Galaxy Announces Third Quarter 2026 Financial Results NEW YORK, October 27, 2026
Galaxy Announces Third Quarter 2026 Financial Results NEW YORK, October 27, 2026 — Galaxy Digital Inc. (Nasdaq: GLXY) (the "Company" or "GDI") today released financial results for the three and nine months ended September 30, 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 “Galaxy delivered a strong third quarter, reflecting the strength of our established Digital Assets franchise, significant appreciation across our investments portfolio, and the growing contribution from our D ata Centers business. Our strategy is centered on two significant opportunities in the global economy: the modernization of financial markets through digital assets and the expansion of AI infrastructure. The progress we're making across both businesses is strengthening and diversifying our earnings profile, while positioning Galaxy to capitalize on substantial growth opportunities. We remain focused on disciplined execution and creating long- term value for our shareholders,” stated Mike Novogratz, Founder and Chief Executive Officer. — Financial and Business Highlights • Q3 2026 net income of $323 million and diluted and adjusted EPS of $0.66 and $0.83 , respectively 2 • Q3 2026 adjusted gross profit of $569 million and adjusted EBITDA of $455 million • Total equity of $3.0 billion and cash, stablecoins, and U.S. Treasuries of $4.9 billion • Repurchased 9.8 million shares year-to-date, more than offsetting equity-based compensation dilution • Board approved additional $200 million share repurchase authorization • Substantially expanded data center footprint bringing total gross power pipeline to over 5.7 GW • Completed $3.5 billion offering of senior secured notes to fund construction of Helios I, Phase II
SELECT FINANCIAL METRICS Q3 2026 Q2 2026 Q/Q % Change Total Assets $16.4B $10.8B 51% Total Equity $3.0B $2.7B 10% Cash, Stablecoins, and U.S. Treasuries3 $4.9B $2.5B 99% Net Digital Assets and Investments4 $1.7B $1.2B 48% Net Income / (Loss) $323M -$85M N.M. Adjusted EBITDA2 $455M -$77M N.M. Note: Throughout this document, totals may not sum due to rounding. Percentage change calculations are based on unrounded results. N.M. is theabbreviation 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 theCompany’s corporate structure (the “Reorganization Transactions”).(2) Adjusted EPS, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Refer to pages 11 through 13 for more information and anon-GAAP to GAAP reconciliation to the most directly comparable GAAP measure.(3) Includes $1,325M in Cash and Cash Equivalents, $812M in Stablecoins, and $2,756M of U.S. Treasury Bills and Notes as of the end of Q3 2026 and$896M in Cash and Cash Equivalents and $1,563M in Stablecoins as of the end of Q2 2026.(4) Refer to page 5 of this release for a breakout of Galaxy’s Treasury & Corporate net digital asset and investment exposure.
GAAP Revenues and Transaction Expenses Q3 2026 Q2 2026 Q/Q % Change Gross Revenues & Gains/(Losses) $8.7B $8.7B —% fromOperations Gross Transaction Expenses $8.0B $8.5B (6)% Segment Reporting Breakdown Q3 2026 Q2 2026 Q/Q % Change Digital Assets Adjusted Gross Profit1 $71M $66M 9% Digital Assets Adjusted EBITDA1 -$9M -$11M N.M. Data Centers Adjusted Gross Profit1 $79M $20M 293% Data Centers Adjusted EBITDA1 $69M $11M 498% Treasury & Corporate Adjusted Gross $419M -$42M N.M. Profit1 Treasury & Corporate Adjusted EBITDA1 $395M -$78M N.M. Adjusted Gross Profit1 $569M $43M N.M. Adjusted EBITDA1 $455M -$77M N.M. Net Income $323M -$85M 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 abbreviationfor "Not Meaningful".(1) Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Refer to pages 11 through 13 for more information and a non-GAAP toGAAP reconciliation to the most directly comparable GAAP measure.
— Digital Assets Global Markets • Galaxy’s digital asset trading volumes grew 12% quarter-over-quarter, outperforming the broader spot market, where volumes declined, highlighting the strength and breadth of the trading franchise. 1 • Average loan book size of $1.8 billion was up 27% compared to the prior quarter, driven by demand for the Galaxy Onchain Financing Rate (“GOFR”) alongside broader demand for financing as market conditions improved.
KEY PERFORMANCE INDICATORS Q3 2026 Q2 2026 Q/Q % Change Global Markets Adjusted Gross Profit2 $53M $49M 8% Loan Book Size (Average) $1.8B $1.4B 27% Total Trading Counterparties 1,763 1,741 1% Global Markets Adjusted Gross Profit: Gross Profit from Galaxy trading activity, net of transaction expenses, and fee revenue associated with theInvestment Banking business.Loan Book Size (Average): Average market value of all open loans, excluding uncommitted credit facilities.
Asset Management & Infrastructure Solutions • Galaxy ended Q3 with $10.4 billion in combined assets under management and assets under stake, up 46% quarter-over- quarter. 3 • Asset Management generated over $160 million of net inflows during the quarter, driven by the end of quarter launch of the Galaxy Sharplink Onchain Yield Fund, an institutional investment fund designed to deploy capital across DeFi liquidity protocols and other onchain yield-generating strategies. • Galaxy entered a multi-year agreement with BNY, which oversees more than $60 trillion in assets under custody, to further advance digital asset infrastructure for institutional markets, including support for staking on BNY's Digital Asset Custody platform. In addition to staking, Galaxy is serving as a design partner to further advance BNY's digital asset platform infrastructure.
KEY PERFORMANCE INDICATORS Q3 2026 Q2 2026 Q/Q % Change Asset Management & Infrastructure $19M $17M 11% SolutionsAdjusted Gross Profit2 ETFs $2.5B $1.8B 41% Alternatives $3.3B $2.6B 30% Assets Under Stake $4.6B $2.8B 64% All figures are unaudited.ETFs: Include assets in Galaxy-sponsored and sub-advised exchange-traded funds, including seed investments byaffiliates, based on prices as of the end of the specified period. ETF assets include both Galaxy balance sheet and third-party assets. Changes in ETFassets are generally the result of performance, inflows/outflows, and market movements.Alternatives: Includes committed capital closed-endvehicles, fund of fund products, engagements to unwind portfolios, affiliated and unaffiliated separately managed accounts, and seed investments byaffiliates, based on prices as of the end of the specified period. For committed capital closed-end funds, 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 applicableperiod.Assets Under Stake: Represents the total notional value of assets bonded to Galaxy validators, based on prices as of the end of thespecified period. These figures include both Galaxy balance sheet and third-party assets. Note: As of the end of Q3 2026, $1.2B of assets arecaptured within both Assets Under Stake and Alternatives.
(1) Source: The Block. Industry-wide trading volumes defined as spot cryptocurrency monthly exchange volumes, BTC futures, BTC options, and ETH options volumes. (2) Adjusted Gross Profit is a non-GAAP financial measure. Refer to page 11 for more information and a reconciliation to the most directly comparable GAAP measure. (3) Assumes prices for relevant cryptocurrencies as of 9/30/2026.
— Data Centers • Data Centers generated adjusted gross profit of $79 million and adjusted EBITDA of $69 million during the quarter, reflecting the first full quarter of revenue-generating operations under the Helios I, Phase I lease, with all 133 MW of critical IT load delivered to CoreWeave by the end of the second quarter. 1 • Helios I, Phase II is fully financed and under construction, with both buildings and the supporting substation progressing on schedule and within budget, and with construction activity expected to ramp significantly over the coming months, with data hall deliveries scheduled to begin in the second quarter of 2027. • Galaxy continues to advance discussions with prospective tenants for the additional 830 MW of approved capacity at Helios II not yet under lease, with market dynamics seen as increasingly favorable.
KEY PERFORMANCE INDICATORS Q3 2026 Q2 2026 Q/Q % Change Data Centers Adjusted Gross Profit1 $79M $20M 293% Data Centers Adjusted EBITDA1 $69M $11M 498% Data Centers Total Assets $6.8B $2.5B 166% Data Centers Total Liabilities $5.3B $1.5B 244% Data Centers Quarterly Capital Expenditure $757M $448M 69% Delivered Critical IT Load to Date2 133 MW 133 MW —% (1) Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Refer to pages 11 and 12 for more information and areconciliation to the most directly comparable GAAP measure. (2) Represents revenue-generating capacity delivered to tenants, reflectingcumulative capacity delivered at quarter end.
— Balance Sheet Equity Capital As of September 30, 2026 , Galaxy had $3.0 billion in equity capital. Below is a breakout of how the Company’s equity capital is allocated across its Digital Assets, Data Centers and Treasury & Corporate segments.
$3.0 billion of equity capital across three segments: ~33% ~48% ~19% Digital Assets Data Centers Treasury & Corporate
Treasury & Corporate Net Digital Asset and Investment Exposure The 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 September 30, 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 ETH, associated tokens such as wrapped ETH, and interests in investment vehicles designed to hold ETH. (3) 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. (4) Represents spot positions 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.
Capital Management On October 26, 2026, the Company’s Board of Directors authorized the repurchase of shares of the Company’s Class A common stock in an amount up to $200 million, enabling the Company to opportunistically return value to shareholders. Repurchases will be subject to compliance with applicable securities laws and stock exchange requirements. Galaxy previously announced a $200 million share repurchase program in February 2026, which was completed on October 15, 2026. In total under the program, Galaxy repurchased approximately 9.8 million shares of Class A common stock. Galaxy may repurchase shares of its Class A common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in accordance with applicable securities laws, stock exchange requirements and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate, legal and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program does not have a fixed expiration date, may be suspended or discontinued at any time and does not obligate the Company to acquire any amount of common stock. There can be no assurances how many shares Galaxy will repurchase, if any, or at what prices any purchases will be made. Earnings Conference Call An investor conference call will be held today, October 27, 2026, at 8:30 AM Eastern Time. A live webcast will be available at https:// investor.galaxy.com/ and on the Company's YouTube channel. 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 December 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, growing the economy that runs on code. Galaxy delivers the onchain infrastructure that connects institutions to digital assets, including trading, advisory, asset management, staking, self-custody, and tokenization. Galaxy also develops and operates data center infrastructure to power AI and HPC workloads. Anchored by its Helios campus in Texas, Galaxy is building a multi-gigawatt pipeline of more than 5.7 GW of potential capacity, positioning it 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”) and the Private Securities Litigation Reform Act of 1995, 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, without limitation, statements about Galaxy’s business plans and goals, including, without limitation, with respect to the Helios Data Center, lease agreements with CoreWeave, planned data centers, growth opportunities, our share repurchase program, our future prospects, power capacity and energization timelines, future reporting measures and business strategy, our future results of operations and financial position, and industry and market dynamics 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,” “will,” “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, including
7 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted. impairment charges recognized in connection with the conversion of our Helios mining infrastructure and negative Adjusted EBITDA in recent periods; (3) changes in applicable laws or regulations, and changes or events that impact the cryptocurrency and AI/HPC industry, including potential regulation, that are out of our control; (4) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (5) declines in the prices of digital assets or in the volume of transactions that we conduct, and our exposure to market risk on our digital asset and investment positions; (6) the risk that our business will not grow in line with our expectations; (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 the construction of 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 obtaining, or failure to obtain, necessary ERCOT power approvals; (15) risks associated with the leasing business, including those associated with counterparties; and (16) those other risks contained in filings we mak e 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 our filings with the SEC, including without limitation, our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 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 representatio n 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 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, as such risks may be updated from time to time in our filings with the SEC, including without limitation, our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026. 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. Galaxy announces material information to the public through filings with the Securities and Exchange Commission, the investor relations and newsroom pages on its website (investor.galaxy.com and galaxy.com/newsroom), press releases, its LinkedIn profile (linkedin.com/company/galaxyhq), its X account (@galaxyhq), public conference calls and webcasts in order to achieve broad, non- exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. Galaxy encourages investors and others to follow the channels listed above and to review the information disclosed through such channels. 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 11-13 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 September 30, 2026 and June 30, 2026, (ii) adjusted EBITDA to net income (loss) (including for our individual segments) during the three months ended September 30, 2026 and June 30, 2026 and (iii) adjusted EPS to diluted EPS for the three and nine months ended September 30, 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 gross profit is defined as revenues and gains (losses) from operations excluding (i) transaction expenses and (ii) impairment of digital assets. 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 and related expense, (ii) notes interest and other expense, (iii) tax expense / (benefit), (iv) depreciation and amortization expense and (v) other discrete items which are not individually 8 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted. 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 the Company’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.
(1) For periods prior to the Reorganization Transactions, represents total GDH LP Unit Holders’ Capital.
Galaxy Digital Inc.’s Consolidated Statements of Operations and Other Comprehensive Income (Loss) (unaudited)
Reconciliation of Adjusted Gross Profit The following table reconciles adjusted gross profit to revenues and gains / (losses) from operations for the three months ended September 30, 2026 and June 30, 2026 :
Reconciliation of Adjusted EBITDA The following table reconciles the Company’s adjusted EBITDA figures to net income for the three months ended September 30, 2026 and June 30, 2026:
(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 Share The 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 was 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 and nine months ended September 30, 2026 and September 30, 2025 :
Full text with the tables
Exhibit 99.1
Galaxy Announces Third Quarter 2026 Financial Results NEW YORK, October 27, 2026
— Galaxy Digital Inc. (Nasdaq: GLXY) (the "Company" or "GDI") today released
financial results for the three and nine months ended September 30, 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 “Galaxy delivered a strong third quarter, reflecting the strength of
our established Digital Assets franchise, significant appreciation across our
investments portfolio, and the growing contribution from our D ata Centers
business. Our strategy is centered on two significant opportunities in the
global economy: the modernization of financial markets through digital assets
and the expansion of AI infrastructure. The progress we're making across both
businesses is strengthening and diversifying our earnings profile, while
positioning Galaxy to capitalize on substantial growth opportunities. We remain
focused on disciplined execution and creating long- term value for our
shareholders,” stated Mike Novogratz, Founder and Chief Executive Officer. —
Financial and Business Highlights • Q3 2026 net income of $323 million and
diluted and adjusted EPS of $0.66 and $0.83 , respectively 2 • Q3 2026 adjusted
gross profit of $569 million and adjusted EBITDA of $455 million • Total equity
of $3.0 billion and cash, stablecoins, and U.S. Treasuries of $4.9 billion •
Repurchased 9.8 million shares year-to-date, more than offsetting equity-based
compensation dilution • Board approved additional $200 million share repurchase
authorization • Substantially expanded data center footprint bringing total
gross power pipeline to over 5.7 GW • Completed $3.5 billion offering of senior
secured notes to fund construction of Helios I, Phase II
SELECT FINANCIAL METRICS Q3 2026 Q2 2026 Q/Q % Change
Total Assets $16.4B $10.8B 51%
Total Equity $3.0B $2.7B 10%
Cash, Stablecoins, and U.S. Treasuries3 $4.9B $2.5B 99%
Net Digital Assets and Investments4 $1.7B $1.2B 48%
Net Income / (Loss) $323M -$85M N.M.
Adjusted EBITDA2 $455M -$77M N.M.
Note:
Throughout this document, totals may not
sum due to rounding. Percentage change
calculations are based on unrounded
results. N.M. is theabbreviation 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 theCompany’s corporate
structure (the “Reorganization
Transactions”).(2) Adjusted EPS,
Adjusted Gross Profit and Adjusted
EBITDA are non-GAAP financial measures.
Refer to pages 11 through 13 for more
information and anon-GAAP to GAAP
reconciliation to the most directly
comparable GAAP measure.(3) Includes
$1,325M in Cash and Cash Equivalents,
$812M in Stablecoins, and $2,756M of
U.S. Treasury Bills and Notes as of the
end of Q3 2026 and$896M in Cash and Cash
Equivalents and $1,563M in Stablecoins
as of the end of Q2 2026.(4) Refer to
page 5 of this release for a breakout of
Galaxy’s Treasury & Corporate net
digital asset and investment exposure.
2 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted.
— Galaxy Financial Snapshot
GAAP Revenues and Transaction Expenses Q3 2026 Q2 2026 Q/Q % Change
Gross Revenues & Gains/(Losses) $8.7B $8.7B —%
fromOperations
Gross Transaction Expenses $8.0B $8.5B (6)%
Segment Reporting Breakdown Q3 2026 Q2 2026 Q/Q % Change
Digital Assets Adjusted Gross Profit1 $71M $66M 9%
Digital Assets Adjusted EBITDA1 -$9M -$11M N.M.
Data Centers Adjusted Gross Profit1 $79M $20M 293%
Data Centers Adjusted EBITDA1 $69M $11M 498%
Treasury & Corporate Adjusted Gross $419M -$42M N.M.
Profit1
Treasury & Corporate Adjusted EBITDA1 $395M -$78M N.M.
Adjusted Gross Profit1 $569M $43M N.M.
Adjusted EBITDA1 $455M -$77M N.M.
Net Income $323M -$85M 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 abbreviationfor
"Not Meaningful".(1) Adjusted Gross
Profit and Adjusted EBITDA are non-GAAP
financial measures. Refer to pages 11
through 13 for more information and a
non-GAAP toGAAP reconciliation to the
most directly comparable GAAP measure.
3 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted.
— Digital Assets Global Markets • Galaxy’s digital asset trading volumes grew
12% quarter-over-quarter, outperforming the broader spot market, where volumes
declined, highlighting the strength and breadth of the trading franchise. 1 •
Average loan book size of $1.8 billion was up 27% compared to the prior quarter,
driven by demand for the Galaxy Onchain Financing Rate (“GOFR”) alongside
broader demand for financing as market conditions improved.
KEY PERFORMANCE INDICATORS Q3 2026 Q2 2026 Q/Q % Change
Global Markets Adjusted Gross Profit2 $53M $49M 8%
Loan Book Size (Average) $1.8B $1.4B 27%
Total Trading Counterparties 1,763 1,741 1%
Global Markets Adjusted Gross Profit:
Gross Profit from Galaxy trading activity,
net of
transaction expenses, and fee revenue
associated
with theInvestment Banking business.Loan
Book Size
(Average):
Average market value of all open loans,
excluding
uncommitted credit facilities.
Asset Management & Infrastructure Solutions • Galaxy ended Q3 with $10.4 billion
in combined assets under management and assets under stake, up 46% quarter-over-
quarter. 3 • Asset Management generated over $160 million of net inflows during
the quarter, driven by the end of quarter launch of the Galaxy Sharplink Onchain
Yield Fund, an institutional investment fund designed to deploy capital across
DeFi liquidity protocols and other onchain yield-generating strategies. • Galaxy
entered a multi-year agreement with BNY, which oversees more than $60 trillion
in assets under custody, to further advance digital asset infrastructure for
institutional markets, including support for staking on BNY's Digital Asset
Custody platform. In addition to staking, Galaxy is serving as a design partner
to further advance BNY's digital asset platform infrastructure.
KEY PERFORMANCE INDICATORS Q3 2026 Q2 2026 Q/Q % Change
Asset Management & Infrastructure $19M $17M 11%
SolutionsAdjusted Gross Profit2
ETFs $2.5B $1.8B 41%
Alternatives $3.3B $2.6B 30%
Assets Under Stake $4.6B $2.8B 64%
All figures are unaudited.ETFs:
Include assets in Galaxy-sponsored and
sub-advised exchange-traded funds,
including seed investments
byaffiliates,
based on prices as of the end of the
specified period. ETF assets include
both Galaxy balance sheet and
third-party assets. Changes in
ETFassets
are generally the result of
performance,
inflows/outflows, and market
movements.Alternatives:
Includes committed capital
closed-endvehicles, fund of fund
products, engagements to unwind
portfolios, affiliated and
unaffiliated
separately managed accounts, and seed
investments byaffiliates, based on
prices as of the end of the specified
period. For committed capital
closed-end
funds, 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
applicableperiod.Assets Under Stake:
Represents the total notional value of
assets bonded to Galaxy validators,
based on prices as of the end of
thespecified period. These figures
include both Galaxy balance sheet and
third-party assets. Note:
As of the end of Q3 2026, $1.2B of
assets arecaptured within both Assets
Under Stake and Alternatives.
(1) Source: The Block. Industry-wide trading volumes defined as spot
cryptocurrency monthly exchange volumes, BTC futures, BTC options, and ETH
options volumes. (2) Adjusted Gross Profit is a non-GAAP financial measure.
Refer to page 11 for more information and a reconciliation to the most directly
comparable GAAP measure. (3) Assumes prices for relevant cryptocurrencies as of
9/30/2026.
4 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted.
— Data Centers • Data Centers generated adjusted gross profit of $79 million and
adjusted EBITDA of $69 million during the quarter, reflecting the first full
quarter of revenue-generating operations under the Helios I, Phase I lease, with
all 133 MW of critical IT load delivered to CoreWeave by the end of the second
quarter. 1 • Helios I, Phase II is fully financed and under construction, with
both buildings and the supporting substation progressing on schedule and within
budget, and with construction activity expected to ramp significantly over the
coming months, with data hall deliveries scheduled to begin in the second
quarter of 2027. • Galaxy continues to advance discussions with prospective
tenants for the additional 830 MW of approved capacity at Helios II not yet
under lease, with market dynamics seen as increasingly favorable.
KEY PERFORMANCE INDICATORS Q3 2026 Q2 2026 Q/Q % Change
Data Centers Adjusted Gross Profit1 $79M $20M 293%
Data Centers Adjusted EBITDA1 $69M $11M 498%
Data Centers Total Assets $6.8B $2.5B 166%
Data Centers Total Liabilities $5.3B $1.5B 244%
Data Centers Quarterly Capital Expenditure $757M $448M 69%
Delivered Critical IT Load to Date2 133 MW 133 MW —%
(1) Adjusted Gross Profit and Adjusted
EBITDA are
non-GAAP financial measures. Refer to pages
11 and
12 for more information and areconciliation
to the
most directly comparable GAAP measure. (2)
Represents revenue-generating capacity
delivered
to tenants, reflectingcumulative capacity
delivered at quarter end.
5 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted.
— Balance Sheet Equity Capital As of September 30, 2026 , Galaxy had $3.0
billion in equity capital. Below is a breakout of how the Company’s equity
capital is allocated across its Digital Assets, Data Centers and Treasury &
Corporate segments.
$3.0 billion of equity capital across
three
segments:
~33% ~48% ~19%
Digital Assets Data Centers Treasury & Corporate
Treasury & Corporate Net Digital Asset and Investment Exposure The 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 September 30, 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 ETH, associated tokens such as wrapped ETH, and interests in
investment vehicles designed to hold ETH. (3) 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. (4) Represents spot positions 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.
6 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted.
Capital Management On October 26, 2026, the Company’s Board of Directors
authorized the repurchase of shares of the Company’s Class A common stock in an
amount up to $200 million, enabling the Company to opportunistically return
value to shareholders. Repurchases will be subject to compliance with applicable
securities laws and stock exchange requirements. Galaxy previously announced a
$200 million share repurchase program in February 2026, which was completed on
October 15, 2026. In total under the program, Galaxy repurchased approximately
9.8 million shares of Class A common stock. Galaxy may repurchase shares of its
Class A common stock from time to time through open market purchases, in
privately negotiated transactions, or by other means, including through the use
of trading plans intended to qualify under Rule 10b5-1 under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), in accordance with
applicable securities laws, stock exchange requirements and other restrictions.
The timing and total amount of stock repurchases will depend upon business,
economic and market conditions, corporate, legal and regulatory requirements,
prevailing stock prices, and other considerations. The share repurchase program
does not have a fixed expiration date, may be suspended or discontinued at any
time and does not obligate the Company to acquire any amount of common stock.
There can be no assurances how many shares Galaxy will repurchase, if any, or at
what prices any purchases will be made. Earnings Conference Call An investor
conference call will be held today, October 27, 2026, at 8:30 AM Eastern Time. A
live webcast will be available at https:// investor.galaxy.com/ and on the
Company's YouTube channel. 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 December 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, growing the
economy that runs on code. Galaxy delivers the onchain infrastructure that
connects institutions to digital assets, including trading, advisory, asset
management, staking, self-custody, and tokenization. Galaxy also develops and
operates data center infrastructure to power AI and HPC workloads. Anchored by
its Helios campus in Texas, Galaxy is building a multi-gigawatt pipeline of more
than 5.7 GW of potential capacity, positioning it 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”) and the Private Securities Litigation
Reform Act of 1995, 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,
without limitation, statements about Galaxy’s business plans and goals,
including, without limitation, with respect to the Helios Data Center, lease
agreements with CoreWeave, planned data centers, growth opportunities, our share
repurchase program, our future prospects, power capacity and energization
timelines, future reporting measures and business strategy, our future results
of operations and financial position, and industry and market dynamics 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,” “will,” “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, including
7 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted.
impairment charges recognized in connection with the conversion of our Helios
mining infrastructure and negative Adjusted EBITDA in recent periods; (3)
changes in applicable laws or regulations, and changes or events that impact the
cryptocurrency and AI/HPC industry, including potential regulation, that are out
of our control; (4) the possibility that the Company may be adversely affected
by other economic, business, and/or competitive factors; (5) declines in the
prices of digital assets or in the volume of transactions that we conduct, and
our exposure to market risk on our digital asset and investment positions; (6)
the risk that our business will not grow in line with our expectations; (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 the construction of 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 obtaining, or failure to obtain, necessary ERCOT power
approvals; (15) risks associated with the leasing business, including those
associated with counterparties; and (16) those other risks contained in filings
we mak e 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 our filings with the SEC, including without
limitation, our Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 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 representatio n 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 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, as such risks may
be updated from time to time in our filings with the SEC, including without
limitation, our Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2026. 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. Galaxy announces material information to the public through
filings with the Securities and Exchange Commission, the investor relations and
newsroom pages on its website (investor.galaxy.com and galaxy.com/newsroom),
press releases, its LinkedIn profile (linkedin.com/company/galaxyhq), its X
account (@galaxyhq), public conference calls and webcasts in order to achieve
broad, non- exclusionary distribution of information to the public and for
complying with its disclosure obligations under Regulation FD. Galaxy encourages
investors and others to follow the channels listed above and to review the
information disclosed through such channels. 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 11-13 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 September 30, 2026 and June 30, 2026,
(ii) adjusted EBITDA to net income (loss) (including for our individual
segments) during the three months ended September 30, 2026 and June 30, 2026 and
(iii) adjusted EPS to diluted EPS for the three and nine months ended September
30, 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 gross profit is defined as
revenues and gains (losses) from operations excluding (i) transaction expenses
and (ii) impairment of digital assets. 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 and related expense, (ii) notes interest and other
expense, (iii) tax expense / (benefit), (iv) depreciation and amortization
expense and (v) other discrete items which are not individually 8 | GLXY • Q3
2026 All figures are in U.S. Dollars unless otherwise noted. 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 the
Company’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.
9 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted.
Galaxy Digital Inc.’s Consolidated Statements of Financial Position (unaudited)
(in thousands) September 30,2026 December 31,2025
Assets
Current assets
Cash and cash
equivalents.........................… $1,324,759 $1,246,240
....................................…
....................................…
Digital intangible assets
(includes$2,886.2and 3,840,754 3,526,216
$2,717.4million measured at fair
value)..............................
Digital financial
assets..............................…
....................................… 454,529 988,621
....................................…
....
Digital asset loans receivable, net
of
allowance...........................… 960,764 1,070,029
....................................…
.............
Investments.........................…
....................................… 3,161,486 709,069
....................................…
...........................
Assets posted as collateral, net of
allowance...........................… 300,826 199,983
....................................…
.................
Derivative
assets..............................…
....................................… 236,572 83,807
....................................…
.............
Accounts receivable
(includes$3.1and$3.4million
due from related 67,642 34,012
parties)............................…
........
Digital assets
receivable..........................…
....................................… 4,725 3,778
....................................…
.....
Loans receivable, net of
allowance...........................… 950,281 554,449
....................................…
..................................
Prepaid expenses and other
assets..............................… 55,393 99,734
....................................…
..............................
Total current
assets..............................…
....................................… 11,357,731 8,515,938
....................................…
..............
Non-current assets
Digital assets
receivable..........................…
....................................… 3,603 4,719
....................................…
.....
Digital asset loans receivable, net
of allowance, 6,114 8,900
non-current.........................…
....................................…
Investments
(includes$1,218.4and$864.0million
measured at fair 1,438,415 1,023,236
value)..............................…
..........
Digital intangible
assets..............................…
....................................… 6,109 26,824
....................................…
..
Loans receivable, net of allowance,
non-current.........................… 5,575 2,553
....................................…
..............
Property and equipment,
net.................................… 2,946,995 1,423,113
....................................…
....................................…
Other non-current
assets..............................… 585,681 276,275
....................................…
....................................…
Goodwill............................…
....................................… 66,523 66,523
....................................…
..............................
Total non-current
assets..............................…
....................................… 5,059,015 2,832,143
....................................…
......
Total
assets..............................…
....................................… $16,416,746 $11,348,081
....................................…
........................
Liabilities and Equity
Current liabilities
Derivative
liabilities.........................…
....................................… 188,259 40,482
....................................…
...............
Accounts payable and accrued
liabilities.........................… 662,567 277,663
....................................…
...........................
Digital assets
borrowed............................…
....................................… 2,312,004 2,361,161
....................................…
....
Payable to
customers...........................…
....................................… 67,519 85,808
....................................…
........
Loans
payable.............................…
....................................… 210,478 52,626
....................................…
...................
Collateral
payable.............................…
....................................… 2,612,219 1,980,171
....................................…
.............
Notes payable -
current.............................…
....................................… 441,316 428,545
....................................…
...
Other current
liabilities.........................…
....................................… 170,364 85,062
....................................…
.........
Total current
liabilities.........................…
....................................… 6,664,726 5,311,518
....................................…
...............
Non-current liabilities
Notes
payable.............................…
....................................… 6,307,116 2,432,510
....................................…
...................
Digital assets borrowed,
non-current.........................… 31,593 56,107
....................................…
..................................
Other non-current liabilities
(includes$83.8and$72.3million due to 422,142 513,169
related
parties)............................…
Total non-current
liabilities.........................…
....................................… 6,760,851 3,001,786
....................................…
.......
Total
liabilities.........................…
....................................… 13,425,577 8,313,304
....................................…
........................
Equity
Class A common stock,$0.001par
value;2,000,000,000shares authorized
and191,883,290issued
andoutstanding......................… 191 192
....................................…
....................................…
...............................
Convertible Class B common
stock,$0.0000000001par
value;500,000,000shares authorized
and196,596,698issued and — —
outstanding.........................…
....................................…
.................................
Additional Paid in
Capital.............................… 1,522,518 1,614,660
....................................…
....................................…
Accumulated other comprehensive
income
(loss)..............................… 4,627 -2,038
....................................…
......
Retained
Earnings............................…
....................................… 386,688 342,921
....................................…
.............
Total stockholders’
equity(1)...........................… 1,914,024 1,955,735
....................................…
....................................…
Noncontrolling
interest............................…
....................................… 1,077,145 1,079,042
....................................…
......
Total
equity..............................…
....................................… 2,991,169 3,034,777
....................................…
.........................
Total liabilities and
equity..............................… $16,416,746 $11,348,081
....................................…
....................................…
(1) For periods prior to the Reorganization Transactions, represents total GDH
LP Unit Holders’ Capital.
10 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted.
Galaxy Digital Inc.’s Consolidated Statements of Operations and Other
Comprehensive Income (Loss) (unaudited)
Three Months Nine Months
Ended Ended
(in September September September September
thousands) 30,2026 30,2025 30,2026 30,2025
Revenues..…
..........… $8,057,272 $28,402,138 $26,656,051 $50,039,899
....
Gains /
(losses)
from 551,710 816,982 857,811 1,091,745
operations…
......
Data center
leasing 79,068 — 97,945 —
revenue...…
..........
Revenues
and gains /
(losses) 8,688,050 29,219,120 27,611,807 51,131,644
fromoperat…
..........…
...........
Operating
expenses:
Transaction
expenses..… 8,016,486 28,292,777 26,519,051 49,869,727
..........…
Impairment
of digital 102,282 197,702 568,032 437,608
assets....…
..........
Compensati…
and 82,186 85,048 249,730 206,970
benefits..…
..........…
General and
administra… 25,258 51,303 58,606 137,048
..........…
Depreciati…
and 21,884 7,397 36,884 27,468
amortizati…
..........…
Technology…
..........… 17,328 11,515 48,345 33,000
....
Profession…
fees......… 13,865 14,451 43,908 58,014
..........…
Total
operating 8,279,289 28,660,193 27,524,556 50,769,835
expenses..…
.........
Other
income /
(expense):
Notes
interest -93,391 -14,415 -136,065 -42,726
expense...…
..........…
Unrealized
gain /
(loss) on
notes — — — -35,544
payable
-derivativ…
..........…
..........…
Other
income /
(expense), 28,902 690 30,341 2,280
net.......…
...
Total other
income / -64,489 -13,725 -105,724 -75,990
(expense).…
Net income
/ (loss) $344,272 $545,202 $(18,473) $285,819
before
taxes.....…
Income
taxes
expense / 21,500 40,145 -39,617 45,503
(benefit).…
....
Net income
/ $322,772 $505,057 $21,144 $240,316
(loss)....…
..........…
Other
comprehens…
income
(loss), net
of tax
Change in
fair value
of cash
flow hedges 5,447 -2,605 13,491 -2,605
andtreasury
bills.....…
..........…
Other
comprehens… 5,447 -2,605 13,491 -2,605
income
(loss)....…
Comprehens…
income $328,219 $502,452 $34,635 $237,711
(loss)....…
......
Comprehens…
income /
(loss)
attributed
to:
Class B
Unit
holders of — — — -204,745
GDH
LP........…
Noncontrol…
interests.… 171,686 296,589 -15,796 332,034
..........…
Class A
common
stockholde… $156,533 $205,863 $50,431 $110,422
of the
Company(1)…
Net income
/ (loss)
per share
of Class A
commonstoc…
Net income
(loss) used
in
calculation
of
net income $153,833 $208,468 $43,767 $113,027
/(loss) per
share of
Class A
common
stock(2)..…
Basic.....…
..........… $0.80 $1.19 $0.23 $0.76
...........
Diluted...…
..........… $0.66 $1.01 $0.14 $0.56
..........
Weighted
average
shares
outstanding
used
tocompute
net income
/ (loss)
per
share(3)..…
Basic.....…
..........… 193,344,582 174,709,471 192,767,396 148,730,331
...........
Diluted...…
..........… 255,698,332 221,463,809 400,540,000 375,881,574
..........
(1)For
periods
prior to
the
Reorganiza…
Transactio…
represents
net income
/ (loss)
attributab…
toClass
A Units of
GDH
LP.(2)For
periods
prior
to the
Reorganiza…
Transactio…
represents
net income
/ (loss)
per Class
A Unit
ofGDH
LP.(3)For
periods
prior to
the
Reorganiza…
Transactio…
represents
weighted
average
Class A
Units ofGDH
LP used to
calculate
net
income /
(loss) per
unit.
11 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted.
Ownership of GDH LP Limited Partnership Interests
September 30, December 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
Ownership % interest Ownership % interest
Galaxy
Digital 191,883,290 49.4% 192,695,681 49.3%
Inc.........…
Noncontrolli… 196,596,698 50.6% 198,408,277 50.7%
interests...…
Total.......… 388,479,988 100.0% 391,103,958 100.0%
....
Reconciliation of Adjusted Gross Profit The following table reconciles adjusted
gross profit to revenues and gains / (losses) from operations for the three
months ended September 30, 2026 and June 30, 2026 :
Three Months
Ended
September 30,
2026
──────────────────────────────────────────────────────────────────────────────
(in Digital Data Centers Treasury Total
thousands) Assets andCorporate
Revenues and
gains /
(losses) $8,169,905 $88,995 $429,150 $8,688,050
from
operations.…
Less:
Transaction 7,996,275 9,927 10,284 8,016,486
expenses...…
...........…
Less:
Impairment
of digital 102,282 — — 102,282
assets.....…
...........…
Adjusted
gross $71,348 $79,068 $418,866 $569,282
profit.....…
...........…
Three Months
Ended
June 30, 2026
──────────────────────────────────────────────────────────────────────────────
(in Digital Data Centers Treasury Total
thousands) Assets andCorporate
Revenues and
gains /
(losses) $8,716,232 $25,959 $(31,658) $8,710,533
from
operations.…
Less:
Transaction 8,469,179 5,816 10,826 8,485,821
expenses...…
...........…
Less:
Impairment
of digital 181,348 — — 181,348
assets.....…
...........…
Adjusted
gross $65,705 $20,143 $(42,484) $43,364
profit.....…
...........…
12 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted.
Reconciliation of Adjusted EBITDA The following table reconciles the Company’s
adjusted EBITDA figures to net income for the three months ended September 30,
2026 and June 30, 2026:
(in Digital Treasury Three
thousands) Assets Data Centers andCorporate MonthsEndedS…
30,2026
Net income
/
(loss)....… $(24,728) $(435) $347,935 $322,772
..........…
..........…
Add back:
Equity
based
compensati… 9,137 785 6,142 16,064
and related
expense...…
Notes
interest
and other — 75,439 17,952 93,391
expense...…
..........…
Tax expense
/
(benefit).… -1,647 -24 23,171 21,500
..........…
..........
Depreciati…
and
amortizati… 1,821 17,325 2,738 21,884
expense...…
..........…
Other(1)..…
..........… 6,395 -24,344 -2,913 -20,862
..........…
Adjusted
EBITDA....… $(9,022) $68,746 $395,025 $454,749
..........…
..........…
Three
(in Digital Treasury MonthsEnded
thousands) Assets Data Centers andCorporate June30, 2026
──────────────────────────────────────────────────────────────────────────────
Net income
/
(loss)....… $(19,048) $31,155 $(97,423) $(85,316)
..........…
..........…
Add back:
Equity
based
compensati… 9,218 657 6,331 16,206
and related
expense...…
Notes
interest
and other — 7,365 17,732 25,097
expense...…
..........…
Tax expense
/
(benefit).… -1,704 -32,450 -8,717 -42,871
..........…
..........
Depreciati…
and
amortizati… 1,650 4,762 2,749 9,161
expense...…
..........…
Other(1)..…
..........… -646 — 1,111 465
..........…
Adjusted
EBITDA....… $(10,530) $11,489 $(78,217) $(77,258)
..........…
..........…
(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.
13 | GLXY • Q3 2026 All figures are in U.S. Dollars unless otherwise noted.
Reconciliation of Adjusted Income (Loss) per Share The 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 was
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 and nine months ended September 30,
2026 and September 30, 2025 :
Three Months Nine Months
Ended Ended
(in
thousands,
except for September September September September
share data 30,2026 30,2025 30,2026 30,2025
and
per
shareamount…
Net income
(loss) to
Class A $153,833 $208,468 $43,767 $113,027
unitholders…
..
Weighted-av…
Class A 193,344,582 174,709,471 192,767,396 148,730,331
shares
outstanding…
Basic
earnings
(loss) per $0.80 $1.19 $0.23 $0.76
share......…
........
Numerator:
Net income
(loss) to
Class A - $153,833 $208,468 $43,767 $113,027
basic......…
..
Add: Income
(loss)
attributed — 14,688 13,092 96,230
to
NCI........…
Add: Other
note / award 16,086 — — —
adjustments…
......
Net income
(loss) to 169,919 223,156 56,859 209,257
Class A -
diluted....…
Denominator:
WA Class A
shares
outstanding 193,344,582 174,709,471 192,767,396 148,730,331
-
basic......…
Add: NCI
share — 30,031,054 197,521,482 227,151,243
exchange...…
...........…
Add:
Compensatory 8,790,044 16,723,284 10,251,122 —
awards.....…
...........…
Add:
Convertible 53,563,706 — — —
notes......…
...........…
WA shares
outstanding
- 255,698,332 221,463,809 400,540,000 375,881,574
diluted....…
..........
Diluted
earnings
(loss) per $0.66 $1.01 $0.14 $0.56
share......…
.........
Net income
used to
calculate $169,919 $223,156 $56,859 $209,257
diluted
EPS........…
Noncontroll…
interest not
included in
diluted 204,246 253,139 — —
EPSnumerato…
...........…
...........…
Net income
used to
calculate
adjusted
income $374,165 $476,295 $56,859 $209,257
(loss)
pershare...…
...........…
...........…
Weighted
average
number of
Class A
Common
Stockshares
for the 255,698,332 221,463,809 400,540,000 375,881,574
purposes of
diluted
income
(loss)
pershare...…
...........…
...........…
Additional
noncontroll…
interest
weighted 196,596,698 202,646,202 — —
averageshar…
outstanding…
...........…
Weighted
average
number of
Class A
Common
Stockshares
for the 452,295,030 424,110,011 400,540,000 375,881,574
purposes of
Adjusted
income
(loss)
pershare...…
...........…
...........…
Adjusted
income
(loss) per $0.83 $1.12 $0.14 $0.56
share......…
....