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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.
| 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?
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.
- 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.