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Galaxy Digital (GLXY)

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.

  1. Global Markets - Engages in digital asset trading, including spot and derivative executions, arbitrage, and macro trading strategies, while providing liquidity to institutional clients.
  2. Digital Assets - Offers lending services, advisory solutions, and self-custody technology through its GK8 platform, alongside earning blockchain rewards via validator staking.
  3. Digital Infrastructure Solutions - Operates proprietary bitcoin mining and hosting services, with a focus on blockchain infrastructure and emerging technologies.
  4. Asset Management - Manages investments in the digital asset ecosystem for institutional clients and external partners, generating fee-based income.
  5. Treasury and Corporate - Includes proprietary trading, principal investments, and unallocated corporate overhead activities.

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NamePositionExternal RolesShort 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.

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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.

  1. 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?
  2. 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?
  3. 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?
  4. 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?
  5. 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

Also covers: ADV, ALIT, ASGN +20 more

Bill Papanastasiou

Keefe, Bruyette & Woods (KBW)

3 questions for GLXY

Also covers: ARBK, BITF, BLSH +11 more

Patrick Moley

Piper Sandler & Co.

3 questions for GLXY

Also covers: BGC, CBOE, CME +14 more

Joseph Flynn

Compass Point Research & Trading, LLC

2 questions for GLXY

Also covers: BITF, CMPO, CORZ +3 more

Kwun Sum Lau

Oppenheimer

2 questions for GLXY

Also covers: CBOE, CLVT, CME +9 more

Martin Toner

ATB Capital Markets

2 questions for GLXY

Also covers: BITF, DCBO, LSPD +3 more

Michael Colonnese

H.C. Wainwright & Co.

2 questions for GLXY

Also covers: BITF, BTDR, BTM +7 more

Thomas Shinske

Cantor Fitzgerald

2 questions for GLXY

Also covers: APLD, BITF, CSGS +2 more

Brett Knoblauch

Cantor Fitzgerald & Co.

1 question for GLXY

Also covers: APLD, AVPT, BITF +17 more

Chris Brendler

Rosenblatt Securities

1 question for GLXY

Also covers: BLSH, CIFR, HUT +1 more

Devin Ryan

Citizens JMP

1 question for GLXY

Also covers: AMTD, COIN, DAVE +18 more

Edward Engel

Compass Point Research & Trading, LLC

1 question for GLXY

Also covers: CAN, EXOD, GMBL +1 more

Gregory Lewis

BTIG, LLC

1 question for GLXY

Also covers: BLBD, BTDR, CIFR +26 more

James Yaro

Goldman Sachs

1 question for GLXY

Also covers: COIN, CRCL, ETOR +10 more

Jon Petersen

Jefferies

1 question for GLXY

Also covers: DLR, EGP, EQIX +4 more

Mark Palmer

The Benchmark Company, LLC

1 question for GLXY

Also covers: CAN, DAVE, ICG +4 more

Matthew Galinko

Maxim Group

1 question for GLXY

Also covers: ADEA, ALMU, ARBE +11 more

Nick Giles

B. Riley Securities

1 question for GLXY

Also covers: AA, AMR, APLD +25 more

William Nance

The Goldman Sachs Group, Inc.

1 question for GLXY

Also covers: AFRM, AMTD, AVDX +19 more

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

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.

Galaxy Digital Prices Upsized $1.15 Billion Exchangeable Senior Notes Offering
·$GLXY
Debt Issuance
New Projects/Investments
  • On October 28, 2025, Galaxy Digital Holdings LP (the Issuer) priced an upsized offering of $1.15 billion aggregate principal amount of its 0.50% exchangeable senior notes due 2031.
  • The offering size was increased from the previously announced $1.0 billion, with an option for initial purchasers to buy an additional $150.0 million.
  • The sale settled on October 30, 2025, resulting in a total issuance of $1.3 billion aggregate principal amount of notes, including the full exercise of the additional purchase option.
  • The estimated net proceeds are $1,127.0 million (or $1,274.0 million if the option was fully exercised), intended for growth across core operating businesses and general corporate purposes, potentially including the repayment of existing notes due 2026.
  • The notes have an initial exchange price of approximately $55.76 per share, which represents a 37.5% premium over the common stock's last reported sale price of $40.55 on October 27, 2025.
1 hour ago
Galaxy Digital Integrates with Coinbase Prime
·$GLXY
New Projects/Investments
Product Launch
  • Galaxy Digital announced its integration with Coinbase Prime, allowing Coinbase Prime clients to access Galaxy's high-performance staking infrastructure.
  • This collaboration positions Galaxy and Coinbase Prime as a custodial, staking, and liquidity solution for ETFs and ETPs.
  • As of September 30, 2025, Galaxy manages approximately $6.6 billion in assets under stake.
  • This integration with Coinbase is Galaxy's fourth custodial integration in 2025, following collaborations with Fireblocks, Zodia Custody, and BitGo earlier in the year.
1 day ago
Galaxy Digital Prices Upsized Exchangeable Senior Notes Offering
·$GLXY
Debt Issuance
New Projects/Investments
Convertible Preferred Issuance
  • Galaxy Digital Holdings LP priced an offering of $1.15 billion aggregate principal amount of its 0.50% exchangeable senior notes due 2031, which was an increase from the previously announced $1.0 billion offering size.
  • The estimated net proceeds of $1,127.0 million (or $1,274.0 million if the initial purchasers fully exercise their option) are intended to support growth across Galaxy's core operating businesses and for general corporate purposes, potentially including the repayment of existing exchangeable senior notes due 2026.
  • The notes will mature on May 1, 2031, and will accrue interest at a rate of 0.50% per annum, payable semi-annually beginning May 1, 2026.
  • The initial exchange price is approximately $55.76 per share of common stock, which represents a 37.5% premium above the last reported sale price of $40.55 per share on October 27, 2025.
  • The sale of the notes is scheduled to settle on October 30, 2025, subject to customary closing conditions.
2 days ago
Galaxy Digital Announces Private Offering of Exchangeable Senior Notes
·$GLXY
Debt Issuance
New Projects/Investments
  • Galaxy Digital Holdings LP intends to offer $1.0 billion aggregate principal amount of exchangeable senior notes due 2031 in a private offering.
  • The initial purchasers will have an option to purchase up to an additional $150.0 million aggregate principal amount of notes.
  • The net proceeds are intended to support growth across core operating businesses and for general corporate purposes, which may include the repayment of existing exchangeable senior notes due 2026.
  • The notes will not be redeemable prior to November 6, 2028, and the offering is subject to market conditions and Toronto Stock Exchange (TSX) approval.
3 days ago
Galaxy Announces Q3 2025 Earnings and Helios Data Center Financing
·$GLXY
Earnings
New Projects/Investments
Product Launch
  • For Q3 2025, Galaxy reported a Net Income of $505 million, Adjusted Gross Profit of $728 million, and Adjusted EBITDA of $629 million.
  • Galaxy secured $1.4 billion in project financing for Phase I of its Helios Data Center Campus, which has 133 MW of contracted critical IT load with an expected delivery date in 1H 2026. CoreWeave has committed to a total of 526 MW of critical IT capacity for 15 years, anticipating over $1 billion in average annual revenue for the combined three phases.
  • The company launched GalaxyOne, a unified digital experience providing products such as Galaxy Premium Yield, GalaxyOne Cash, GalaxyOne Crypto, and GalaxyOne Brokerage to U.S. individual investors.
  • As of Q3 2025, Galaxy's balance sheet net digital asset and investment exposure includes $546 million in Bitcoin, $258 million in Ether, $251 million in Solana, and $646 million in Venture & Fund Investments.
Oct 21, 2025, 12:30 PM
Galaxy Digital Reports Record Q3 2025 Performance
·$GLXY
Earnings
New Projects/Investments
Revenue Acceleration/Inflection
  • Galaxy Digital achieved its best quarter in history in Q3 2025, reporting GAAP net income of $505 million and record adjusted gross profit of $728 million.
  • Assets on platform reached a record $17 billion, with total assets under management and assets under stake nearly doubling to $15 billion from the previous quarter. The lending book also expanded to $1.8 billion.
  • The digital asset segment recorded an adjusted gross profit of $318 million, fueled by record crypto trading volumes, up 140% from Q2, which included a $9 billion Bitcoin sale for a client.
  • Progress on the Helios data center campus included CoreWeave committing to the full 800 megawatts and the securing of a $1.4 billion project-level loan, with $430 million drawn by the end of Q3 2025.
  • The company launched Galaxy One, a new direct-to-consumer platform, and received a $460 million strategic investment from a global asset manager, with $325 million in net proceeds supporting the Helios data center build-out.
Oct 21, 2025, 12:30 PM
Galaxy Digital Announces Q3 2025 Financial Results
·$GLXY
Earnings
New Projects/Investments
Product Launch
  • Galaxy Digital reported a net income of $505 million, diluted EPS of $1.01, and adjusted EPS of $1.12 for the third quarter of 2025. The company's Adjusted EBITDA was $629 million for the same period.
  • As of September 30, 2025, Galaxy Digital's total equity reached $3.2 billion, and it held $1.9 billion in cash and stablecoins.
  • The company achieved record quarterly digital asset trading volumes, increasing 140% versus Q2 2025, and its total assets on platform reached an all-time high of approximately $17 billion at quarter end.
  • Galaxy secured a $1.4 billion project financing facility for Phase I of the Helios data center development and announced a $460 million equity investment by one of the world's largest asset managers.
  • On October 6, 2025, Galaxy launched GalaxyOne, a financial technology platform providing U.S.-based individual investors access to high-yield cash, cryptocurrencies, and equities trading.
Oct 21, 2025, 11:46 AM
Galaxy Digital Inc. Announces Strong Q3 2025 Financial Results and Strategic Developments
·$GLXY
Earnings
New Projects/Investments
Revenue Acceleration/Inflection
  • Galaxy Digital Inc. reported a net income of $505 million and diluted EPS of $1.01 for Q3 2025.
  • Adjusted EBITDA reached $629 million in Q3 2025, driven by record results in the Digital Assets operating business.
  • Digital asset trading volumes increased 140% versus Q2 2025, contributing to total assets on platform reaching an all-time high of approximately $17 billion.
  • The company secured $1.4 billion in project financing for the Helios data center and received a $460 million equity investment, with $325 million net proceeds.
Oct 21, 2025, 11:25 AM
Galaxy Digital announces $460 million strategic investment
·$GLXY
New Projects/Investments
  • Galaxy Digital has entered into investment agreements for a $460 million private strategic investment in its Class A common stock with a major asset manager.
  • The investment involves the purchase of 9,027,778 shares from Galaxy and 3,750,000 shares from executive officers, including the CEO, at $36 per share.
  • Galaxy intends to use the proceeds for general corporate purposes and to fund the buildout of its Helios data center campus, which is on schedule to deliver 133 MW in the first half of 2026.
  • The investment is expected to close on or about October 17, 2025, subject to customary closing conditions.
  • Galaxy also announced it will report its third quarter 2025 financial results on October 21, 2025.
Oct 10, 2025, 8:01 PM
Galaxy Digital Launches GalaxyOne Platform for Individual Investors
·$GLXY
Product Launch
New Projects/Investments
  • Galaxy Digital Inc. launched GalaxyOne, a new financial technology platform for U.S.-based individual investors, on October 6, 2025.
  • GalaxyOne offers competitive yield products, including 8.00% Annual Percentage Yield (APY) for accredited investors through Galaxy Premium Yield and 4.00% APY on cash deposits for all investors.
  • The platform integrates crypto trading (including bitcoin, ethereum, and solana) and commission-free trading of over 2,000 U.S. stocks and ETFs, along with retirement accounts and a stock lending program, all within a single digital experience.
Oct 6, 2025, 11:00 AM