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 | Q1 2025 | Q4 2024 | Q/Q % Change | ||||
Total Assets | $6,336M | $7,120M | (11)% | ||||
Equity Capital | $1,902M | $2,194M | (13)% | ||||
Cash & Net Stablecoins1 | $1,074M | $1,015M | 6% | ||||
Balance Sheet Net Digital Asset Exposure3 | $908M | $1,437M | (37)% | ||||
Net Income (Loss) | ($295M) | $118M | N.M.4 | ||||
Book Value Per Share in USD5 | $5.53 | $6.39 | (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. | |||||||
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. (2) Includes Trading and Investment Banking; net of transaction expenses. (3) Includes Asset Management, Staking and GK8; net of transaction expenses. (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 2025 | Q4 2024 | Q/Q % 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 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 | Q1 2025 | Q4 2024 | Q/Q % Change | ||||||
Asset Management & Infrastructure Solutions Adjusted Gross Profit1 | $21.6M | $23.4M | (8)% | ||||||
Assets on Platform | $6,997M | $9,901M | (29)% | ||||||
ETFs | $2,598M | $3,482M | (25)% | ||||||
Alternatives | $2,057M | $2,183M | (6)% | ||||||
Assets Under Stake | $2,343M | $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. | |||||||||
(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 II | Phase I + II | ||
133MW | 260MW | $900M | ||
Contracted Critical IT Load1 | Committed Critical IT Load1 | Anticipated Average Annual Revenue for Combined Phases I + II3 | ||
1H26 | 2027 | 90% | ||
Expected Delivery Date2 | 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. | ||||
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 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 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 March 31, 2025 | Three Months Ended 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 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 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 |
