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WKN: A41986 | ISIN: US36317J2096 | Ticker-Symbol: 0P0
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05.08.25 | 18:29
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Galaxy Digital Inc.: Galaxy Announces Second Quarter 2025 Financial Results

NEW YORK, Aug. 5, 2025 /PRNewswire/ - Galaxy Digital Inc. (NASDAQ: GLXY) (TSX: GLXY) (the "Company" or "GDI") today released financial results for the three and six months ended June 30, 2025. In this press release, a reference to "Galaxy", "we", "our" and similar words refer to GDI, its subsidiaries and affiliates, and Galaxy Digital Holdings LP (the "Partnership" or "GDH LP"), its subsidiaries and affiliates, prior to the Reorganization Transactions, or any one of them, as the context requires.1

- Financial Highlights

  • Net income of $30.7 million for Q2 2025, a gain of $0.08 per diluted share.
  • Adjusted EBITDA of $211 million for Q2 2025, driven by the appreciation of balance sheet digital assets and investments and positive Digital Assets operating business performance.2
  • Total equity of $2.6 billion as of June 30, 2025, and holdings of $1.2 billion in cash and stablecoins.3

- Corporate Updates

  • On May 16, 2025, Galaxy began trading on Nasdaq under the ticker GLXY, following the successful completion of our reorganization and domestication as a Delaware incorporated entity in Q2 2025.
  • July marked the strongest monthly financial performance for our Digital Assets operating business in the firm's history, with record results in Global Markets and steady progress in Asset Management & Infrastructure Solutions.
  • Subsequent to quarter end, Galaxy completed the sale of over 80,000 bitcoin on behalf of a client, representing one of the largest notional bitcoin transactions in the history of digital assets.
  • In the third quarter, CoreWeave exercised its final option to access an additional 133 megawatts ("MW") of incremental critical IT load for its artificial intelligence ("AI") and high-performance computing ("HPC") operations at Galaxy's Helios data center campus. 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 has committed to the full 800 MW of gross power that is currently approved at Helios.
  • Also in the third quarter, Galaxy entered into a definitive purchase and sale agreement to acquire 160 acres of land and a 1 gigawatt ("GW") load interconnection request adjacent to the Helios campus. At the close of acquisition, we will have expanded the Helios campus size to over 1,500 acres of contiguous land under Galaxy's direct control and will have increased the total potential power capacity at the Helios campus to 3.5 GW.







SELECT FINANCIAL METRICS

Q2

2025

Q1

2025

Q/Q

% Change



Total Assets

$9,086M


$6,336M

43 %



Total Equity

$2,624M

$1,902M

38 %



Cash & Stablecoins 3

$1,181M

$1,185M

- %



Balance Sheet Net Digital Assets 4

$1,274M

$908M

40 %



Balance Sheet Venture, Fund and Other Investments 5

$718M

$623M

15 %



Net Income / (Loss)

$30.7M

($295M)

N.M.



Adjusted EBITDA 2

$211M

($290M)

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, GDH Ltd. and GDH LP consummated a series of transactions resulting in the reorganization of the Company's corporate structure (the "Reorganization Transactions")

(2) Adjusted EBITDA is a non-GAAP financial measure. Refer to page 11 for more information and a non-GAAP to GAAP reconciliation to the most

directly comparable GAAP measure

(3) Includes $691M in Cash and Cash Equivalents, and $489M in Stablecoins in Q2 2025.

(4) Refer to page 5 of this release for a breakout of our balance sheet net digital assets exposure.

(5) Includes venture, private equity, and fund investments held on Galaxy's balance sheet.










- Galaxy Financial Snapshot

  • Net income of $30.7 million for Q2 2025, or $0.08 per diluted share.
  • Digital Assets generated adjusted gross profit of $71.4 million, up 10% quarter-over-quarter ("QoQ"), driven by growth in Global Markets, partially offset by softer results in Asset Management & Infrastructure Solutions.1
  • Digital Assets generated adjusted EBITDA of $13.0 million, down modestly QoQ, as higher adjusted gross profit was offset by an increase in compensation and general and administrative expenses.1
  • Galaxy expects to begin generating Data Centers revenue in the first half of 2026, when it starts delivering critical IT capacity to CoreWeave under Phase I of its lease agreement. Until then, all expenses are being capitalized.
  • Treasury & Corporate generated an adjusted gross profit of $228 million and adjusted EBITDA of $198 million, primarily driven by mark-to-market gains on digital assets and investment holdings on our balance sheet.1




GAAP Revenues and Transaction Expenses

Q2 2025

Q1 2025

Q/Q % Change

Gross Revenues & Gains/(Losses) from Operations

$9,057M

$12,856M

(30) %

Gross Transaction Expenses

$8,630M

$12,947M

(33) %





Segment Reporting Breakdown

Q2 2025

Q1 2025

Q/Q % Change

Digital Assets Adjusted Gross Profit1

$71.4M

$64.7M

10 %

Digital Assets Adjusted EBITDA1

$13.0M

$13.0M

(1) %





Data Centers Revenue

-

-

-

Data Centers Adjusted EBITDA1

-

($1.2M)

N.M.





Treasury & Corporate Adjusted Gross Profit1

$228M

($268M)

N.M.

Treasury & Corporate Adjusted EBITDA1

$198M

($301M)

N.M.





Adjusted Gross Profit1

$299M

($204M)

N.M.

Adjusted EBITDA1

$211M

($290M)

N.M.








Net Income

$30.7M

($295M)

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 Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Please see Non-GAAP Financial Measures below for further information. Refer to pages 10 and 11 for more information and a non-GAAP to GAAP reconciliation.

- Digital Assets

Global Markets

Global Markets adjusted gross profit totaled $55.4 million in Q2 2025, increasing 28% QoQ.1

  • Digital asset trading volumes declined 22% QoQ, primarily due to reduced spot trading activity. Despite this, Galaxy outperformed the broader market, which saw spot trading volumes fall by approximately 30% over the same period.
  • Average loan book size increased to $1,107 million in Q2 2025, fueled by continued demand for margin lending and a growing client base.
  • In Q2 2025, the Investment Banking team recognized revenue associated with their role as the exclusive financial advisor to Bitstamp in its acquisition by Robinhood, which closed this quarter.








KEY PERFORMANCE INDICATORS


Q2

2025

Q1

2025

Q/Q

% Change



Global Markets Adjusted Gross Profit 1


$55.4M

$43.2M

28 %



Loan Book Size (Average)


$1,107M

$874M

27 %



Total Trading Counterparties


1,445

1,381

5 %



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 $16.0 million of adjusted gross profit in Q2 2025, declining 26% from the prior quarter driven by lower industry-wide onchain activity in Q2 2025, which reduced the validator rewards earned by Galaxy through our staking business.1

  • Galaxy ended Q2 2025 with approximately $9 billion in combined assets under management and assets under stake, increasing 27% QoQ as a result of appreciating digital asset prices and net inflows into Galaxy's asset management business.
  • Subsequent to quarter end, Galaxy integrated with Fireblocks to significantly broaden access to Galaxy's staking services by connecting to Fireblocks' global network of institutions. This marks the third custodial integration for Galaxy's Blockchain Infrastructure team this year.








KEY PERFORMANCE INDICATORS


Q2

2025

Q1

2025

Q/Q

% Change



Asset Management & Infrastructure Solutions

Adjusted Gross Profit 1

$16.0M

$21.6M

(26) %



Assets on Platform


$8,921M

$7,020M

27 %



ETFs


$3,327M

$2,598M

28 %



Alternatives


$2,444M

$2,079M

18 %



Assets Under Stake


$3,150M

$2,343M

34 %



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. Note: As of Q2 2025, $268M 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.

- Data Centers

High-Performance Computing
Helios Data Center Campus: In the third quarter, CoreWeave exercised its final option to access an additional 133 MW of incremental critical IT load for its AI and HPC operations at Galaxy's Helios data center campus. 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 has committed to the full 800 MW of gross power that is currently approved at Helios.

Also in the third quarter, Galaxy entered into a definitive purchase and sale agreement to acquire 160 acres of land and a 1 GW load interconnection request adjacent to the Helios campus. At the close of acquisition, we will have expanded the Helios campus size to over 1,500 acres of contiguous land under Galaxy's direct control and will have increased the total potential power capacity at the Helios campus to 3.5 GW.

Construction at the Helios campus is progressing on schedule, with major interior demolition for Phase I complete and site work underway to install key electrical, mechanical, and backup power infrastructure.








Phase I

Phase II

Phase III

Phase I + II + III



133MW

260MW

133MW

526MW



Contracted Critical IT Load 1

Committed Critical IT Load 1

Committed Critical IT Load 1

Total Committed Critical IT Load 1



1H26

2027

2028

$1B+



Expected Delivery Date 2

Expected Delivery Date 2

Expected Delivery Date 2

Anticipated Average Annual Revenue 3



(1) Approximately 200 MW of gross power capacity for Phase I, approximately 400 MW of gross power capacity for Phase II, and approximately
200 MW of gross power capacity for Phase III.

(2) Will be completed in phases, with the full capacity for Phase I expected to be delivered by the end of the first half of 2026, Phase II throughout
2027 and Phase III starting in 2028.

(3) Based on committed contractual terms, internal estimates for capital expenditures, and assumes full capacity utilization of the 526 MW of
critical IT load. 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.


- Balance Sheet Net Digital Asset and Investment Exposure

The Company's balance sheet maintains exposure to the digital asset ecosystem through a diversified allocation across spot positions, ETFs, venture investments, private equity holdings and fund investments.

Balance sheet net digital asset and investment exposure as of June 30, 2025, was as follows:

(1)

Includes spot BTC, associated tokens such as wrapped BTC, and interests in investment vehicles designed to hold BTC.

(2)

Includes spot ETH, associated tokens such as wrapped ETH, and interests in investment vehicles designed to hold ETH.

(3)

Represents spot and interests in investment vehicles that provide exposure to other digital assets.

(4)

Includes venture, private equity and fund investments held on Galaxy's balance sheet.

Note: Galaxy also held digital asset derivative positions not reflected in this chart.

Earnings Conference Call

An investor conference call will be held today, August 5, 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 1-844-746-0741, or 1-412-317-5107 (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 September 4, 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: 10201589.

Galaxy will host an Earnings AMA on Thursday, August 7 at 10:30 AM Eastern Time via X Spaces which is accessible through Galaxy's X profile (@GalaxyDigitalHQ), during which members of management may discuss the company's financial results and forward-looking statements. See full disclosures below.

About Galaxy Digital Inc. (NASDAQ/TSX: GLXY)

Galaxy (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 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 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 maintain Nasdaq's listing standards; (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 our 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/HPC financing 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; and (16) 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 June 30, 2025, filed with the SEC on August 5, 2025 and available on Galaxy's profile at www.sec.gov/edgar (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, power or construction; any challenges faced with respect to exploits, considerations with respect to liquidity and capital planning; 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 and our earnings call contain certain preliminary information about our performance in the third quarter of 2025. 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 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 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 EBITDA margin, which are non-GAAP financial measures. Adjusted gross profit, adjusted EBITDA, and EBITDA margin are unaudited, presented as supplemental disclosure and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Please see pages 10 and 11 for a reconciliation of adjusted gross profit to revenues and gains / (losses) from operations (including for our individual segments) during the three months ended June 30, 2025 and 2024 and during the three months ended March 31, 2025 and of adjusted EBITDA to net income (loss) (including for our individual segments) during the three months ended June 30, 2025 and 2024 and during the three months ended March 31, 2025.

It is important to note that the particular items we exclude from, or include in, adjusted gross profit, adjusted EBITDA, and EBITDA margin may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. We also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise.

We believe adjusted gross profit is a helpful non-GAAP financial measure to our management and investors because it eliminates the impact of the directly attributable transaction expenses. As such, it provides useful information about our financial performance, enhances the overall understanding of our past performance and future prospects, allows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision-making and provides an additional tool for investors to use to understand and compare our operating results across accounting periods.

Adjusted EBITDA is a non-GAAP financial measure that is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision-making. This non-GAAP measure provides investors with additional information in evaluating the Company's operating performance. Adjusted EBITDA represents Net income / (loss) excluding (i) equity based compensation, (ii) interest expense on structural debt, (iii) taxes, (iv) depreciation and amortization expense, (v) gains and losses on the embedded derivative on our exchangeable notes which ceased to exist upon consolidation as a result of the Reorganization Transactions, (vi) mining-related impairment loss / loss on disposal of mining equipment, (vii) other (income) / expense, net and (viii) and reorganization and reorganization merger costs. The above items are excluded from our Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful.

EBITDA Margin is defined as EBITDA, divided by revenue minus pass through expenses for the same period. This non-GAAP financial measure is commonly used as an analytical indicator of performance by investors within the industries in which we operate. EBITDA margin is not a measure of financial performance under GAAP. Items excluded from EBITDA Margin are significant components in understanding and assessing financial performance. EBITDA Margin should not be considered in isolation or as an alternative to or a substitute for financial statement data presented in Galaxy's Digital's consolidated financial statements as indicators of financial performance or liquidity (which, in the case of EBITDA margin, is net income margin).

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.

Galaxy Digital Inc.'s Consolidated Statements of Financial Position (unaudited)


June 30, 2025


December 31,
2024

Assets




Current assets




Cash and cash equivalents

$ 691,331


$ 462,103

Digital intangible assets (includes $2,529.7 and $1,997.4 million measured at fair value)

3,186,098


2,547,581

Digital financial assets

369,649


359,665

Digital assets loan receivable, net of allowance

894,876


579,530

Investments

748,290


834,812

Assets posted as collateral

718,649


277,147

Derivative assets

134,907


207,653

Accounts receivable (includes $4.6 and $4.2 million due from related parties)

41,393


55,279

Digital assets receivable

2,668


53,608

Loans receivable

529,021


476,620

Prepaid expenses and other assets

39,898


26,892

Total current assets

7,356,780


5,880,890

Non-current assets




Digital assets receivable

3,397


7,112

Investments (includes $788.0 and $745.5 million measured at fair value)

863,653


808,694

Digital intangible assets

3,014


20,979

Loans receivable, non-current

6,675


-

Property and equipment, net

596,120


237,038

Other non-current assets

194,078


107,105

Goodwill

62,234


58,037

Total non-current assets

1,729,171


1,238,965

Total assets

$ 9,085,951


$ 7,119,855

Liabilities and Equity




Current liabilities




Derivative liabilities

86,364


165,858

Accounts payable and accrued liabilities (includes $0.0 and $96.9 million due to related parties)

226,080


281,531

Digital assets borrowed

2,836,370


1,497,609

Payable to customers

16,324


19,520

Loans payable

348,214


510,718

Collateral payable

1,869,501


1,399,655

Other current liabilities

88,613


13,034

Total current liabilities

5,471,466


3,887,925

Non-current liabilities




Notes payable

725,571


845,186

Digital assets borrowed - non-current

8,564


-

Other non-current liabilities (includes $44.5 and $0.0 million due to related parties)

256,132


192,392

Total non-current liabilities

990,267


1,037,578

Total liabilities

6,461,733


4,925,503

Equity




GDH LP Unit Holders

-


2,194,352

Class A common stock, $0.001 par value; 2,000,000,000 shares authorized and 170,332,037 issued and
outstanding

170


-

Convertible Class B common stock,$0.0000000001 par value; 500,000,000 shares authorized and
203,885,332 issued and outstanding

-


-

Additional Paid in Capital

1,173,808


-

Retained Earnings

332,343


-

Total stockholders' equity (1)

1,506,321


2,194,352

Noncontrolling interest

1,117,897


-

Total equity

$ 2,624,218


$ 2,194,352

Total liabilities and equity

$ 9,085,951


$ 7,119,855

(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


Six Months Ended


June 30, 2025


June 30, 2024


June 30, 2025


June 30, 2024









Revenues

8,661,555


8,882,891


21,637,761


18,218,263

Gains / (losses) from operations

395,094


(18,180)


274,763


474,871

Revenues and gains / (losses) from operations

9,056,649


8,864,711


21,912,524


18,693,134

Operating expenses:








Transaction expenses

8,629,940


8,834,836


21,576,949


18,122,926

Impairment of digital assets

127,477


56,947


239,906


82,473

Compensation and benefits

64,969


61,253


121,922


122,324

General and administrative

19,241


22,267


105,816


41,952

Technology

11,598


7,356


21,485


13,848

Professional fees

22,791


13,691


43,563


27,320

Notes interest expense

14,240


7,040


28,311


14,016

Total operating expenses

8,890,256


9,003,390


22,137,952


18,424,859

Other income / (expense):








Unrealized gain / (loss) on notes payable - derivative

(125,150)


(2,573)


(35,544)


(12,286)

Other income / (expense), net

918


1,612


1,590


1,825

Total other income / (expense)

(124,232)


(961)


(33,954)


(10,461)

Net income / (loss) before taxes

$ 42,161


$ (139,640)


$ (259,382)


$ 257,814

Income taxes expense / (benefit)

11,470


(14,044)


5,358


(4,717)

Net income / (loss)

$ 30,691


$ (125,596)


$ (264,740)


$ 262,531

Net income / (loss) attributed to:








Class B Unit holders of GDH LP

(19,255)


(80,226)


(204,745)


177,562

Noncontrolling interests

35,446


-


35,446


-

Class A common stockholders of the Company(1)

$ 14,500


$ (45,370)


$ (95,441)


$ 84,969









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








Basic

$ 0.10


$ (0.37)


$ (0.70)


$ 0.73

Diluted

$ 0.08


$ (0.37)


$ (0.76)


$ 0.65

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








Basic

143,103,474


122,305,203


135,525,464


115,768,027

Diluted

371,717,071


338,212,221


349,390,820


129,910,597

(1) For periods prior to the Reorganization Transactions, represents net income / (loss) attributable to Class A Units of GDH LP.

(2) For periods prior to the Reorganization Transactions, represents net income / (loss) per Class A Unit of GDH 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 unit.

Ownership of GDH LP Limited Partnership Interests


June 30, 2025

December 31, 2024


Ownership

% interest

Ownership

% interest

Galaxy Digital Inc. (1)

170,332,037

45.5 %

-

- %

Noncontrolling interests (1)

203,885,332

54.5 %

-

- %

Galaxy Digital Holdings Ltd (1)

-

- %

127,577,780

37.1 %

Class B Unit Holders (1)

-

- %

215,862,343

62.9 %

Total

374,217,369

100.0 %

343,440,123

100.0 %

(1) As a result of the Reorganization Transactions, on May 13, 2025, Galaxy Digital Holdings Ltd. was acquired by Galaxy Digital Inc. and the Class B Unit Holders of GDH LP became noncontrolling interests of Galaxy Digital Inc. The change in relative ownership interests between December 31, 2024 and June 30, 2025 is primarily due to sale of shares by Galaxy Digital Inc. and conversion of Class B units during the period.

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 June 30, 2025 and March 31, 2025:


Three Months Ended June 30, 2025

(in thousands)

Digital Assets

Data Centers

Treasury and
Corporate

Total

Revenues and gains / (losses) from operations

$ 8,711,215

$ -

$ 345,434

$ 9,056,649

Less: Transaction expenses

8,596,478

-

33,462

8,629,940

Less: Impairment of digital assets

43,307

-

84,170

127,477

Adjusted gross profit

$ 71,430

$ -

$ 227,802

$ 299,232


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

12,920,860

-

26,150

12,947,010

Less: Impairment of digital assets

78,308

-

34,121

112,429

Adjusted gross profit

$ 64,731

$ -

$ (268,295)

$ (203,564)

Reconciliation of Adjusted EBITDA

The following table reconciles the Company's adjusted EBITDA figures to net income for the three months ended June 30, 2025 and March 31, 2025:

(in thousands)


Digital Assets


Data Centers


Treasury and
Corporate


Three Months
Ended

June 30, 2025

Net income / (loss)


$ (2,535)


$ -


$ 33,226


$ 30,691

Add back:









Equity based compensation


11,826


-


6,957


18,783

Notes interest expense and other expense


-


-


12,042


12,042

Taxes


-


-


11,470


11,470

Depreciation and amortization expense


3,560


-


3,898


7,458

Unrealized (gain) / loss on notes payable?-?derivative


-


-


125,150


125,150

Mining related impairment loss / loss on disposal


-


-


15


15

Settlement expense


-


-


1,557


1,557

Other (income) / expense, net


112


-


(918)


(806)

Reorganization and domestication costs


-


-


4,867


4,867

Adjusted EBITDA


$ 12,963


$ -


$ 198,264


$ 211,227

(in thousands)


Digital Assets


Data Centers


Treasury and
Corporate


Three Months
Ended

March 31,
2025

Net income / (loss)


$ 3,529


$ (2,899)


$ (296,061)


$ (295,431)

Add back:









Equity based compensation


5,942


471


3,601


10,014

Notes interest expense and other expense


-


-


16,269


16,269

Taxes


-


-


(6,112)


(6,112)

Depreciation and amortization expense


3,555


1,251


7,807


12,613

Mining related impairment loss / loss on disposal


-


-


57,014


57,014

Unrealized (gain) / loss on notes payable?-?derivative


-


-


(89,606)


(89,606)

Settlement expense


-


-


3,977


3,977

Other (income) / expense, net


12


-


(672)


(660)

Reorganization and domestication costs


-


-


2,419


2,419

Adjusted EBITDA


$ 13,038


$ (1,177)


$ (301,364)


$ (289,503)

All figures are in U.S. Dollars unless otherwise noted.

SOURCE Galaxy Digital Inc.

© 2025 PR Newswire
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