8-K
Galaxy Digital Inc. (GLXY)
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): May 13, 2025
Galaxy Digital Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 333-262378 | 87-0836313 | |||
|---|---|---|---|---|---|
| (State or other jurisdiction<br><br>of incorporation) | (Commission<br><br>File Number) | (IRS Employer<br><br>Identification No.) | 300 Vesey Street<br><br>New York, NY | 10282 | |
| --- | --- | ||||
| (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):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | 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: None.
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 May 13, 2025, Galaxy Digital Inc. (“Galaxy”) issued a press release (the “Press Release”) regarding its financial results for the quarter ended March 31, 2025. As previously announced, Galaxy will host a conference call on May 13, 2025 at 8:30 a.m. Eastern Time to discuss its financial results for the quarter ended March 31, 2025.
On May 13, 2025, Galaxy also published quarterly update slides (the “Quarterly Update Presentation”) related to its financial results for the quarter ended March 31, 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 March 31, 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<br><br>No. | Description |
|---|---|
| 99.1 | Press Release,dated May13, 2025. |
| 99.2 | Quarterly Update Presentation, dated May 13, 2025. |
| 99.3 | Financial Supplement. |
| 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. | ||
|---|---|---|
| Dated: May 13, 2025 | By: | /s/ Anthony Paquette |
| Anthony Paquette | ||
| Chief Financial Officer |
GLXY-2025 03.31 - Press Release Exhibit 99.1
1 | GLXY • Q1 2025All figures are in U.S. Dollars unless otherwise noted.
Galaxy Announces First Quarter 2025 Financial Results
NEW YORK, May 13, 2025 — Galaxy Digital Inc. (TSX: GLXY) (the "Company" or "GDI") today released
financial results for the three months ended March 31, 2025, for both itself and Galaxy Digital Holdings LP
(the "Partnership" or "GDH LP"). In this press release, a reference to "Galaxy", "we", "our" and similar words
refer to GDH LP, its subsidiaries and affiliates including GDI, or any one of them, as the context requires.
— U.S. Listing and Reorganization
Galaxy held a special meeting of shareholders on May 9, 2025 wherein shareholders voted in favor
of the reorganization and domestication of Galaxy as a Delaware incorporated entity.
As of May 13, 2025, the Company and GDH LP reorganized and domesticated to the United States.
The Company intends to list on Nasdaq on May 16, 2025.
Galaxy transitioned to reporting its financial results in accordance with U.S. Generally Accepted
Accounting Principles (“GAAP”).
— Financial Highlights
•Net loss of $295 million for the first quarter 2025, or a loss of $0.86 per diluted share, driven primarily
by the depreciation of digital asset prices in the quarter and a one-time $57 million impairment charge
and disposal costs related to the wind-down of mining operations at our Helios data center campus.
•Equity capital of $1.9 billion as of March 31, 2025, and holdings of approximately $1.1 billion in cash
and net stablecoins.1
•As of May 12, 2025, second-quarter-to-date operating income was estimated between $160 million and
$170 million, and as of the same date, equity capital was estimated at $2.2 billion.2
— Corporate Updates
Helios Data Center Campus: Subsequent to the end of the first quarter 2025, CoreWeave exercised its
first option to access additional critical IT load for its artificial intelligence ("AI") and high-performance
computing ("HPC") operations at Galaxy's Helios data center campus. Under the Phase II option
agreement, Galaxy would deliver approximately 260 megawatts (“MW”) of incremental critical IT load to
CoreWeave, with deliveries expected to commence in 2027. This additional capacity would be structured on
terms similar to those outlined in the previously announced 15-year, 133 MW lease agreement from March
28, 2025. With this expansion, CoreWeave's total committed capacity for AI and HPC operations at Helios
would increase to approximately 393 MW of critical IT load.
| SELECT FINANCIAL METRICS | Q/Q<br><br>% Change |
|---|---|
| Total Assets | (11)% |
| Equity Capital | (13)% |
| Cash & Net Stablecoins1 | 6% |
| Balance Sheet Net Digital Asset Exposure3 | (37)% |
| Net Income (Loss) | N.M.4 |
| Book Value Per Share in 5 | (13)% |
| Note: Throughout this document, totals may not sum due to rounding. Percentage change calculations are based on unrounded results.(1) Includes 509M in Cash and Cash Equivalents, and 565M in Net Stablecoins. Net stablecoins includes all stablecoins categorized as assets, less all stablecoins categorized as liabilities on the statement of financial position. Net stablecoins is a non-GAAP measure. Refer to the reconciliation on page 10.(2) This preliminary, unaudited quarter-to-date financial information is as of May 12, 2025. Financial results exclude completion of the full quarterly valuation process of our investment portfolio and the performance of other quarter-end close procedures. This data is subject to change as management completes its quarterly close procedures.(3) Refer to page 5 of this release for a breakout of our balance sheet net digital assets exposure. (4) Abbreviation for "Not Meaningful".(5) Calculated as equity capital divided by outstanding Class A and Class B Units. |
All values are in US Dollars.
2 | GLXY • Q1 2025All figures are in U.S. Dollars unless otherwise noted.
— Segment Consolidation & GAAP Adoption
In the first quarter 2025, Galaxy streamlined its financial reporting by consolidating its activities into two
operating business segments, Digital Assets and Data Centers, along with a Treasury & Corporate
segment.
As part of Galaxy's successful domestication as a Delaware incorporated entity, effective May 13, 2025, we
have transitioned from reporting our financial results under International Financial Reporting Standards
(“IFRS”) to reporting in accordance with U.S. GAAP.
— Galaxy Financial Snapshot
•Gross revenues & gains/(losses) from operations was $12.9 billion for the first quarter, offset by $13.1
billion of gross transaction expenses. This reflects a quarter-over-quarter (“QoQ”) decline of 21% driven
by downward pressure of digital asset prices leading to softer client trading activity. GAAP requires the
grossing up of purchases and sales of digital assets with clients and exchanges.
•Digital Assets generated adjusted gross profit1 of $64.8 million in Q1 2025, a 36% decline QoQ,
primarily due to the depreciation of digital asset prices, which led to reduced client trading activity and
lower assets on platform. Despite these headwinds, the segment maintained positive operating income
of $3.5 million for the quarter.
•Galaxy expects to begin generating Data Centers leasing revenue in the first half of 2026, when it
starts delivering critical IT capacity to CoreWeave under Phase I of its lease agreement.
•Treasury & Corporate generated an operating loss of $392 million in Q1 2025, driven primarily by the
depreciation of digital asset prices in the first quarter as well as a one-time $57 million impairment
charge and disposal costs related to the wind-down of mining operations at Helios.
| GAAP Revenues and Transaction Expenses | Q1 2025 | Q4 2024 | Q/Q % Change | |||||
|---|---|---|---|---|---|---|---|---|
| Gross Revenues & Gains/(Losses) from Operations | $12,856M | $16,352M | (21)% | |||||
| Gross Transaction Expenses | $13,059M | $15,892M | (18)% | Segment Reporting Breakdown | Q1 2025 | Q4 2024 | Q/Q % Change | |
| --- | --- | --- | --- | |||||
| Digital Assets Adjusted Gross Profit1 | $64.8M | $101M | (36)% | |||||
| Global Markets1,2 | $43.2M | $77.6M | (44)% | |||||
| Asset Management & Infrastructure Solutions1,3 | $21.6M | $23.4M | (8)% | |||||
| Digital Assets Operating Income | $3.5M | $29.4M | (88)% | |||||
| Data Centers Leasing Revenue | - | - | - | |||||
| Data Centers Operating Income | ($2.9M) | ($2.1M) | (35)% | |||||
| Treasury & Corporate Adjusted Gross Profit1,4 | ($268M) | $360M | N.M. | |||||
| Treasury & Corporate Operating Income | ($392M) | $102M | N.M. | |||||
| Net Income | ($295M) | $118M | N.M. | |||||
| (1) Adjusted Gross Profit is a non-GAAP financial measure. Please see Non-GAAP Financial Measures below for further information.<br><br>(2) Includes Trading and Investment Banking; net of transaction expenses.<br><br>(3) Includes Asset Management, Staking and GK8; net of transaction expenses.<br><br>(4) Includes Bitcoin Mining; Treasury activities are net of transaction expenses. |
3 | GLXY • Q1 2025All figures are in U.S. Dollars unless otherwise noted.
— Digital Assets
Global Markets
Global Markets adjusted gross profit1 totaled $43.2 million in Q1 2025, declining 44% QoQ due to lower
digital asset prices, which led to reduced market activity and client trading volumes.
•Digital asset trading volumes declined 20% QoQ.
•Average loan book size increased modestly to $874 million in Q1, driven by ongoing demand from
new and existing clients for margin lending and increased interest in structured solutions.
•In Q1 2025, the Investment Banking team served as a co-manager on CoreWeave’s Initial Public
Offering.
| KEY PERFORMANCE INDICATORS | Q1<br><br>2025 | Q4<br><br>2024 | Q/Q<br><br>% Change |
|---|---|---|---|
| Global Markets Adjusted Gross Profit1 | $43.2M | $77.6M | (44)% |
| Loan Book Size (Average) | $874M | $861M | 1% |
| Total Trading Counterparties | 1,381 | 1,328 | 4% |
| Global Markets Adjusted Gross Profit: Gross Profit from Galaxy trading activity, net of transaction expenses and fee revenue associated with the<br><br>Investment Banking business. Loan Book Size (Average): Average market value of all open loans, excluding uncommitted credit facilities. |
Asset Management & Infrastructure Solutions
Asset Management & Infrastructure Solutions generated $21.6 million of adjusted gross profit1 in 1Q 2025,
declining 8% from the prior quarter. The decrease was primarily driven by lower digital asset prices and
reduced on-chain activity during the quarter.
•Galaxy ended the first quarter with approximately $7 billion in combined assets under management
and assets under stake, down 29% QoQ as a result of declining digital asset prices.
•Galaxy continues to integrate its staking infrastructure with new digital asset custodians, who
collectively manage hundreds of billions in assets, giving their clients access to our staking
services through their custodial accounts.
| KEY PERFORMANCE INDICATORS | Q4<br><br>2024 | Q/Q<br><br>% Change |
|---|---|---|
| Asset Management & Infrastructure Solutions Adjusted Gross Profit1 | $23.4M | (8)% |
| Assets on Platform | $9,901M | (29)% |
| ETFs | $3,482M | (25)% |
| Alternatives | $2,183M | (6)% |
| Assets Under Stake | $4,235M | (45)% |
| Assets on Platform: All figures are unaudited. Assets on Platform is inclusive of sub-advised funds, committed capital closed-end vehicles, seed investments by affiliates, affiliated and unaffiliated separately managed accounts, engagements to unwind portfolios, fund of fund products and the total notional value of assets bonded to Galaxy validators, based on prices as of the end of the specified period. This includes certain Galaxy balance sheet assets, Galaxy affiliate assets, and third-party assets. Changes in Assets on Platform are generally the result of performance, contributions, withdrawals, liquidations, and opportunistic mandate wins. Assets on Platform for committed capital closed-end vehicles that have completed their investment period is reported as Net Asset Value (“NAV”) plus unfunded commitment. Assets on Platform for quarterly close vehicles is reported as of the most recent quarter available for the applicable period. Assets on Platform for affiliated separately managed accounts is reported as NAV as of the most recently available estimate for the applicable period. Total Assets on Platform for Q4 2024 was updated from what was previously reported as quarterly close vehicles are reported as of the most recent information available for the applicable period. Note: 26M of staked venture positions are captured within both Assets Under Stake and Alternatives. |
All values are in US Dollars.
(1) Adjusted Gross Profit is a non-GAAP financial measure. Please see Non-GAAP Financial Measures below for further information.
4 | GLXY • Q1 2025All figures are in U.S. Dollars unless otherwise noted.
— Data Centers
High-Performance Computing
Helios Data Center Campus: Subsequent to the end of the first quarter 2025, CoreWeave exercised its
first option to access additional critical IT load for its artificial intelligence (“AI”) and high-performance
compute (“HPC”) operations at Galaxy's Helios data center campus. Under the Phase II option agreement,
Galaxy would deliver approximately 260 MW of incremental critical IT load to CoreWeave, with deliveries
expected to commence in 2027. This additional capacity would be structured on terms similar to those
outlined in the previously announced 15-year, 133 MW lease agreement from March 28, 2025. With this
expansion, CoreWeave's total committed capacity for AI and HPC operations at Helios would increase to
approximately 393 MW of critical IT load, marking a major milestone in scaling Galaxy’s AI and HPC
infrastructure platform.
| Phase I | Phase I + II |
|---|---|
| 133MW | $900M |
| Contracted Critical IT Load1 | Anticipated Average Annual<br><br>Revenue for Combined Phases I + II3 |
| 1H26 | 90% |
| Expected Delivery Date2 | Expected EBITDA Margins3 |
| (1) Approximately 200 MW of gross power capacity for Phase I and approximately 400 MW of gross capacity in Phase II.(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 and Phase II in 2027.(3) Based on committed contractual terms, internal estimates for capital expenditures, and assumes full capacity utilization of the 393MW of critical IT load. Upon energization of the full 393 MW, we expect to generate more than 700 million in revenue in the first 12 months. 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. |
All values are in US Dollars.
Digital rendering of Galaxy’s expanded Helios campus, optimized for hosting AI and HPC infrastructure.
5 | GLXY • Q1 2025All figures are in U.S. Dollars unless otherwise noted.
— Balance Sheet Net Digital Asset Exposure By Token
The Company’s balance sheet maintains exposure to bitcoin, ether, and other digital assets through a
diversified allocation across spot positions, ETFs, private equity holdings and other non-current
investments.
Balance sheet net digital asset exposure as of March 31, 2025, is as follows:
(1) Includes associated tokens such as wBTC. In addition to digital assets, net, Galaxy also held interests in investment vehicles designed to hold BTC, including
bitcoin futures ETFs, Galaxy sponsored BTC funds, and Mt. Gox Investment Fund LP.
(2) Includes associated tokens such as wETH and stETH. In addition to digital assets, net, Galaxy also held interests in investment vehicles designed to hold
ETH, including spot ETFs and Galaxy sponsored ETH funds.
(3) Includes $19.6 million net SOL and $21.7 million net TIA digital assets. In addition to digital assets, net, Galaxy also held interests in investment vehicles
designed to hold digital assets, including the Galaxy sponsored Galaxy Digital Crypto Vol Fund LLC (includes $53.9 million SOL and $17.4 million of AVAX) and
Ripple Labs Inc.
Note: Galaxy also held digital asset derivative positions not reflected in this chart.
6 | GLXY • Q1 2025All figures are in U.S. Dollars unless otherwise noted.
Earnings Conference Call
An investor conference call will be held today, May 13, 2025, at 8:30 AM Eastern Time. A live webcast with the ability to ask questions
will be available at: https://investor.galaxy.com/. The conference call can also be accessed by investors in the United States or Canada
by dialing 1-800-445-7795, or 1-785-424-1699 (outside the U.S. and Canada). A replay of the webcast will be available and can be
accessed in the same manner as the live webcast on the Company's Investor Relations website. Through June 13, 2025, the recording
will also be available by dialing 1-844-512-2921, or 1-412-317-6671 (outside the U.S. and Canada) and using the passcode: 11158991.
About Galaxy Digital Inc. (TSX: GLXY)
Galaxy (TSX: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in
finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking,
self-custody, and tokenization technology. In addition, we invest in and operate cutting-edge data center infrastructure to power AI and
high-performance computing, meeting the growing demand for scalable energy and compute solutions in the U.S. The Company is
headquartered in New York City, with offices across North America, Europe, the Middle East and Asia. Additional information about
Galaxy's businesses and products is available on www.galaxy.com.
Disclaimer
The TSX has not approved or disapproved of the information contained herein. The Ontario Securities Commission has not passed
upon the merits of the disclosure record of Galaxy.
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This press release and the accompanying conference call may contain “forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, as amended (the “Securities Act”), 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"). Our
forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes,
beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including statements about Galaxy’s
intended Nasdaq listing, Galaxy’s business plans and goals, including with respect to the lease with CoreWeave, and the parties,
perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections,
forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking
statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,”
“possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this
document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking
into account information currently available to us. There can be no assurance that future developments affecting us will be those that we
have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or
other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these
forward-looking statements. These risks include, but are not limited to: (1) the inability to meet and maintain listing standards following
our expected listing on Nasdaq; (2) costs related to AI/HPC plans, the transactions, operations and strategy; (3) changes in applicable
laws or regulations; (4) the possibility that the Company may be adversely affected by other economic, business, and/or competitive
factors; (5) changes or events that impact the cryptocurrency and AI/HPC industry, including potential regulation, that are out of our
control; (6) the risk that our business will not grow in line with our expectations or continue on its current trajectory; (7) the possibility
that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; (8) the possibility that there is a
disruption or change in power dynamics impacting our results or current or future load capacity; (9) any delay or failure to consummate
the business mandates or achieve its pipeline goals (10) technological challenges, cyber incidents or exploits; (11) risks related to
retrofitting our existing facility from mining to AI and HPC infrastructure, including the timing of construction and its impact on lease
revenue; (12) any inability or difficulty in obtaining financing for the AI and HPC financing on acceptable terms or at all; (13) changes to
the AI and HPC infrastructure needs and their impact on future plans at the Helios campus; (14) risks associated with the leasing
business, including those associated with counterparties; and (15) those other risks contained in filings we make with the Securities and
Exchange Commission (the “SEC”) from time to time, including in our Quarterly Report on Form 10-Q for the quarter ended March 31,
2025, filed with the SEC on May 13, 2025 and available on Galaxy’s profile at www.sedarplus.ca (our “Form 10-Q”). Factors that could
cause actual results to differ materially from those described in such forward-looking statements include, but are not limited to, financing
and construction terms and conditions, a decline in the digital asset market or general economic conditions; the possibility that our
addressable market is smaller than we have anticipated and/or that we may not gain share of the stated addressable market; the failure
or delay in the adoption of digital assets and the blockchain ecosystem; a delay or failure in developing infrastructure for our business or
our businesses achieving our mandates; delays or other challenges in the mining and AI/HPC infrastructure business related to hosting,
7 | GLXY • Q1 2025All figures are in U.S. Dollars unless otherwise noted.
power or construction; any challenges faced with respect to exploits, considerations with respect to liquidity and capital planning; a
delay or failure in our anticipated Nasdaq listing; and changes in applicable law or regulation and adverse regulatory developments.
Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-
looking statements. Except as required by law, we assume no obligation to update or revise any forward-looking statements whether as
a result of new information, future events or otherwise, or to update the reasons if actual results differ materially from those anticipated
in the forward-looking statements. You should not take any statement regarding past trends or activities as a representation that the
trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.
This press release contains certain pre-released second quarter 2025 financial information (the "pre-released financial information").
The pre-released financial information contained in this press release is preliminary and represents the most current information
available to management. The Company’s actual consolidated financial statements for such period may result in material changes to
the prereleased financial information summarized in this press release (including by any one financial metric, or all of the financial
metrics) as a result of the completion of normal quarter accounting procedures and adjustments or due to other risks contained in our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Although the Company believes the expectations reflected in this
press release are based upon reasonable assumptions, the Company can give no assurance that actual results will not differ materially
from these expectations.
Non-GAAP Financial Measure
In addition to our results determined in accordance with GAAP, this press release and the accompanying tables contain adjusted gross
profit, which is a non-GAAP financial measure. Adjusted gross profit is 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 page 10 for a reconciliation of adjusted gross profit to revenues and gains / (losses) from operations (including for our
individual segments) during the three months ended March 31, 2025 and three months ended December 31, 2024.
It is important to note that the particular items we exclude from, or include in, adjusted gross profit 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.
Adjusted gross profit is a helpful 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.
Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool.
© Copyright Galaxy Digital 2025. All rights reserved.
8 | GLXY • Q1 2025All figures are in U.S. Dollars unless otherwise noted.
Galaxy Digital Holdings LP’s Consolidated Statements of Financial Position (unaudited)
| March 31, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents ............................................................................................... | $509,438 | $462,103 |
| Digital intangible assets (includes $1,671.3 and $1,997.4 million measured at fair<br><br>value) ................................................................................................................................ | 2,123,860 | 2,547,581 |
| Digital financial assets ........................................................................................................ | 514,479 | 359,665 |
| Digital assets loan receivable, net of allowance ............................................................ | 280,095 | 579,530 |
| Investments .......................................................................................................................... | 545,754 | 834,812 |
| Assets posted as collateral ................................................................................................ | 506,634 | 277,147 |
| Derivative assets ................................................................................................................. | 128,353 | 207,653 |
| Accounts receivable (includes $4.5 and $4.2 million due from related parties) ........ | 28,864 | 55,279 |
| Digital assets receivable .................................................................................................... | 17,674 | 53,608 |
| Loans receivable ................................................................................................................. | 407,966 | 476,620 |
| Prepaid expenses and other assets ................................................................................. | 29,884 | 26,892 |
| Total current assets ................................................................................................................. | 5,093,001 | 5,880,890 |
| Non-current assets | ||
| Digital assets receivable .................................................................................................... | 1,996 | 7,112 |
| Investments (includes $669.6 and $745.5 million measured at fair value) ............... | 736,060 | 808,694 |
| Digital intangible assets ..................................................................................................... | 15,030 | 20,979 |
| Loans receivable, non-current .......................................................................................... | 56,800 | — |
| Property and equipment, net ............................................................................................. | 262,216 | 237,038 |
| Other non-current assets ................................................................................................... | 113,052 | 107,105 |
| Goodwill ................................................................................................................................ | 58,037 | 58,037 |
| Total non-current assets ......................................................................................................... | 1,243,191 | 1,238,965 |
| Total assets ........................................................................................................................... | $6,336,192 | $7,119,855 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Derivative liabilities ............................................................................................................. | 89,702 | 165,858 |
| Accounts payable and accrued liabilities (includes $111.0 and $96.9 million due<br><br>to related parties) ............................................................................................................ | 270,468 | 281,531 |
| Digital assets borrowed ...................................................................................................... | 1,760,455 | 1,497,609 |
| Payable to customers ......................................................................................................... | 19,288 | 19,520 |
| Loans payable ..................................................................................................................... | 345,249 | 510,718 |
| Collateral payable ............................................................................................................... | 943,513 | 1,399,655 |
| Other current liabilities ....................................................................................................... | 73,358 | 13,034 |
| Total current liabilities ............................................................................................................. | 3,502,033 | 3,887,925 |
| Non-current liabilities | ||
| Notes payable ...................................................................................................................... | 763,798 | 845,186 |
| Digital assets borrowed - non-current .............................................................................. | 6,603 | — |
| Other non-current liabilities ............................................................................................... | 162,114 | 192,392 |
| Total non-current liabilities ..................................................................................................... | 932,515 | 1,037,578 |
| Total liabilities ...................................................................................................................... | 4,434,548 | 4,925,503 |
| Commitments and contingencies (Note 17) | ||
| Equity | ||
| Unit holders’ capital ............................................................................................................ | 1,901,644 | 2,194,352 |
| Total equity ............................................................................................................................ | 1,901,644 | 2,194,352 |
| Total liabilities and equity ................................................................................................. | $6,336,192 | $7,119,855 |
9 | GLXY • Q1 2025All figures are in U.S. Dollars unless otherwise noted.
Galaxy Digital Holdings LP’s Consolidated Interim Statements of Income (Loss) and Comprehensive Income (Loss)
(unaudited)
| Three Months Ended<br><br>March 31, 2025 | Three Months Ended<br><br>March 31, 2024 | |
|---|---|---|
| Revenues ............................................................................................................................ | 12,976,206 | 9,335,372 |
| Net gain / (loss) on digital assets .................................................................................... | (18,223) | 346,393 |
| Net gain / (loss) on investments ...................................................................................... | (133,167) | 63,018 |
| Net gain / (loss) on derivatives trading ........................................................................... | 31,059 | 83,640 |
| Revenues and gains / (losses) from operations .................................................. | 12,855,875 | 9,828,423 |
| Operating expenses: | ||
| Transaction expenses ....................................................................................................... | 13,059,439 | 9,313,616 |
| Compensation and benefits .............................................................................................. | 56,953 | 61,071 |
| General and administrative ............................................................................................. | 86,575 | 19,685 |
| Technology .......................................................................................................................... | 9,887 | 6,492 |
| Professional fees ................................................................................................................ | 20,772 | 13,629 |
| Notes interest expense .................................................................................................... | 14,071 | 6,976 |
| Total operating expenses .......................................................................................... | 13,247,697 | 9,421,469 |
| Other income / (expense): | ||
| Unrealized gain / (loss) on notes payable - derivative ................................................. | 89,606 | (9,713) |
| Other income / (expense), net ......................................................................................... | 672 | 213 |
| Total other income / (expense) ................................................................................ | 90,278 | (9,500) |
| Net income / (loss) before taxes ..................................................................................... | $(301,544) | $397,454 |
| Income taxes expense / (benefit) .................................................................................... | (6,112) | 9,327 |
| Net income / (loss) ............................................................................................................... | $(295,432) | $388,127 |
| Net income/ (loss) attributed to: | ||
| Unit holders of the Company ............................................................................................ | $(295,432) | $388,127 |
| Net income per unit: | ||
| Basic ...................................................................................................................................... | $(0.86) | $1.19 |
| Diluted .................................................................................................................................... | $(0.86) | $1.10 |
| Weighted average units outstanding used to compute net income per unit: | ||
| Basic ...................................................................................................................................... | 345,233,801 | 325,159,324 |
| Diluted .................................................................................................................................... | 345,233,801 | 352,999,694 |
10 | GLXY • Q1 2025All figures are in U.S. Dollars unless otherwise noted.
Reconciliation of Revenue and Gains/(Losses) from Operations
The following table reconciles Revenues and gains / (losses) from operations to adjusted gross profit for the three months ended March
31, 2025 and December 31, 2024:
| Three months ended March 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | Digital Assets | Data Centers | Treasury and<br><br>Corporate | Total | ||||||
| Revenues and gains / (losses) from operations | $13,063,899 | $— | $(208,024) | $12,855,875 | ||||||
| Less: Transaction expenses | (12,999,168) | — | (60,271) | (13,059,439) | ||||||
| Adjusted gross profit | $64,731 | $— | $(268,295) | $(203,564) | Three months ended December 31, 2024 | |||||
| --- | --- | --- | --- | --- | ||||||
| (in thousands) | Digital Assets | Data Centers | Treasury and<br><br>Corporate | Total | ||||||
| Revenues and gains / (losses) from operations | $15,886,430 | $— | $465,936 | $16,352,366 | ||||||
| Less: Transaction expenses | (15,785,458) | — | (106,319) | (15,891,777) | ||||||
| Adjusted gross profit | $100,972 | $— | $359,617 | $460,589 |
Reconciliation of Cash & Net Stablecoins
The following table reconciles the Company’s cash and net stablecoin position to the reported financial statements as of March 31,
2025 and December 31, 2024:
| (in thousands) | March 31, 2025 | December 31, 2024 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | $509,438 | $462,103 |
| Add stablecoins included in: | ||
| Digital intangible assets | 179,327 | 152,013 |
| Digital financial assets | 496,578 | 359,665 |
| Digital asset loans receivable, net of allowance | 173,452 | 393,733 |
| 1,358,795 | 1,367,514 | |
| Stablecoin Liabilities | ||
| Digital asset loans payable | 261,930 | 189,335 |
| Collateral payable | 22,666 | 163,237 |
| 284,596 | 352,572 | |
| Cash & Net Stablecoins | $1,074,199 | $1,014,942 |
glxyq12025overview-992
Exhibit 99.2
• • •
✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
a1q25-trailingtwelvequar
Galaxy Digital Inc. Historical Financials as of Q1 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
Three Months Ended March 31, 2025 Three Months Ended December 31, 2024 Three Months Ended September 30, 2024 Three Months Ended June 30, 2024 Three Months Ended March 31, 2024 Three Months Ended December 31, 2023 Three Months Ended September 30, 2023 Three Months Ended June 30, 2023 Three Months Ended March 31, 2023 Three Months Ended December 31, 2022 Three Months Ended September 30, 2022 Three Months Ended June 30, 2022 Three Months Ended March 31, 2022 Revenues 12,976,206 15,807,753 8,570,657 8,882,891 9,335,372 7,475,085 6,414,043 13,385,473 24,352,178 19,018,696 42,830,495 34,227,035 23,749,621 Net gain / (loss) on digital assets (18,223) 198,189 111,990 (22,015) 346,393 281,215 (16,982) 23,801 45,416 97,268 104,014 489,241 247,842 Net gain / (loss) on investments (133,167) 283,957 13,303 (101,487) 63,018 37,633 (3,024) (15,176) 78,394 (144,089) (27,175) (286,493) (7,161) Net gain / (loss) on derivatives trading 31,059 62,467 16,340 105,322 83,640 71,121 15,738 8,099 56,625 12,737 17,825 80,019 81,977 Revenues and gains / (losses) from operations 12,855,875 16,352,366 8,712,290 8,864,711 9,828,423 7,865,054 6,409,775 13,402,197 24,532,613 18,984,612 42,925,159 34,509,802 24,072,279 Operating expenses: Transaction expenses 13,059,439 15,891,776 8,644,601 8,891,783 9,313,616 7,479,841 6,426,408 13,370,915 24,315,259 19,151,479 42,847,448 34,983,435 24,013,569 Compensation and benefits 56,953 85,977 57,290 61,253 61,071 67,883 50,543 52,612 48,218 33,171 59,987 62,054 60,989 General and administrative 86,575 213,414 23,931 22,267 19,685 15,384 16,853 15,495 10,619 71,083 39,956 26,778 10,953 Technology 9,887 9,086 7,576 7,356 6,492 6,165 4,948 4,599 4,395 3,943 3,660 4,045 3,270 Professional fees 20,772 12,829 10,927 13,691 13,629 11,538 7,910 8,786 9,817 12,952 (4,260) 9,940 9,591 Notes interest expense 14,071 9,683 7,105 7,040 6,976 6,913 6,851 6,790 6,731 14,916 7,503 7,336 7,274 Total operating expenses 13,247,697 16,222,765 8,751,430 9,003,390 9,421,469 7,587,724 6,513,513 13,459,197 24,395,039 19,287,544 42,954,294 35,093,588 24,105,646 Other income / (expense): Change in fair value of warrant liability - - - - - - - - - 317 307 17,177 2,521 Unrealized gain / (loss) on notes payable - derivative 89,606 (16,583) (2,858) (2,573) ( 9,713) (8,581) 1,082 (799) ( 1,305) 1,442 (1,042) 51,105 6,493 Other income / (expense), net 672 166 783 1,612 213 375 (636) 102 24 19,036 4,112 421 2,911 Total other income / (expense) 90,278 (16,417) (2,075) (961) ( 9,500) (8,206) 446 (697) ( 1,281) 20,795 3,377 68,703 11,925 Net income / (loss) before taxes (301,543) 113,184 (41,215) (139,640) 397,454 269,124 (103,292) (57,697) 136,293 (282,137) (25,758) (515,083) (21,442) Income taxes expense / (benefit) (6,112) (4,337) (7,885) (14,044) 9,327 16,275 (3,521) (1,900) 5,060 (9,967) (2,322) (9,883) (6,119) Net income / (loss) (295,432) 117,521 (33,330) (125,596) 388,127 252,849 (99,771) (55,797) 131,233 (272,170) (23,436) (505,200) (15,323) Redeemable noncontrolling interest - - - - - - - - 7,941 8,857 (100,606) (13,411) Unit holders of the Company (295,432) 117,521 (33,330) (125,596) 388,127 252,849 (99,771) (55,797) 131,233 (280,111) (32,293) (404,594) (1,912) Consolidated Statements of Operations
March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Assets Current Assets Cash and cash equivalents 934,177 1,073,854 1,038,176 542,101 399,943 301,625 295,001 316,610 247,232 314,033 271,977 462,103 509,438 Digital intangible assets 1,679,217 593,602 654,036 362,383 693,645 834,149 821,069 972,429 1,853,704 1,851,953 2,367,770 2,547,581 2,123,860 Digital financial assets 362,220 251,540 191,292 199,632 141,363 275,194 131,824 74,386 102,744 83,138 103,447 359,665 514,479 Digital assets loan receivable, net of allowance 172,849 69,894 110,349 49,971 45,143 47,099 80,442 104,504 95,218 177,230 305,276 579,530 280,095 Assets posted as collateral 131,623 82,786 95,140 25,138 94,886 8,783 123,499 318,195 173,390 203,942 227,050 277,147 506,634 Investments - - - - - 17,878 - - 578,975 508,380 594,564 834,812 545,754 Derivative assets 45,744 29,718 23,909 18,763 92,209 69,083 45,442 173,209 341,336 153,470 141,961 207,653 128,353 Accounts receivable 137,570 86,591 41,057 30,874 41,794 65,146 54,535 60,929 169,739 82,645 30,309 55,279 28,864 Digital assets receivable 50,355 17,287 21,012 12,423 20,296 9,620 7,528 14,686 24,132 44,576 43,118 53,608 17,674 Loans receivable 303,534 131,045 76,028 62,611 188,976 316,647 247,276 377,105 402,722 404,991 398,510 476,620 407,966 Prepaid expenses and other assets 34,228 63,075 52,272 33,870 31,438 33,305 54,285 36,924 34,724 26,643 31,452 26,892 29,884 Total current assets 3,851,517 2,399,392 2,303,271 1,337,766 1,749,693 1,978,529 1,860,901 2,448,977 4,023,916 3,851,001 4,515,434 5,880,890 5,093,001 Non-current Assets Digital intangible assets - - - - - - - 41,356 52,859 22,372 56,789 20,979 15,030 Digital assets receivable 35,737 6,072 11,172 5,154 7,403 4,378 3,537 6,174 18,065 3,854 7,015 7,112 1,996 Digital assets loan receivable, non-current - - - - - - - - - 12,881 18,376 - - Investments 1,008,759 725,422 743,156 588,558 683,680 589,878 586,513 735,103 822,412 800,315 704,542 808,694 736,060 Loans receivable, non-current - - - 100,977 100,150 18,698 113,792 10,259 - - - - 56,800 Property and equipment, net 94,736 149,072 140,619 188,019 192,940 205,638 212,419 213,348 227,193 225,290 220,303 237,038 262,216 Other non-current assets 41,553 49,847 39,563 75,755 100,472 101,177 106,210 94,806 93,411 108,518 115,083 107,105 113,052 Goodwill 24,645 24,645 24,645 24,645 45,278 44,257 44,257 44,257 44,257 44,257 49,450 58,037 58,037 Total non-current assets 1,205,430 955,058 959,155 983,108 1,129,923 964,026 1,066,728 1,145,303 1,258,197 1,217,487 1,171,558 1,238,965 1,243,191 Total assets 5,056,947 3,354,450 3,262,426 2,320,874 2,879,616 2,942,555 2,927,629 3,594,280 5,282,113 5,068,488 5,686,992 7,119,855 6,336,192 Liabilities and Equity Current liabilities Derivative liabilities 31,654 41,854 19,334 16,568 81,325 47,371 39,737 160,642 395,835 118,770 112,136 165,858 89,702 Accounts payable and accrued liabilities 110,213 133,891 119,823 120,955 113,052 118,492 132,877 140,376 192,441 193,841 196,855 281,531 270,468 Digital assets borrowed 864,525 425,108 501,119 170,566 308,338 355,092 272,239 398,277 975,582 950,178 1,163,768 1,497,609 1,760,455 Payable to customers 138,119 142,936 22,771 9,591 13,876 11,905 3,446 3,442 80,740 94,816 96,864 19,520 19,288 Loans payable 129,236 105,783 112,528 - 3,058 1,546 51,565 93,069 275,415 211,384 248,818 510,718 345,249 Collateral payable 755,315 189,615 206,187 131,506 349,976 440,184 520,618 581,362 684,838 811,656 1,154,471 1,399,655 943,513 Other current liabilities 81,295 37,988 19,372 8,090 11,148 7,468 50,579 40,936 116,014 116,973 166,879 13,034 73,358 Total current liabilities 2,110,357 1,077,175 1,001,134 457,276 880,773 982,058 1,071,061 1,418,104 2,720,865 2,497,618 3,139,791 3,887,925 3,502,033 Non-current Liabilities Notes payable 472,361 424,842 425,629 384,515 389,213 393,465 395,896 408,053 421,405 427,679 434,306 845,186 763,798 Digital assets borrowed, non-current - - - - - - - - - - - - 6,603 Other non-current liabilities 19,785 27,668 32,517 62,889 63,975 59,430 53,157 56,952 59,794 68,555 60,796 192,392 162,114 Total non-current liabilities 492,146 452,510 458,146 447,404 453,188 452,895 449,053 465,005 481,199 496,234 495,102 1,037,578 932,515 Total Liabilities 2,602,503 1,529,685 1,459,280 904,680 1,333,961 1,434,953 1,520,114 1,883,109 3,202,064 2,993,852 3,634,893 4,925,503 4,434,548 Equity Non-controlling interest 147,760 50,070 56,652 - - - - - - - - - - Unit holders' capital 2,306,684 1,774,695 1,746,494 1,416,194 1,545,655 1,507,602 1,407,515 1,711,171 2,080,049 2,074,636 2,052,099 2,194,352 1,901,644 Total Equity 2,454,444 1,824,765 1,803,146 1,416,194 1,545,655 1,507,602 1,407,515 1,711,171 2,080,049 2,074,636 2,052,099 2,194,352 1,901,644 Total Liabilities and Equity 5,056,947 3,354,450 3,262,426 2,320,874 2,879,616 2,942,555 2,927,629 3,594,280 5,282,113 5,068,488 5,686,992 7,119,855 6,336,192 Consolidated Statements of Financial Position