Galaxy Digital Holdings LP (GLXY) is a global leader in digital assets and data center infrastructure, providing a wide range of services and solutions for the digital asset and blockchain industries. The company engages in trading, asset management, mining, and blockchain infrastructure, catering to institutional clients and emerging technologies. GLXY also invests in high-performance computing (HPC) infrastructure to support artificial intelligence (AI) and blockchain applications.
- Global Markets - Engages in digital asset trading, including spot and derivative executions, arbitrage, and macro trading strategies, while providing liquidity to institutional clients.
- Digital Assets - Offers lending services, advisory solutions, and self-custody technology through its GK8 platform, alongside earning blockchain rewards via validator staking.
- Digital Infrastructure Solutions - Operates proprietary bitcoin mining and hosting services, with a focus on blockchain infrastructure and emerging technologies.
- Asset Management - Manages investments in the digital asset ecosystem for institutional clients and external partners, generating fee-based income.
- Treasury and Corporate - Includes proprietary trading, principal investments, and unallocated corporate overhead activities.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael Novogratz ExecutiveBoard | Founder, Chief Executive Officer, and Director | Michael Novogratz is the Founder, Chief Executive Officer, and Director at GLXY since December 2017. He previously served as Chairman of GDHL from July 2018 until September 2021 and remains on the board of directors. | View Report → | |
Andrew Siegel Executive | General Counsel and Chief Compliance Officer | Andrew Siegel has served as General Counsel and Chief Compliance Officer at Galaxy Digital since July 2018. He joined Galaxy Digital LP as Chief Compliance Officer in December 2017 and has previously held senior legal and compliance roles at firms including Perella Weinberg Partners, Stanfield Capital Partners LLC, Morgan Stanley, and Shearman & Sterling. | ||
Anthony Paquette Executive | Chief Financial Officer (CFO) | Anthony Paquette is the Chief Financial Officer (CFO) at Galaxy Digital Inc, having assumed this role on January 1, 2025. He previously served as Managing Director, Head of Finance and is designated as the Principal Financial Officer and Principal Accounting Officer. | ||
Christopher Ferraro Executive | President | Christopher Ferraro has been the President and Chief Investment Officer at Galaxy Digital since February 2017. Previously, he served as Managing Director and Partner at HPS Investment Partners, LLC and as Investment Manager at BlackRock Kelso Capital Advisors. | ||
Erin Brown Executive | Chief Operating Officer | Erin Brown has been the Chief Operating Officer at Galaxy Digital since May 2021 and serves as an Executive Committee Member. Previously, she held the titles of Managing Director and Executive Committee Member as noted in her offer letter dated April 14, 2021. | ||
Robert Rico Executive | Group Controller | Robert Rico serves as the Group Controller and was designated as the Principal Accounting Officer of Galaxy Digital Inc. on May 7, 2025. | ||
Bill Koutsouras Board | Lead Director of GDHL's Board of Directors | Principal at Kouts Capital | Bill Koutsouras has served as Lead Director of GDHL's Board of Directors at GLXY since July 2018. He is a seasoned professional in corporate finance and capital markets and has been the principal at Kouts Capital since 2011. | |
Jane Dietze Board | Board Member | Chief Investment Officer and Vice President at Brown University; Board Member at MicroStrategy Inc.; Board Member at Wenner-Gren Foundation | Jane Dietze is a Board Member at Galaxy Digital Holdings since March 2022. She has extensive experience in investment management and governance, also serving as Chief Investment Officer and Vice President at Brown University since 2018 and holding board roles at MicroStrategy Inc. (since December 2024) and the Wenner-Gren Foundation (since 2022). | |
Michael Daffey Board | Chair of the Board of Directors | Chairman of Tamesis Partners | Michael Daffey has served as Chair of Galaxy Digital Holdings Ltd. (GLXY) since September 2021 and also acts as a Senior Advisor. Previously, he held senior roles at Goldman Sachs, including Partner since 2002 and Chairman of the Global Markets Division. | |
Rhonda Adams-Medina Board | Board of Managers of Galaxy Digital Holdings GP LLC | Board member at Princeton Medical Center Foundation ; Board member at McCarter Theatre Center ; Advisory Council member, Princeton University Department of African American Studies | Rhonda Adams-Medina has served on Galaxy Digital Holdings GP LLC's Board of Managers since September 2020. She previously held executive positions at Nickelodeon, NBC Universal Kids, and Netflix, demonstrating extensive legal and business expertise. | |
Richard Tavoso Board | Member of GDHL’s Board of Directors | Richard Tavoso is a seasoned financial leader at GLXY, serving on the board of directors since June 28, 2023. He previously held executive roles, including serving as President of Galaxy Digital LP from December 2017 to December 2018. |
- Considering the phased approval process for the 1.7 GW of power under study at Helios, what is your contingency plan if regulatory approvals are delayed or if additional transmission assets become necessary, and how might such challenges impact your roadmap for revenue recognition?
- With Galaxy actively pursuing both a rapidly evolving crypto business and an expansive data center transformation, how do you plan to strategically allocate capital and managerial focus to ensure neither segment is under-resourced amid competing growth opportunities?
- As M&A activity in the crypto space accelerates, can you elaborate on your criteria for potential acquisitions versus organic growth, and what measures are you putting in place to address integration risks and preserve shareholder value?
- Given your ambitious CapEx targets—potentially ranging from $600 million to $1 billion—for the Helios data center expansion, how do you plan to balance non-dilutive project financing with equity raises while maintaining a robust balance sheet?
- In light of the evolving tokenization framework and the convergence of AI and crypto, what specific advantages does Galaxy’s proprietary infrastructure offer, and how will you scale these capabilities to secure a leading position in this nascent market?
Research analysts who have asked questions during Galaxy Digital earnings calls.
Joseph Vafi
Canaccord Genuity - Global Capital Markets
4 questions for GLXY
Bill Papanastasiou
Keefe, Bruyette & Woods (KBW)
3 questions for GLXY
Patrick Moley
Piper Sandler & Co.
3 questions for GLXY
Joseph Flynn
Compass Point Research & Trading, LLC
2 questions for GLXY
Kwun Sum Lau
Oppenheimer
2 questions for GLXY
Martin Toner
ATB Capital Markets
2 questions for GLXY
Michael Colonnese
H.C. Wainwright & Co.
2 questions for GLXY
Thomas Shinske
Cantor Fitzgerald
2 questions for GLXY
Brett Knoblauch
Cantor Fitzgerald & Co.
1 question for GLXY
Chris Brendler
Rosenblatt Securities
1 question for GLXY
Devin Ryan
Citizens JMP
1 question for GLXY
Edward Engel
Compass Point Research & Trading, LLC
1 question for GLXY
Gregory Lewis
BTIG, LLC
1 question for GLXY
James Yaro
Goldman Sachs
1 question for GLXY
Jon Petersen
Jefferies
1 question for GLXY
Mark Palmer
The Benchmark Company, LLC
1 question for GLXY
Matthew Galinko
Maxim Group
1 question for GLXY
Nick Giles
B. Riley Securities
1 question for GLXY
William Nance
The Goldman Sachs Group, Inc.
1 question for GLXY
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
GK8 Ltd. | 2023 | Acquired for $44 million as a business combination under ASC 805, the deal strategically adds secure digital asset self-custody technology to Galaxy Digital’s portfolio, including detailed key asset and liability allocations such as goodwill and intangible assets, with $2.3 million incurred in transaction costs. |
BitGo Holdings, Inc. | 2022 | Valued at approximately $1,158 million, this acquisition involved a mix of cash ($265 million) and equity (44.8 million shares) with optional consideration elections, contingent on regulatory and shareholder approvals and including conditions like a $100 million reverse termination fee if not completed by end-2022, positioning BitGo shareholders to own about 12% of the pro forma entity. |
Recent press releases and 8-K filings for GLXY.
- Boost Run, a provider of AI Cloud Infrastructure and high-performance compute, has entered into a definitive business combination agreement with Willow Lane Acquisition Corp. (Nasdaq: WLAC) to become a publicly-listed company.
- The transaction values the combined company at $614 million on a post-money basis.
- Boost Run is projecting over 250% revenue growth in 2025 versus 2024, with adjusted EBITDA margins over 75% and high-teens free cash flow margins.
- The combined company is projected to exit the fourth quarter of calendar 2026 with an annualized quarterly revenue run-rate approximating $275 million, assuming $112 million of cash is added to the balance sheet.
- Prior to the market open on September 16, 2025, fundamental institutional investors purchased $24.4 million of Willow Lane shares at $10.60 per share from existing SPAC shareholders.
- Galaxy Digital Inc. has closed a $1.4 billion project financing facility to support the continued development of its Helios datacenter campus in West Texas for AI and high-performance computing (HPC) operations.
- The financing, secured at 80% loan to cost with a 36-month term, is complemented by Galaxy's $350 million equity contribution.
- CoreWeave Inc. has committed to the full 800 MW of approved power capacity at the Helios campus through long-term agreements, including recent lease expansions for an additional 260 MW and 133 MW.
- Galaxy anticipates generating average annual revenue of more than $1 billion over the 15-year term of the agreements with CoreWeave.
- The company aims to transform Helios into one of the largest AI datacenter campuses globally, with a potential to support up to 3.5 GW power at full buildout.
- Galaxy Digital Inc. announced on July 25, 2025, the successful execution of one of the largest notional bitcoin transactions in crypto history.
- The company completed the sale of more than 80,000 bitcoin, valued at over $9 billion based on current market prices, on behalf of a Satoshi-era investor.
- This transaction represents one of the earliest and most significant exits from the digital asset market, undertaken as part of the investor's broader estate planning strategy.
- Galaxy Digital has integrated its institutional staking platform with Fireblocks, a leading digital asset and payments infrastructure platform, to broaden access to its staking services.
- This collaboration allows over 2,000 financial institutions using Fireblocks to securely stake digital assets directly from their Fireblocks vaults, leveraging Galaxy's high-performance validator infrastructure.
- As of June 30, 2025, Galaxy reported approximately $3.15 billion in assets under stake.
- This integration with Fireblocks marks Galaxy's third custodial integration announced in 2025, following previous collaborations with Zodia Custody and BitGo.
- Galaxy Digital restructured its reportable segments to Digital Assets, Data Centers, and Treasury and Corporate following the conversion of its bitcoin mining facility into an AI/HPC data center.
- The company filed recast historical quarterly unaudited financial information reflecting this segment change as Exhibit 99.1 to the Form 8-K.
- In Q1 2025, consolidated revenues were $12,976 million and net loss was $295.4 million.
- Underwriters exercised their option on June 10, 2025, purchasing 4,380,967 shares of Class A common stock from a selling stockholder at the public offering price less the underwriting discount.
- The company received no proceeds from this additional sale, following the previously announced public offering that closed on June 3, 2025.
- Galaxy Digital Holdings LP announced a structural change by converting its bitcoin mining facility into an AI/HPC data center, leading to a resegmentation that established three new reportable segments: Digital Assets, Data Centers, and Treasury & Corporate.
- The company revised its audited consolidated financial statements for December 31, 2024 (and prior years) to reflect the updated segment information, with the filing provided for informational purposes.
- Q1 2025 Financial Performance: Reported a net loss of $295 million and loss per diluted share of $0.86, impacted by digital asset depreciation and a one-time $57 million impairment charge .
- U.S. Reorganization & Uplisting: Completed transition to a Delaware-incorporated U.S. entity with a new reporting framework including Digital Assets, Data Centers, and Treasury & Corporate segments, and is set to uplist on Nasdaq on May 16, 2025 following a shareholder meeting on May 9, 2025 .
- Pro Forma Financials: Filed unaudited pro forma combined financial statements as of March 31, 2025, reflecting merger and reorganization effects with adjustments like reclassification of equity, conversion of unit interests into common stock, and tax impact modifications .
- Digital Assets Segment: Delivered positive operating results with $3.5 million in operating income and approximately $65 million in adjusted gross profit, despite market pressures .
- Data Center Developments: Helios Data Center update includes CoreWeave’s option for additional IT load for AI and HPC operations, with an expansion agreement targeting commencement in 2027 .
- Liquidity & Capital: Maintained strong liquidity with $1.1 billion in cash and stablecoins and $1.9 billion in equity capital to strategically manage digital asset exposure .
- Redomicile and reorganization resolution approved with the requisite two-thirds vote, confirming the company's planned reorganization and domestication.
- Ordinary resolution approved authorizing the issuance of up to $500 million in Class B common stock to current Class B LP unit holders.
- Hybrid meeting format executed to facilitate both in-person and virtual voting, ensuring broad shareholder participation.
- Operating Performance: Galaxy delivered strong full-year 2024 operating results with positive EBITDA and over $400 million in revenue, including Q4 net income of $174 million on $117 million in operating revenues, driven by robust trading and lending activities.
- Data Center Expansion: The company announced a transformative 15-year lease with CoreWeave to expand its Helios data center into a leading AI and high-performance computing facility, targeting approximately $4.5 billion in revenue over the term with EBITDA margins at or above 90%.
- Market Outlook and Strategic Initiatives: Enhanced institutional participation in digital assets, ongoing progress on a U.S. listing process, and initiatives in stablecoin technology underscore Galaxy’s focus on long-term growth despite near-term balance sheet challenges.