 2,052,099 2,074,637 2,080,049 1,711,171 1,407,515 1,507,602 1,545,655 1,416,194 1,803,146 1,824,765 2,454,444 Total Liabilities and Equity 9,085,951 6,336,192 7,119,855 5,686,992 5,068,489 5,282,113 3,594,280 2,927,629 2,942,555 2,879,616 2,320,874 3,262,426 3,354,450 5,056,947
Statements of Financial Position by Segment (Unaudited) ($ in thousands) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Digital Assets Total assets 3,575,486 3,169,254 3,723,814 2,751,744 2,514,739 2,877,544 1,978,031 Total liabilities 3,037,783 2,691,823 3,163,499 2,336,957 2,135,670 2,444,245 1,679,765 Data Centers Total assets 771,907 264,600 199,694 191,909 196,061 157,602 114,529 Total liabilities 33,144 — — — — — — Treasury and Corporate Total assets 4,738,558 2,902,338 3,196,347 2,743,339 2,357,688 2,246,967 1,501,720 Total liabilities 3,390,806 1,742,725 1,762,004 1,297,936 858,182 757,819 203,344 Consolidated Total assets 9,085,951 6,336,192 7,119,855 5,686,992 5,068,488 5,282,113 3,594,280 Total liabilities 6,461,733 4,434,548 4,925,503 3,634,893 2,993,852 3,202,064 1,883,109