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The Goldman Sachs of the crypto world.

BlackRock for digital assets.

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• Asset Management: Provides financial products and strategies for institutions and qualified investors to gain exposure to digital assets.
• Principal Investments: Invests its own capital into companies, technologies, and protocols across the digital asset and blockchain ecosystem.
• Investment Banking: Offers advisory services for capital raises, mergers & acquisitions, and strategic transactions within the cryptocurrency industry.
• Trading and Market Making: Engages in proprietary trading and provides liquidity solutions for various digital assets.
• Mining: Operates and invests in digital asset mining infrastructure and operations, primarily focused on Bitcoin.

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Galaxy Digital (GLXY) is a diversified financial services and investment management firm dedicated to the digital asset, cryptocurrency, and blockchain technology sector. Due to the nature of its business, which includes asset management, investment banking, trading, and principal investments, Galaxy Digital primarily serves institutional clients and sophisticated investors rather than general consumers.

As is common with financial services firms of this type, Galaxy Digital does not publicly disclose specific "major customers" by name in its filings. Its revenue is typically derived from a diverse base of institutional clients across its various business lines rather than being concentrated with a few named corporate entities that would constitute a "major customer" requiring disclosure (e.g., representing 10% or more of revenue).

Therefore, rather than specific company names, Galaxy Digital's client base can be best understood by the following categories of sophisticated customers:

• Institutional Investors: This category includes hedge funds, endowments, foundations, pension funds, registered investment advisors (RIAs), and other asset managers who seek exposure to digital assets through Galaxy Digital's various investment products (e.g., funds) or utilize its prime brokerage and trading services.
• Corporations and Other Financial Institutions: Companies and financial entities that engage Galaxy Digital for strategic advisory services, capital markets solutions (such as mergers & acquisitions or capital raising in the digital asset space), or require its trading and liquidity services for corporate treasury management involving digital assets.
• High-Net-Worth Individuals (HNWIs) and Family Offices: Sophisticated, accredited investors, often managed through family offices, who access Galaxy Digital's institutional-grade investment products, private wealth management, and trading services for their digital asset portfolios.

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Michael Novogratz, Founder and CEO

Michael Novogratz is the Founder and CEO of Galaxy Digital. He previously spent 11 years at Goldman Sachs, where he was elected Partner in 1998, and later served as a Partner and President of Fortress Investment Group LLC. Fortress Investment Group is an investment management firm that invests in private equity, among other strategies.

Tony Paquette, Chief Financial Officer

Tony Paquette is the Chief Financial Officer of Galaxy Digital, bringing over 25 years of experience in financial services and fintech. Most recently, he served as Chief Financial Officer of Point72 for over four years. Point72 includes a private equity strategy within its institutional private investing platform, Point72 Private Investments. Prior to Point72, he was a Business Unit Leader at fintech company Social Finance (SoFi) and a Managing Director at JPMorgan Chase for nearly a decade, holding roles such as Portfolio Manager and Global Head of Funding and Liability Management. He also served as a Managing Director in Bank of America's Corporate Investments Group and Treasury division.

Christopher Ferraro, President and Chief Investment Officer

Christopher Ferraro is the President and Chief Investment Officer of Galaxy Digital. Before joining Galaxy Digital, he was a Managing Director and Partner at HPS Investment Partners (formerly Highbridge Principal Strategies), where he focused on originating, structuring, underwriting, and executing private debt and equity transactions in middle and large-sized corporations. He began his career at BlackRock Kelso Capital Advisors, focusing on structuring and executing middle-market structured debt and equity investments.

Erin Brown, Chief Operating Officer

Erin Brown is the Chief Operating Officer of Galaxy Digital. She possesses significant experience in treasury, risk, and trading operations. Before her role at Galaxy Digital, she was the Chief Risk Officer at Jump Trading and previously served as the Head of Global Treasury and Operations at DRW.

Matt Friedrich, Chief Legal Officer

Matt Friedrich joined Galaxy Digital as Chief Legal Officer, effective September 8, 2025. In this role, he oversees the company's global legal and compliance matters. His extensive background includes serving as Executive Vice President and General Counsel at Cognizant Technology Solutions and Chief Corporate Counsel at Chevron. Friedrich also spent 13 years at the U.S. Department of Justice, concluding his public service as Acting Assistant Attorney General of the Criminal Division, and held partner roles at law firms Freshfields Bruckhaus Deringer and Boies, Schiller & Flexner.

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The key risks to Galaxy Digital's business include the following:

1. Market Volatility in the Cryptocurrency Sector: Galaxy Digital's revenues and valuation are significantly exposed to and affected by the inherent volatility of the cryptocurrency market. The company remains heavily reliant on cryptocurrency trading to generate revenue, making it highly susceptible to price fluctuations. A substantial portion of Galaxy's tangible book value is held in digital assets and principal investments, which are subject to extreme, sudden market volatility and can sometimes be illiquid.
2. Regulatory Challenges and Scrutiny: As a major player in the digital asset space, Galaxy Digital faces heightened regulatory scrutiny and potential shifts in the regulatory landscape, which could impact its operations and financial outlook. Regulatory changes could disrupt its business. The company has also faced legal matters, such as a settlement with the New York State Attorney General in March 2025 related to past investments and statements concerning the LUNA digital asset.
3. Execution Risks and Concentration in AI Infrastructure Projects: While Galaxy Digital is expanding into AI infrastructure and data center projects, this diversification introduces risks related to project execution and tenant concentration. For instance, the Helios data center project, while ambitious, faces execution risks as the company balances its crypto and AI infrastructure endeavors. Any demand shock or financing hiccup in these capital-intensive AI data center builds, particularly concerning concentration in partners like CoreWeave, could pressure the company's upside.

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The increasing entry and expansion of large, established traditional financial institutions into the digital asset space, offering competitive services such as asset management (e.g., spot Bitcoin ETFs from BlackRock and Fidelity), trading, prime brokerage, and investment banking, which could erode Galaxy Digital's market share and competitive advantage.

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Galaxy Digital (GLXY) operates across several key business lines within the digital asset ecosystem. The addressable markets for its main products and services are substantial and primarily global.

Global Markets (Trading, Lending, Derivatives, Investment Banking)

Galaxy Digital's Global Markets segment includes trading, lending, derivatives, and investment banking services for digital assets. The overall global cryptocurrency market capitalization, which represents the assets traded and managed, reached approximately $3.53 trillion as of November 7, 2025, and over $3.9 trillion in 2025. The global cryptocurrency market size itself was estimated at $5.70 billion in 2024 and is projected to reach $11.71 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.1% from 2025 to 2030. Another projection places the cryptocurrency market size to increase by $39.75 billion, at a CAGR of 16.7% from 2024 to 2029.

Asset Management

Galaxy Digital's Asset Management division offers institutional-grade investment solutions, including ETFs, alternative strategies, venture funds, staking, and tokenization. The global crypto asset management market was valued at approximately $1.00 billion in 2023 and is projected to reach $4.59 billion by 2030, with a CAGR of 24.6% from 2024 to 2030. Another estimate indicates a market size of $1.66 billion in 2025, expected to reach $4.68 billion by 2030 at a CAGR of 23.03%. North America was the largest regional market for crypto asset management in 2023, holding a 30.4% share.

For tokenization and NFTs, which are part of their asset management and broader digital asset strategy, the global non-fungible token (NFT) market was valued at $36.12 billion in 2023 and is expected to grow to $217.07 billion by 2032, with a CAGR of 22.05%. Another report estimates the global NFT market size at $26.9 billion in 2023, projected to reach $211.7 billion by 2030, with a CAGR of 34.5% from 2024 to 2030. North America accounted for approximately 22.05% of the global NFT market revenue in 2023.

Digital Infrastructure Solutions (Mining & Data Centers)

This segment includes proprietary Bitcoin mining, hosting services, network validator services, and high-performance computing (HPC) infrastructure for AI. The global cryptocurrency mining market was valued at $1.55 billion in 2024 and is expected to reach $2.83 billion by 2032, with a CAGR of 7.8%. Other projections estimate the global cryptocurrency mining market at $2.45 billion in 2024, expected to surpass $8.24 billion by 2034 with a CAGR of 12.90%.

The broader blockchain technology market, which underpins much of digital infrastructure, was estimated at $31.28 billion globally in 2024 and is projected to reach $1,431.54 billion by 2030, growing at a significant CAGR of 90.1% from 2025 to 2030. North America dominated the global blockchain technology market in 2024, holding a 37.4% share of the revenue.

Principal Investments

Galaxy Digital also engages in principal investments, deploying its own capital into digital assets and blockchain companies. While this is a core business line, it represents the firm's investment strategy rather than a service sold to an external addressable market in the same way as its other offerings. Therefore, a distinct addressable market size for "principal investments" as a product or service cannot be provided. However, the overall cryptocurrency market capitalization and venture capital funding in the crypto space provide a contextual understanding of the investment landscape.

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1. AI Data Center Infrastructure Expansion: Galaxy Digital is making a strategic shift into AI and high-performance computing (HPC) data center infrastructure, with its Helios campus anticipated to be a significant revenue driver. The Helios data center is projected to begin generating substantial cash flow by mid-2026, with further stages expected to yield hundreds of millions of dollars quarterly by 2027 and 2028. Analysts view this as a major diversification into high-demand computing sectors.
2. Increased Institutional Blockchain Adoption and Digital Asset Services: The company is positioned as a "blockchain-enabled investment bank" and is expected to benefit from growing institutional adoption of blockchain technology. Galaxy Digital is focused on expanding its assets on platform across staking, asset management, and lending, which are core earnings drivers. The launch of new actively managed ETFs focused on digital assets and disruptive technologies also supports growth in this segment.
3. Growth in Digital Asset Trading and Lending: Galaxy Digital has demonstrated strong performance in its counterparty trading business, with significant revenue increases, primarily driven by higher revenue from derivatives and increased lending activity. The average loan book size has also seen a rise, indicating continued momentum in its core digital asset trading and lending operations.
4. Expansion of "GalaxyOne" Retail Platform: The continued development and adoption of the "GalaxyOne" retail platform is expected to significantly expand Galaxy Digital's user base and revenue streams. This platform offers institutional-quality financial products to individual investors, including high-yield cash accounts, crypto trading, and stock brokerage services, driving broader retail engagement with digital assets.
5. Digital Asset Treasury Management Services: Galaxy Digital's digital asset treasury management services have gained considerable traction, contributing to recurring fee revenue. These services involve supporting clients with initial capital raises, providing operational support, and implementing institutional-grade yield strategies across staking, lending, trade execution, and asset management.

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Share Repurchases

• On May 11, 2022, Galaxy Digital's Board of Directors approved a normal course issuer bid (NCIB) to repurchase up to approximately 10.6 million ordinary shares, representing 10% of the public float.
• Under the NCIB that commenced on May 18, 2022, Galaxy repurchased the maximum allowed of 10,596,720 ordinary shares at a weighted-average price of approximately $6.65 CAD per share.
• The Toronto Stock Exchange (TSX) approved the renewal of the NCIB on May 26, 2023, allowing Galaxy to purchase up to 10,056,193 ordinary shares, or 10% of the public float as of May 19, 2023.

Share Issuance

• As part of a $460 million private strategic investment closing around October 17, 2025, Galaxy sold 9,027,778 shares of its Class A common stock at $36 per share.
• On May 29, 2025, Galaxy priced an upsized underwritten public offering of 26,400,000 shares of its Class A common stock (excluding shares offered by selling stockholders) at $19.00 per share, with net proceeds intended for the expansion of its AI and high-performance computing infrastructure at the Helios data center campus and general corporate purposes.
• In October 2025, Galaxy announced a private offering of $1.0 billion in exchangeable senior notes due 2031, which was later upsized to $1.15 billion.

Inbound Investments

• On October 10, 2025, Galaxy Digital secured a $460 million private strategic investment from one of the world's largest asset management firms through the purchase of 9,027,778 shares of Galaxy's Class A common stock at $36 per share.
• The proceeds from this $460 million investment are designated for general corporate purposes and to support the buildout of the Helios data center campus.

Outbound Investments

• In July 2024, Galaxy acquired CryptoManufaktur, a blockchain infrastructure provider offering technological consulting and node operation services.
• In December 2022, Galaxy Digital agreed to acquire the Helios bitcoin mining facility and its related operations from Argo Blockchain for approximately $65 million.
• In January 2023, the company completed the acquisition of substantially all of the assets of GK8, a secure institutional digital asset custody platform, for approximately $44 million.

Capital Expenditures

• Galaxy intends to use net proceeds from its May 2025 public offering of Class A common stock to finance the continued expansion of its artificial intelligence and high-performance computing infrastructure at its Helios data center campus.
• As of September 30, 2025, Galaxy secured a $1.4 billion project financing facility, fully funding the $1.7 billion Phase I build at Helios, which is expected to deliver 133 MW of critical IT load in the first half of 2026.
• All major capital expenditures for the data center build-out are being capitalized, including the interest associated with the $1.4 billion project-level loan. The Helios project is being refitted to host AI-cloud provider CoreWeave and is anticipated to become one of the largest data centers in the U.S.