Galaxy Digital Inc【GLXY】株式ニュース

Galaxy Announces First Quarter 2026 Financial ResultsApril 28, 2026 7:00 AM
PR Newswire (US)

NEW YORK, April 28, 2026 /PRNewswire/ - Galaxy Digital Inc. (Nasdaq: GLXY) (the "Company" or "GDI") today released financial results for the three months ended March 31, 2026. In this press release, a reference to "Galaxy," "we," "our" and similar words refers to GDI, its subsidiaries and affiliates, and, prior to the Reorganization Transactions, refers to Galaxy Digital Holdings LP (the "Partnership" or "GDH LP"), its subsidiaries and affiliates, or any one of them, as the context requires.1— Financial HighlightsQ1 2026 net loss of $(216) million and diluted and adjusted EPS of $(0.49), driven primarily by the depreciation of digital asset prices in the quarter.2Q1 2026 adjusted gross loss of $(88) million and adjusted EBITDA of $(188) million.2 Total equity of $2.8 billion and cash and stablecoins holdings of $2.6 billion as of March 31, 2026.— Corporate UpdatesGalaxy successfully delivered the first data hall to CoreWeave at the Helios data center campus, marking the transition from construction to revenue-generating operations under the Phase I lease agreement, and remains on budget and on schedule to deliver substantially all 133 megawatts of critical IT by the end of Q2 2026.3Galaxy received ERCOT approval for an additional 830 megawatts of power capacity at the Helios campus, doubling total approved capacity to over 1.6 gigawatts.During the quarter, Galaxy repurchased 3.2 million shares of its Class A common stock for $65 million under its previously announced share repurchase program, more than offsetting dilution relating to the Company's 2025 employee stock-based compensation issuances.Galaxy completed its voluntary delisting from the Toronto Stock Exchange, consolidating its public listing on Nasdaq as its sole exchange.

SELECT FINANCIAL METRICSQ1 2026
Q4 2025
Q/Q % Change

Total Assets          $9,992M
         $11,348M
(12) %

Total Equity          $2,779M
          $3,035M
(8) %

Cash & Stablecoins4          $2,605M
          $2,606M
— %

Net Digital Assets and Investments5          $1,362M
          $1,678M
(19) %

Net Income / (Loss)          ($216M)
          ($482M)
N.M.

Adjusted EBITDA2          ($188M)
          ($518M)
N.M.

Note: Throughout this document, totals may not sum due to rounding. Percentage change calculations are based on unrounded results. N.M. is the abbreviation for "Not Meaningful".(1) On May 13, 2025, the Company, Galaxy Digital Holdings Ltd. and GDH LP consummated a series of transactions resulting in the reorganization of the Company's corporate structure (the "Reorganization Transactions").(2) Adjusted EPS, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Refer to pages 10 through 12 for more information and a non-GAAP to GAAP reconciliation to the most directly comparable GAAP measure.(3) Delivery of first data hall occurred in April 2026. (4) Includes $911M in Cash and Cash Equivalents and $1,694M in Stablecoins as of Q1 2026 and $1,246M in Cash and Cash Equivalents and $1,360M in Stablecoins as of Q4 2025.(5) Refer to page 5 of this release for a breakout of Galaxy's Treasury & Corporate net digital asset and investment exposure. — Galaxy Financial SnapshotGalaxy reported a net loss of $(216) million for Q1 2026 and diluted and adjusted EPS of $(0.49), driven primarily by the depreciation of digital asset prices, with total crypto market capitalization decreasing by approximately 20% in the quarter.1 Digital Assets generated adjusted gross profit of $49 million and adjusted EBITDA of $(19) million. Despite the pullback in digital asset prices and activity, adjusted gross profit remained broadly stable, reflecting a shift in the business mix as recurring fee revenue and transaction income continue to scale and provide greater resilience in softer market conditions. Disciplined expense management during the quarter helped narrow the adjusted EBITDA loss, underscoring a focus on operating efficiency in more challenging environments.Galaxy expects Data Centers adjusted gross profit and adjusted EBITDA to begin ramping in Q2 2026, following the start of revenue recognition in April 2026 with the delivery of the first data hall to CoreWeave under the Phase I lease agreement.Treasury & Corporate generated adjusted gross loss of $(140) million and adjusted EBITDA of $(167) million, driven primarily by unrealized losses on digital assets and investments positions.1

GAAP Revenues and Transaction ExpensesQ1 2026Q4 2025
Q/Q % ChangeGross Revenues & Gains/(Losses) from Operations              $10,213M             $10,224M
— %Gross Transaction Expenses              $10,017M             $10,306M
(3) %

Segment Reporting BreakdownQ1 2026Q4 2025
Q/Q % ChangeDigital Assets Adjusted Gross Profit1                   $49M                  $51M
(4) %Digital Assets Adjusted EBITDA1                 ($19M)                ($29M)
N.M.

Data Centers Adjusted Gross Profit1                  $3.1M                 $4.6M
(33) %Data Centers Adjusted EBITDA1                 ($0.9M)                 $0.3M
N.M.

Treasury & Corporate Adjusted Gross Profit1                ($140M)               ($454M)
N.M.Treasury & Corporate Adjusted EBITDA1                ($167M)               ($488M)
N.M.

Adjusted Gross Profit1                 ($88M)               ($398M)
N.M.Adjusted EBITDA1                ($188M)               ($518M)
N.M.

Net Income                 ($216M)               ($482M)
N.M.Note: Throughout this document, totals may not sum due to rounding. Percentage change calculations are based on unrounded results. N.M. is the abbreviation for "Not Meaningful".(1) Adjusted EPS, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Please see Non-GAAP Financial Measures below for further information. Refer to pages 10 through 12 for more information and a non-GAAP to GAAP reconciliation to the most directly comparable GAAP measure.— Digital AssetsGlobal MarketsGlobal Markets reported adjusted gross profit of $31 million in the first quarter.1Galaxy's digital asset trading volumes remained flat quarter-over-quarter despite industry-wide digital asset trading volumes declining sharply over the same period.2Average loan book size of $1.4 billion declined 20% compared to the prior quarter, driven by digital asset price depreciation and client deleveraging amidst a volatile market backdrop.

KEY PERFORMANCE INDICATORSQ1 2026Q4 2025Q/Q % Change

Global Markets Adjusted Gross Profit1               $31M            $30M 3 %

Loan Book Size (Average)            $1,427M         $1,795M (20) %

Total Trading Counterparties1,6911,6204 %

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 SolutionsAsset Management & Infrastructure Solutions generated $18 million of adjusted gross profit in Q1 2026.1Galaxy ended Q1 with approximately $5.0 billion in assets under management and $3.2 billion in assets under stake. Total assets declined QoQ, driven primarily by the depreciation of digital asset prices during the period.3Asset Management generated $69 million of net inflows during the quarter, demonstrating continued organic growth despite a 20% decline in digital asset prices.Subsequent to quarter end, BlackRock selected Galaxy as an approved validator to power staking for the iShares Staked Ethereum Trust ETF, BlackRock's first rewards-generating crypto ETP.Subsequent to quarter end, Galaxy announced a new Fintech-focused hedge fund targeting the convergence of traditional finance, blockchain infrastructure, and emerging technologies, expected to launch on May 1, 2026.

KEY PERFORMANCE INDICATORS
Q1 2026Q4 2025
Q/Q % Change

Asset Management & Infrastructure Solutions Adjusted Gross Profit1
           $18M            $21M (14) %

ETFs
        $2,190M         $2,839M (23) %

Alternatives
        $2,757M         $3,582M (23) %

Assets Under Stake
        $3,215M         $4,976M (35) %

All figures are unaudited. ETFs: Include assets in Galaxy-sponsored and sub-advised exchange-traded funds, including seed investments by affiliates, based on prices as of the end of the specified period. ETF assets include both Galaxy balance sheet and third-party assets. Changes in ETF assets are generally the result of performance, inflows/outflows, and market movements. Alternatives: Includes committed capital closed-end vehicles, fund of fund products, engagements to unwind portfolios, affiliated and unaffiliated separately managed accounts, and seed investments by affiliates, based on prices as of the end of the specified period. For committed capital closed-end vehicles that have completed their investment period, Alternatives are reported as Net Asset Value ("NAV") plus unfunded commitments. Alternatives for quarterly close vehicles are reported as of the most recent quarter available for the applicable period. Assets Under Stake: Represents the total notional value of assets bonded to Galaxy validators, based on prices as of the end of the specified period. These figures include both Galaxy balance sheet and third-party assets. Note: As of Q1 2026, $1.1B of assets are captured within both Assets Under Stake and Alternatives.

(1) Adjusted Gross Profit is a non-GAAP financial measure. Refer to page 10 for more information and a reconciliation to the most directly comparable GAAP measure. (2) Source: The Block. Industry-wide trading volumes defined as spot cryptocurrency monthly exchange volumes, BTC futures, BTC options, and ETH options volumes. (3) Assumes prices for relevant cryptocurrencies as of 3/31/2026.— Data CentersHelios Data Center Campus: Galaxy delivered the first data hall to CoreWeave and remains on budget and on schedule to deliver substantially all 133 megawatts of critical IT load under the Phase I lease agreement by the end of Q2 2026.1Greenfield development for the 260 megawatt Phase II build is underway, with civil and structural work advancing. Phase II data hall deliveries are expected to commence in the first half of 2027.Galaxy received ERCOT approval for an additional 830 megawatts of power capacity during the quarter, bringing total approved capacity at Helios to over 1.6 gigawatts. The Company continues to progress in its discussions with potential tenants for the incremental capacity, supported by robust demand for large-scale power capacity.

The Helios Campus

CoreWeave Leases (Phases I+II+III)

1.63GW

800MW526MW15 Years

Total Approved Gross Power Capacity

Gross Power Capacity Critical IT LoadBase Lease Term + Two 5-Year Extension Options

1,500+

Q2 2026$1B+90 %

Campus Acreage

Phase I Rent
Commencement Date Anticipated Average Annual Revenue2Anticipated Average Lease-
Level EBITDA Margins2

(1) Delivery of first data hall occurred in April 2026. (2) Based on committed contractual terms, internal estimates for capital expenditures. Reflects anticipated average annual revenue across the full 526MW of contracted critical IT load over the lease term. 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.Galaxy's Helios Data Center campus under construction for Phase I, April 2026. — Balance SheetEquity CapitalAs of March 31, 2026, Galaxy had $2.8 billion in equity capital, up 46% YoY.Below is a breakout of how the Company's equity capital is allocated across its Digital Assets, Data Centers and Treasury & Corporate segments.

$2.8 billion of equity capital across three segments:

~33%~28%~39%

Digital AssetsData CentersTreasury & Corporate
Treasury & Corporate Net Digital Asset and Investment ExposureThe Company's Treasury & Corporate segment maintains exposure to the digital asset ecosystem through a diversified allocation across spot positions, derivatives, ETFs, equities, venture investments, private equity holdings and fund investments.The below pie chart is representative of the Treasury & Corporate segment's net digital asset and investment exposure as of March 31, 2026. (1) Includes spot BTC, BTC derivatives, short and other hedge positions, associated tokens such as wrapped BTC, and interests in investment vehicles designed to hold BTC.(2) Includes spot SOL, SOL derivatives, short and other hedge positions, associated tokens such as wrapped SOL, and interests in investment vehicles designed to hold SOL, including Galaxy's investment in Forward Industries.  (3) Includes spot ETH, ETH derivatives, short and other hedge positions, associated tokens such as wrapped ETH, and interests in investment vehicles designed to hold ETH.(4) Represents spot and interests in investment vehicles that provide exposure to other digital assets.(5) Includes publicly traded securities, including those subject to a short-term lock-up.Earnings Conference CallAn investor conference call will be held today, April 28, 2026, at 8:30 AM Eastern Time. A live webcast will be available at https://investor.galaxy.com/, on the Company's YouTube channel and through the Company's X profile (@GalaxyDigitalHQ). 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 1, 2026, 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: 18446.About Galaxy Digital Inc. (Nasdaq: GLXY) Galaxy Digital Inc. (Nasdaq: 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 develop and operate cutting-edge data center infrastructure to power AI and HPC workloads. Our 1.6 GW Helios campus in Texas positions Galaxy among the largest and fastest-growing data center developers in North America. 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.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") (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, without limitation, statements about Galaxy's business plans and goals, including with respect to the Helios Data Center, the Fintech-focused hedge fund, future reporting measures and business strategy 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 maintain Nasdaq's listing standards; (2) costs related to AI/HPC plans, 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 our business mandates or achieve our pipeline goals; (10) technological challenges, cyber incidents or exploits; (11) risks related to retrofitting our existing facility from mining to AI/HPC infrastructure, including the timing of construction and its impact on lease revenue; (12) any inability or difficulty in obtaining additional financing for AI/HPC infrastructure needs on acceptable terms or at all; (13) changes to the AI/HPC infrastructure needs and their impact on future plans at the Helios campus; (14) any delay in, or failure to close, the acquisition of the additional land and power adjacent to the Helios campus currently under contract; (15) risks associated with the leasing business, including those associated with counterparties; (16) risks associated with our GalaxyOne platform; and (17) those other risks contained in filings we make with the Securities and Exchange Commission (the "SEC") from time to time, including in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026 and available on Galaxy's profile at www.sec.gov (our "Form 10-K"), as such factors may be updated from time to time in its filings with the SEC, including without limitation, its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026. 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 and our earnings call contain certain preliminary information about our performance in the first quarter of 2026. This information is preliminary and represents the most current information available to management. The Company's actual consolidated financial statements may differ materially as a result of the completion of normal quarterly accounting procedures and adjustments or due to other risks contained in our Form 10-K. 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 Measures In addition to our results determined in accordance with GAAP, this press release and the accompanying tables contain adjusted gross profit, adjusted EBITDA, and adjusted EPS, which are non-GAAP financial measures. Adjusted gross profit, adjusted EBITDA, and adjusted EPS are unaudited, presented as supplemental disclosure and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.Please see pages 10 - 12 for a reconciliation of (i) adjusted gross profit to revenues and gains / (losses) from operations (including for our individual segments) during the three months ended March 31, 2026 and 2025, (ii) adjusted EBITDA to net income (loss) (including for our individual segments) during the three months ended March 31, 2026 and 2025 and (iii) adjusted EPS to diluted EPS for the three months ended March 31, 2026 and 2025.It is important to note that the particular items we exclude from, or include in, adjusted gross profit, adjusted EBITDA, and adjusted EPS may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. We also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise.We believe adjusted gross profit is a helpful non-GAAP financial measure to our management and investors because it eliminates the impact of the directly attributable transaction expenses. As such, it provides useful information about our financial performance, enhances the overall understanding of our past performance and future prospects, allows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision-making and provides an additional tool for investors to use to understand and compare our operating results across accounting periods.Adjusted EBITDA is a non-GAAP financial measure that is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision-making. This non-GAAP measure provides investors with additional information in evaluating the Company's operating performance. Adjusted EBITDA represents Net income / (loss) excluding (i) equity based compensation, (ii) notes interest expense, (iii) taxes, (iv) depreciation and amortization expense, (v) gains and losses on the embedded derivative on our Exchangeable Notes which ceased to exist upon consolidation as a result of the Reorganization Transactions, (vi) mining-related impairment loss / loss on disposal of mining equipment, and (vii) other discrete items which are not individually significant that we believe are not indicative of our ongoing results.The above items are excluded from our Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful.Adjusted EPS is defined as diluted EPS assuming all outstanding noncontrolling interest holders exchanged their LP units in GDH LP for Class A common stock of the Company. This non-GAAP financial measure is commonly used as an analytical indicator of performance by investors within the industries in which we operate. Adjusted EPS should not be considered in isolation or as an alternative to or a substitute for financial statement data presented in Galaxy's Digital's consolidated financial statements as indicators of financial performance.Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool.© Copyright Galaxy Digital 2026. All rights reserved.Galaxy Digital Inc.'s Consolidated Statements of Financial Position (unaudited)(in thousands)March31, 2026
December31, 2025Assets

Current assets

Cash and cash equivalents$         910,691
$       1,246,240Digital intangible assets (includes $1,859.8 and $2,717.4 million measured at fair value)2,739,659
3,526,216Digital financial assets921,017
988,621Digital assets loan receivable, net of allowance664,714
1,070,029Investments623,592
709,069Assets posted as collateral, net of allowance173,732
199,983Derivative assets86,234
83,807Accounts receivable (includes $4.2 and $3.4 million due from related parties)103,192
34,012Digital assets receivable2,797
3,778Loans receivable, net of allowance627,604
554,449Prepaid expenses and other assets87,382
99,734Total current assets6,940,614
8,515,938Non-current assets

Digital assets receivable2,256
4,719Digital assets loan receivable, net of allowance, non-current5,425
8,900Investments (includes $729.1 and $864.0 million measured at fair value)875,076
1,023,236Digital intangible assets12,943
26,824Loans receivable, net of allowance, non-current7,050
2,553Property and equipment, net1,777,852
1,423,113Other non-current assets304,242
276,275Goodwill66,523
66,523Total non-current assets3,051,367
2,832,143Total assets$       9,991,981
$     11,348,081Liabilities and Equity

Current liabilities

Derivative liabilities99,253
40,482Accounts payable and accrued liabilities (includes $0.0 and $96.9 million due to related parties)269,979
277,663Digital assets borrowed1,441,951
2,361,161Payable to customers82,803
85,808Loans payable84,542
52,626Collateral payable1,550,976
1,980,171Notes payable - current432,728
428,545Other current liabilities122,661
85,062Total current liabilities4,084,893
5,311,518Non-current liabilities

Notes payable2,625,698
2,432,510Digital assets borrowed - non-current55,361
56,107Other non-current liabilities (includes $71.4 and $72.3 million due to related parties)447,414
513,169Total non-current liabilities3,128,473
3,001,786Total liabilities7,213,366
8,313,304Equity

Class A common stock, $0.001 par value; 2,000,000,000 shares authorized and 191,850,792 issued and outstanding191
192Convertible Class B common stock,$0.0000000001 par value; 500,000,000 shares authorized and 198,408,277 issued and outstanding—
—Additional Paid in Capital1,560,548
1,614,660Accumulated other comprehensive income (loss)201
(2,038)Retained Earnings250,767
342,921Total stockholders' equity(1)1,811,707
1,955,735Noncontrolling interest966,908
1,079,042Total equity 2,778,615
3,034,777Total liabilities and equity$       9,991,981
$     11,348,081(1) For periods prior to the Reorganization Transactions, represents total GDH LP Unit Holders' Capital.Galaxy Digital Inc.'s Consolidated Statements of Operations (unaudited)

Three Months Ended(in thousands)

March 31, 2026
March 31, 2025

Revenues

$     10,041,444
$     12,976,206Gains / (losses) from operations

171,781
(120,331)Revenues and gains / (losses) from operations

10,213,225
12,855,875Operating expenses:

Transaction expenses

10,016,745
12,947,010Impairment of digital assets

284,402
112,429Compensation and benefits

83,548
56,953General and administrative

20,421
86,575Technology

14,763
9,887Professional fees

11,031
20,772Notes interest expense

17,576
14,071Total operating expenses

10,448,486
13,247,697Other income / (expense):

Unrealized gain / (loss) on notes payable - derivative

—
89,606Other income / (expense), net

704
672Total other income / (expense)

704
90,278Net income / (loss) before taxes

(234,557)
(301,544)Income taxes expense / (benefit)

(18,246)
(6,112)Net income / (loss)

$        (216,311)
$        (295,432)Other comprehensive income (loss), net of tax

Change in fair value of cash flow hedges

4,550
—Other comprehensive income (loss)

4,550
—Comprehensive income (loss)

$        (211,761)
$        (295,432)Comprehensive income / (loss) attributed to:

Class B Unit holders of GDH LP

—
(185,490)Noncontrolling interests

(121,845)
—Class A common stockholders of the Company(1)

$         (89,916)
$        (109,942)

Net income / (loss) per share of Class A common stock (2)

Net income (loss) used in calculation of net income / (loss) per share of Class A common stock (2)

$         (92,154)
$        (109,942) Basic

$            (0.48)
$            (0.86) Diluted

$            (0.49)
$            (0.86)Weighted average shares outstanding used to compute net income / (loss) per share(3)

Basic

192,074,376
127,863,254 Diluted

390,482,653
127,863,254(1) For periods prior to the Reorganization Transactions, represents net income / (loss) attributable to Class A Units ofGDH LP
(2) For periods prior to the Reorganization Transactions, represents net income / (loss) per Class A Unit ofGDH LP
(3) For periods prior to the Reorganization Transactions, represents weighted average Class A Units of GDH LP used to calculate net income / (loss) per unitOwnership of GDH LP Limited Partnership Interests

March 31, 2026
December31, 2025

Ownership
% interest
Ownership
% interestGalaxy Digital Inc
191,850,792
49.2 %
192,695,681
49.3 %Noncontrolling interests
198,408,277
50.8 %
198,408,277
50.7 %Total
390,259,069
100.0 %
391,103,958
100.0 %Reconciliation of Revenue and Gains/(Losses) from OperationsThe following table reconciles Revenues and gains / (losses) from operations to adjusted gross profit for the three months ended March 31, 2026 and March 31, 2025:

Three Months Ended March 31, 2026(in thousands)
Digital Assets
Data Centers
Treasury and
Corporate
TotalRevenues and gains / (losses) from operations
$     10,348,833
$            3,050
$        (138,658)
$    10,213,225Less: Transaction expenses
10,015,414
—
1,331
10,016,745Less: Impairment of digital assets
284,402
—
—
284,402Adjusted gross profit
$          49,017
$            3,050
$        (139,989)
$        (87,922)

Three Months Ended March 31, 2025(in thousands)
Digital Assets
Data Centers
Treasury and
Corporate
TotalRevenues and gains / (losses) from operations
$     13,063,899
$               —
$        (208,024)
$    12,855,875Less: Transaction expenses
12,920,860
—
26,150
12,947,010Less: Impairment of digital assets
78,308
—
34,121
112,429Adjusted gross profit
$          64,731
$               —
$        (268,295)
$       (203,564)Reconciliation of Adjusted EBITDAThe following table reconciles the Company's adjusted EBITDA figures to net income for the three months ended March 31, 2026 and March 31, 2025:(in thousands)
Digital Assets
Data Centers
Treasury and
Corporate
Three Months
Ended March
31, 2026Net income / (loss)
$     (34,304)
$      (1,547)
$   (180,460)
$   (216,311)Add back:

Equity based compensation and related expense
10,971
637
6,491
18,099Notes interest expense and other expense
—
—
17,576
17,576Taxes
—
—
(18,246)
(18,246)Depreciation and amortization expense
3,164
—
2,675
5,839Other (1)
808
—
4,698
5,506Adjusted EBITDA
$     (19,361)
$        (910)
$   (167,266)
$   (187,537)(in thousands)
Digital Assets
Data Centers
Treasury and
Corporate
Three Months
Ended March
31, 2025Net income / (loss)
$       3,529
$      (2,899)
$   (296,062)
$   (295,432)Add back:

Equity based compensation and related expense
5,942
471
3,601
10,014Notes interest expense and other expense
—
—
16,269
16,269Taxes
—
—
(6,112)
(6,112)Depreciation and amortization expense
3,555
1,251
7,807
12,613Mining related impairment loss / loss on disposal
—
—
57,014
57,014Unrealized (gain) / loss on notes payable – derivative
—
—
(89,606)
(89,606)Other (1)
—
—
5,724
5,724Adjusted EBITDA
$      13,026
$      (1,177)
$   (301,365)
$   (289,516)(1) Includes non-operating income and expenses, as well as other discrete items not indicative of ongoing operating performance, none of which were individually significant.Reconciliation of Adjusted Income (Loss) per ShareThe adjusted income (loss) per share represents the diluted income (loss) per Class A common stock assuming all outstanding noncontrolling interest holders exchanged their LP units in GDH LP for Class A common stock of the Company. In periods where the noncontrolling interest is already included in the GAAP diluted income (loss) per share, the adjusted income (loss) per share is identical to the GAAP income (loss) per share. Prior to the Reorganization Transactions, the noncontrolling interest were represented by Class B Units of Galaxy Digital Holdings LP.The following table reconciles the Company's adjusted income (loss) per share figures to diluted and basic income (loss) per share for the three months ended March 31, 2026 and March 31, 2025:

Three Months Ended(in thousands, except for share data and per share amounts)

March 31, 2026
March 31, 2025Net income (loss) to Class A common stockholders

$           (92,154)
$         (109,942)Weighted-average Class A common stock outstanding

192,074,376
127,863,254

Basic earnings (loss) per share

$             (0.48)
$              (0.86)

Numerator adjustments:

Net income (loss) attributable to Class A common stockholders — basic

$           (92,154)
$         (109,942) Add: Income (loss) attributable to Noncontrolling interests — net of tax

(98,945)
— Net income (loss) to Class A — diluted

(191,099)
(109,942)

Denominator adjustments:

Weighted average Class A common stock outstanding — basic

192,074,376
127,863,254 Add: Noncontrolling interest share exchange

198,408,277
— Weighted average shares outstanding — diluted

390,482,653
127,863,254

Diluted earnings (loss) per share

$             (0.49)
$              (0.86)

Net income used to calculate diluted EPS

$         (191,099)
$         (109,942)Noncontrolling interest not included in diluted EPS numerator

—
(185,490)Net income used to calculate adjusted income (loss) per share

$         (191,099)
$         (295,432)

Weighted average number of Class A Common Stock shares for the purposes of diluted income (loss) per share

390,482,653
127,863,254Additional noncontrolling interest weighted average shares outstanding

—
215,862,343Weighted average number of Class A Common Stock shares for the purposes of Adjusted income (loss) per share

390,482,653
343,725,597

Adjusted income (loss) per share

$             (0.49)
$              (0.86)All figures are in U.S. Dollars unless otherwise noted.

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Original: Galaxy Announces First Quarter 2026 Financial Results

/C O R R E C T I O N -- Galaxy Digital Inc./February 9, 2026 4:47 PM
PR Newswire (US)

In the news release, Galaxy Announces TSX Approval of Normal Course Issuer Bid for Class A Common Stock, issued 09-Feb-2026 by Galaxy Digital Inc. over PR Newswire, we are advised by the company that the original version contained incorrect information introduced by PR Newswire during transmission. The complete, corrected release follows, with additional details at the end:
Galaxy Announces TSX Approval of Normal Course Issuer Bid for Class A Common Stock
NEW YORK, Feb. 9, 2026 /PRNewswire/ - Galaxy Digital Inc. (Nasdaq: GLXY) (TSX: GLXY) ("Galaxy" or the "Company") announces today that, in connection with the up to $200 million share repurchase program approved by the Board of Directors on February 6, 2026, the Toronto Stock Exchange (the "TSX") has accepted the Company's Notice of Intention to Make a Normal Course Issuer Bid (the "NCIB").

The notice provides that Galaxy may, pursuant to the NCIB, during the twelve month period commencing February 12, 2026 and ending no later than February 11, 2027, purchase for cancellation through the facilities of the TSX, alternative Canadian Trading Systems or Nasdaq Global Select Market ("Nasdaq") up to an aggregate of 14,798,021 Class A common stock in the capital of the Company ("Class A common stock"), representing approximately 10% of the public float (as defined in the rules and policies of the TSX) of the Class A common stock as of January 31, 2026. Purchases of the Class A common stock through the Nasdaq will be made in the normal course and will not exceed 5% of the outstanding Class A common stock at any time or within a twelve-month period.The NCIB will commence on February 12, 2026 and terminate February 11, 2027, or earlier if the maximum number of Class A common stock under the NCIB have been purchased or if the NCIB has been terminated by the Company. As of January 31, 2026, the Company had 192,701,065 Class A common stock issued and outstanding and a public float of 147,980,210 Class A common stock.Under the NCIB, other than purchases made under a block purchase exception in accordance with the rules and policies of the TSX, the Company may acquire, from time to time, up to 284,225 Class A common stock per day on the TSX, being 25% of the average daily trading volume of the Class A common stock for the period from August 1, 2025 to January 31, 2026, which was 1,136,902 Class A common stock. The maximum number of Class A common stock which may be purchased per day on the Nasdaq will be 25% of the average daily trading volume for the four calendar weeks preceding the date of purchase, subject to certain exceptions for block purchases. The Company has not purchased Class A common stock under a NCIB within the past twelve months.Under the NCIB, purchases will be made at prevailing market prices or such other prices as permitted under the rules and policies of the TSX and the Nasdaq, as applicable, and applicable securities laws. The Company may rely on an automatic purchase plan during the NCIB. The automatic purchase plan would allow for purchases by the Company of Class A common stock during certain predetermined blackout periods, subject to certain parameters and approval of the TSX. All Class A common stock purchased by the Company under the NCIB will be cancelled. Repurchases will be subject to compliance with applicable Canadian securities laws and United States federal securities laws.Galaxy believes that when a disconnect exists between the share price and the intrinsic value of the business, an NCIB can increase shareholder value and per share growth. Further, the Company believes that current market conditions provide opportunities for the Company to acquire Class A common stock at attractive prices. In the Company's view, having the option to opportunistically repurchase Class A common stock could be an effective use of its cash resources and could be in the best interests of the Company and its shareholders. It would both enhance liquidity for shareholders seeking to sell and provide an increase in the proportionate interests of shareholders wishing to maintain their positions.To the knowledge of Galaxy, no director or senior officer of the Company currently intends to sell any Class A common stock under the NCIB. However, sales by such persons through the facilities of the TSX may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose Class A common stock are purchased would be the same as the benefits available to all other holders whose Class A common stock are purchased.Disclaimers and Additional Information This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there by any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.About GalaxyGalaxy Digital Inc. (Nasdaq/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 develop and operate cutting-edge data center infrastructure to power AI and HPC workloads. Our 1.6 GW Helios campus in Texas positions Galaxy among the largest and fastest-growing data center developers in North America. 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.CAUTION ABOUT FORWARD-LOOKING STATEMENTS
The information in this press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended and "forward-looking information" under Canadian securities laws (collectively, "forward-looking statements"). Our forward-looking statements include, but are not limited to, statements regarding the repurchase program including the amount of common stock purchased and the method of such repurchases, our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future including the intended share repurchases. Statements that are not historical facts, including statements about onchain business, 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 press release include, but are not limited to, statements relating to the NCIB, expectations regarding the number of Class A common stock to be repurchased, the timing and execution of purchases under the NCIB, if any, and the anticipated impact of the NCIB on shareholder value. The forward-looking statements contained in this press release 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) risks related to our blockchain infrastructure and staking business; (2) limitations of applicable securities law and stock exchange requirements; (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) any delay or failure to consummate the business mandates or achieve its business pipeline goals; (9) liquidity or economic conditions impacting our business; (10) technological challenges, cyber incidents or exploits; and (11) 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 September?30, 2025, filed with the SEC on November 10, 2025, and our subsequent filings and available on Galaxy's profile at www.sec.gov. Factors that could cause actual results to differ materially from those described in such forward-looking statements include, but are not limited to, a decline in the?digital asset?market or general economic conditions; a delay or failure in developing infrastructure for our business or our businesses achieving our mandates; delays in integration of the acquired business;; 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.? ©Copyright Galaxy Digital 2026. All rights reserved.? Correction: An earlier version of this release incorrectly used the ticker (Nasdaq: GLX) instead of the correct ticker (Nasdaq: GLXY).

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Original: /C O R R E C T I O N -- Galaxy Digital Inc./