Galaxy Digital Inc.

Previous wording

Galaxy is a global financial services and infrastructure company focused on digital assets and high performance computing (“HPC”). We aim to facilitate efficient access and adoption of digital assets by institutional clients through our Global Markets and Asset Management & Infrastructure Solutions businesses within our Digital Assets segment. We also develop, and will in the future operate, HPC data center infrastructure to meet the rising global demand for reliable power and scalable compute capacity driven by accelerated artificial intelligence (“AI”) growth.

Current wording

Galaxy is a global financial services and infrastructure company focused on digital assets and high performance computing (“HPC”). We aim to facilitate efficient access and adoption of digital assets by institutional clients through our Global Markets and Asset Management & Infrastructure Solutions businesses within our Digital Assets segment. We also develop and operate HPC data center infrastructure to meet the rising global demand for reliable power and scalable compute capacity driven by accelerated artificial intelligence (“AI”) growth.

Previous wording

Our Digital Assets operating business segment provides new products and capabilities such as staking, margin-based financing and active exchange-traded-funds. Galaxy has relationships with approximately 1,700 trading counterparties spanning both crypto-native and traditional finance, with approxi mately $8.7 billion in assets across our platform as of March 31, 2026.

Current wording

Our Digital Assets operating business segment provides new products and capabilities such as staking, margin-based financing and active exchange-traded funds. Galaxy has relationships with approximately 1,700 trading counterparties spanning both crypto-native and traditional finance, with approxi mately $7.6 billion in assets across our platform as of June 30, 2026.

Previous wording

•Our Global Markets business, which provides over-the-counter (“OTC”) spot and derivatives trading, lending, and structured products, as well as mergers and acquisitions (“M&A”) advisory and equity and debt capital markets services.

Current wording

•Our Global Markets business, which provides over-the-counter (“OTC”) spot and derivatives trading, lending, structured products, as well as mergers and acquisitions (“M&A”) advisory and equity and debt capital markets services.

Previous wording

•Our Asset Management & Infrastructure Solutions business encompasses our investment management division and blockchain infrastructure products and services, with approximately $8.7 billion in assets across the platform as of March 31, 2026. Our Asset Management business manages a diverse suite of ETF and Alternatives strategies, taking the investing DNA that has been core to Galaxy since our founding and externalizing it for institutional allocators and individuals. Our Infrastructure Solutions business enables our clients to participate in an increasingly on-chain and decentralized future through staking, tokenization and custodial technology.

Current wording

•Our Asset Management & Infrastructure Solutions business encompasses our investment management division and blockchain infrastructure products and services, with approximately $7.6 billion in assets across the platform as of June 30, 2026. Our Asset Management business manages a diverse suite of ETF and Alternatives strategies, taking the investing DNA that has been core to Galaxy since our founding and externalizing it for institutional allocators and individuals. Our Infrastructure Solutions business enables our clients to participate in an increasingly on-chain and decentralized future through staking, tokenization and custodial technology.

Previous wording

Our Data Centers operating business segment develops, and will in the future operate, HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry. Galaxy’s Helios data center campus, located in the panhandle region of West Texas, is developing the first 133 megawatts (“MW”) of critical IT load, utilizing approximately 200 MW of gross power capacity, for CoreWeave, Inc. (“CoreWeave”) under a 15-year lease agreement (the “Lease Agreement”) entered into in April 2025. The retrofit of Helios will be completed in phases, with substantially all of the 133 MW of critical IT load expected to be delivered by the end of the first half of 2026. In total, the Electric Reliability Council of Texas (“ERCOT”) has approved over 1.6 gigawatts (“GW”) of gross power capacity at our Helios campus. In addition to the initial 200 MW described above, 600 MW of this gross power capacity will support the incremental 393 MW of critical IT load leased to CoreWeave under the Phase II (the “Phase II Lease”) and Phase III (the

Current wording

Our Data Centers operating business segment develops and operates HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry. Galaxy’s Helios data center campus, located in the panhandle region of West Texas, has developed the first 133 megawatts (“MW”) of critical IT load, utilizing approximately 200 MW of gross power capacity, for CoreWeave, Inc. (“CoreWeave”) under a 15-year lease agreement (the “Lease Agreement”) entered into in April 2025. In total, the Electric Reliability Council of Texas (“ERCOT”) has approved over 1.6 gigawatts (“GW”) of gross power capacity at our Helios campus. In addition to the initial 200 MW described above, 600 MW of this gross power capacity will support the incremental 393 MW of critical IT load leased to CoreWeave under the Phase II (the “Phase II Lease”) and Phase III (the “Phase III Lease”) leases pursuant to the Lease Agreement, and is expected to be delivered starting in the second quarter of 2027. The remaining 830 MW of approved power capacity remains available to be contracted.

Previous wording

•Galaxy generated Net lossof $216.3 million for the three months ended March 31, 2026 compared to Net loss of $295.4 million for the three months ended March 31, 2025.

Current wording

•Galaxy generated Net loss of $85.3 million and Net loss of $301.6 million for the three and six months ended June 30, 2026, respectively, compared to Netincome of $30.7 million and Net loss of $264.7 million for the three and six months ended June 30, 2025, respectively.

Previous wording

•Galaxy generated Adjusted EBITDA of $(187.5) million for the three months ended March 31, 2026 compared to Adjusted EBITDA of $(289.5) million for the three months ended March 31, 2025.

Current wording

•Galaxy generated Adjusted EBITDA of $(77.3) million and $(264.8) million for the three and six months ended June 30, 2026, respectively, compared to Adjusted EBITDA of $211.1 million and $(78.4) million for the three and six months ended June 30, 2025, respectively.

Previous wording

•Total equity was $2.8 billion and cash and stablecoin holdings were $2.6 billion as of March 31, 2026.

Current wording

•Total equity was $2.7 billion and cash and stablecoin holdings were $2.5 billion as of June 30, 2026.

Previous wording

Within our Data Centers operating business segment, we expect the majority of revenue to come from long-term lease agreements with cloud service provider clients that Galaxy may obtain from time to time for HPC. Galaxy does not currently earn any material revenue from its Data Centers business, but expects this segment to become a significant and diversified source of long-term, predictable revenue for Galaxy, uncorrelated to the prices of digital assets, particularly once we begin to deliver critical IT load for CoreWeave (and potentially other future tenants) starting in 2026.

Current wording

Within our Data Centers operating business segment, we expect the majority of revenue to come from long-term lease agreements with cloud service provider clients that Galaxy may obtain from time to time for HPC. We expect this segment to become a significant and diversified source of long-term, predictable revenue for Galaxy, uncorrelated to the prices of digital assets, particularly as we continue to deliver critical IT load for CoreWeave (and potentially other future tenants). We recognized our first lease revenue from this segment in the second quarter.

Previous wording

Adjusted EBITDA is defined as Net income / (loss), excluding (i) equity based compensation, (ii) interest expense on structural debt, (iii) taxes, (iv) depreciation and amortization expense, (v) gains and losses on the embedded derivative on our Exchangeable Notes which ceased to exist upon consolidation as a result of the Reorganization Transactions, (vi) mining-related impairment loss / loss on disposal of mining equipment, and (vii) other discrete items which are not individually 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.

Current wording

Transactions, (vi) mining-related impairment loss / loss on disposal of mining equipment, and (vii) other discrete items which are not individually 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.

Previous wording

The launch of Bitcoin ETFs in 2024 coupled with a shift in U.S. government policy in 2025 enabled wider institutional adoption of bitcoin and other digital assets through increased market access and regulatory clarity. The initially retail-driven adoption of cryptocurrencies has evolved to include institutional holders, utilizing digital assets as both a store of value and for commercial applications. According to the National Cryptocurrency Association 2025 State of Crypto Holders Report, the number of U.S. cryptocurrency owners was over 55 million, or one in five Americans. Additionally, in a report released by EY Parthenon in March 2025, 83% of institutional investors intended to increase their allocations to digital assets in 2025. Bitcoin’s trailing five-year compounded annual growth rate, however, has fluctuated, and was approximately 3.0% as of March 31, 2026, reflecting a meaningful drawdown over the most recent two quarters. Historical trends are not indicative of future adoption, and it is possible that the adoption of digital assets and blockchain technology may slow, take longer to develop, or never be broadly adopted, which would negatively impact our business and operating results.

Current wording

The launch of Bitcoin ETFs in 2024 coupled with a shift in U.S. government policy in 2025 enabled wider institutional adoption of bitcoin and other digital assets through increased market access and regulatory clarity. The initially retail-driven adoption of cryptocurrencies has evolved to include institutional holders, utilizing digital assets as both a store of value and for commercial applications. According to the National Cryptocurrency Association 2026 State of Crypto Holders Report, the number of U.S. cryptocurrency owners was over 67 million, or one in four American adults. Additionally, in a report released by EY Parthenon in March 2026, 68% of institutional investors intended to increase their allocations to digital assets in 2026. Institutional engagement has increasingly extended beyond directional exposure to the tokenization of real-world assets, including tokenized U.S. Treasuries, money market funds, private credit, and, more recently, tokenized equities and securities. Industry trackers estimate that the aggregate value of tokenized real-world assets (excluding stablecoins) grew to approximately $33.0 billion as of June 30, 2026, up from roughly $12.1 billion a year earlier, with growth driven primarily by institutional rather than retail participation. Bitcoin's price nonetheless remains volatile; its trailing five-year compounded annual growth rate was approximately 10.9% as of June 30, 2026, reflecting a meaningful drawdown over the trailing twelve months. Historical trends are not indicative of future adoption, and it is possible that the adoption of digital assets and blockchain technology may slow, take longer to develop, or never be broadly adopted, which would negatively impact our business and operating results.

Previous wording

Our financial prospects and continued growth depend in part on our ability to continue to operate in a manner compliant with regulations. Our business is subject to the oversight of numerous regulatory agencies in the U.S. and other jurisdictions, including, but not limited to, FinCEN, the Securities and Exchange Commission (“SEC”) and the Commodities Futures Trading Commission (“CFTC”). Many of these agencies have issued consumer advisories regarding the risks posed by digital assets to investors. Our strategy is to continue to invest significantly in our finance, legal, compliance, and security functions in order to remain at the forefront of digital asset policy initiatives and regulatory trends. We primarily service institutional customers potentially mitigating some of the compliance risks. However, as the industry matures, we may experience fluctuations in our operating results as a result of changes in the laws and regulations that are applicable to our business.

Current wording

Our financial prospects and continued growth depend in part on our ability to continue to operate in a manner compliant with regulations. Our business is subject to the oversight of numerous regulatory agencies in the U.S. and other jurisdictions, including, but not limited to, FinCEN, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”). In July 2025, the GENIUS Act was signed into law, establishing the first federal framework for payment stablecoins, and the U.S. House of Representatives passed the CLARITY Act, which would delineate SEC and CFTC jurisdiction over digital assets. Comprehensive market-structure legislation remained under consideration in the Senate as of June 30, 2026. While these developments have provided greater regulatory clarity, the framework governing digital assets continues to evolve, and many of these agencies have issued consumer advisories regarding the risks posed by digital assets to investors. Our strategy is to continue to invest in our finance, legal, compliance, and security functions in order to remain at the forefront of digital asset policy initiatives and regulatory trends. We primarily service institutional customers potentially mitigating some of the compliance risks. However, as the industry matures, we may experience fluctuations in our operating results as a result of changes in the laws and regulations that are applicable to our business.

Previous wording

•Net gain / (loss) on digital assets: Realized and unrealized gains / (losses) from changes in the fair value of digital assets that are measured using fair value in accordance with our accounting policies. This includes net gains resulting from the return of Digital intangible assets borrowed and Collateral payable. Digital assets borrowed and Collateral payable digital asset liabilities each contain an embedded derivative that is valued based on the market prices of the underlying digital assets; certain corresponding Digital intangible assets may be held at the lower of cost or lowest observable fair value. Upon repayment of the digital asset loans, the impaired digital intangible assets have a lower carrying value than the liabilities and a gain is recorded on extinguishment of the Digital asset loans payable. Other digital asset balances such as Digital assets receivable, digital assets posted as collateral, and

Current wording

•Net gain / (loss) on digital assets: Realized and unrealized gains / (losses) from changes in the fair value of digital assets that are measured using fair value in accordance with our accounting policies. This includes net gains resulting from the return of Digital intangible assets borrowed and Collateral payable. Digital assets borrowed and Collateral payable digital asset liabilities each contain an embedded derivative that is valued based on the market prices of the underlying digital assets; certain corresponding Digital intangible assets may be held at the lower of cost or lowest observable fair value. Upon repayment of the digital asset loans, the impaired digital intangible assets have a lower carrying value than the liabilities and a gain is recorded on extinguishment of the Digital asset loans payable. Other digital asset balances such as Digital assets receivable, digital assets posted as collateral, and Digital assets loan receivable, net of allowance are also measured at the fair value of the underlying digital assets and the resulting fluctuations are also included in Net gain / (loss) on digital assets.

Previous wording

Operating expenses consist of transaction expenses, impairment of digital assets, compensation and benefits, general and administrative (inclusive of depreciation and amortization), technology, professional fees, and exchangeable notes interest expense.

Current wording

Operating expenses consist of transaction expenses, impairment of digital assets, compensation and benefits, general and administrative, depreciation and amortization, technology, professional fees, and notes interest expense.

Previous wording

Below is a discussion of our results of operations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The results of operations presented below should be reviewed in conjunction with Galaxy’s condensed consolidated interim financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q.

Current wording

Below is a discussion of our results of operations for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. The results of operations presented below should be reviewed in conjunction with our condensed consolidated interim financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q.

Previous wording

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Current wording

Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025

Previous wording

The table below presents our results of operations for the three months ended March 31, 2026 and 2025.

Current wording

The table below presents our results of operations for the three and six months ended June 30, 2026 and 2025.

Previous wording

Total revenues were $10.0 billion, a decrease of $2.9 billion, or 23%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026 was primarily driven by a $2.9 billion decrease in Digital assets sales. Galaxy recognizes revenue from transactions with customers, which include centralized trading platforms, and the corresponding Digital asset sales cost, on a gross basis because of its role as principal in sales and purchases of digital intangible assets. The significant volume of Galaxy’s digital intangible asset transactions results in significant Digital assets sales revenue with corresponding significant digital asset sales cost reflected in Transaction expenses. As a result, the magnitude of changes in Revenue on the Company’s statement of operations overshadow other parts of the business, but are predominantly offset by Transaction expenses in Net income / (loss).

Current wording

Total revenues were $8.6 billion and $18.6 billion, a decrease of $0.1 billion and a decrease of $3.0 billion, or 1% and 14%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. Thedecrease for the three months ended June 30, 2026 was primarily driven by a $0.1 billion decrease in Digital assets sales. Thedecrease for thesix months ended June 30, 2026, was driven by a $3.0 billion decrease in Digital assets sales. Galaxy recognizes revenue from transactions with customers, which include centralized trading platforms, and the corresponding Digital asset sales cost, on a gross basis because of its role as principal in sales and purchases of digital intangible assets. The significant volume of Galaxy’s digital intangible asset transactions results in significant Digital assets sales revenue with corresponding significant digital asset sales cost reflected in Transaction expenses. As a result, the magnitude of changes in Revenue on the Company’s statement of operations overshadow other parts of the business, but are predominantly offset by Transaction expenses in Net income / (loss).

Previous wording

Digital assets sales were $10.0 billion, a decrease of $2.9 billion, or 22% for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026, was primarily driven by lower trading volumes compared to the first quarter of 2025, supplemented by lower average digital asset prices during the 2026 period. Digital assets sales associated with external customer facing trades are reflected in the Digital Assets segment.

Current wording

Digital assets sales were $8.5 billion and $18.4 billion, a decrease of $0.1 billion and a decrease of $3.0 billion, or 1% and 14%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. Thedecrease for thethree and six months ended June 30, 2026 was driven primarily by lower trading volumes and decreased digital asset prices. Digital assets sales associated with external customer facing trades are reflected in the Digital Assets segment.

Previous wording

Sales of bitcoin, ether and tether made up 82% versus 81% of Digital assets sales for the three months ended March 31, 2026 and three months ended March 31, 2025, respectively. Approximately 55% of Digital asset sales revenue for the three months ended March 31, 2026 was comprised of thesale of bitcoin, compared to 49% of Digital assets sales revenue for the three months ended March 31, 2025.

Current wording

Sales of bitcoin, ether and tether made up 87% and 84%, versus 91% and 85% of Digital assets sales for the three and six months ended June 30, 2026 and the three and six months ended June 30, 2025, respectively. Approximately 48% of Digital asset sales revenue for the three months ended June 30, 2026 was comprised of thesale of bitcoin, compared to 60% of Digital assets sales revenue for the three months ended June 30, 2025. Approxim ately 9% of Digital asset sales revenue for the three months ended June 30, 2026 was comprised of the sale of ether, compared to 14% of Digital assets sales revenue for the three months ended June 30, 2025. Approximately 52% of Digital asset sales revenue for the six months ended June 30, 2026 was comprised of the sale of bitcoin, compared to 54% of Digital assets sales revenue for the six months ended June 30, 2025. Approximately 8% of Digital asset sales revenue for the six months ended June 30, 2026 was comprised of the sale of ether, compared to 13% of Digital assets sales revenue for the six months ended June 30, 2025.

Previous wording

Fee revenue was $21.6 million, an increase of $10.1 million, or 88%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. For the three months ended March 31, 2026, the increase was primarily attributable to additional asset management fees earned during the quarter due to increased assets under management.

Current wording

Fee revenue was $18.1 million and $39.7 million, an increase of $1.1 million and an increase of $11.2 million, or 6% and 39%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. For the three and six months ended June 30, 2026, the increase was primarily attributable to additional management service fees earned during the period.

Previous wording

Blockchain rewards from customers were $27.6 million, a decrease of $43.5 million, or 61%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The decrease was attributable to a lower average price of digital assets during the 2026 period. Galaxy retained up to 10% of the net portion of blockchain rewards earned on third party digital assets bonded to Galaxy validator nodes, including the CPO, as of March 31, 2026. Blockchain rewards generated by the Digital Assets segment on Treasury and Corporate digital assets are eliminated on consolidation within the Treasury and Corporate segment. Blockchain rewards earned from non-customers are primarily generated from participation in various decentralized finance protocols. The yield generated from these activities is primarily driven by the value of the underlying digital asset at the time of receipt and the various incentives provided by the protocols to participants.

Current wording

Blockchain rewards from customers were $17.7 million and $45.3 million, a decrease of $23.4 million and $66.9 million, or 57% and 60%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively. These decreases were primarily attributable to a lower average price of digital assets during the 2026 periods. Galaxy retained up to 10% of the net portion of blockchain rewards earned on third party digital assets bonded to Galaxy validator nodes, including the Galaxy Digital Crypto Vol Fund (“CPO”), as of June 30, 2026. Blockchain rewards generated by the Digital Assets segment on Treasury and Corporate digital assets are eliminated on consolidation within the Treasury and Corporate segment. Blockchain rewards earned from non-customers are primarily generated from participation in various decentralized finance protocols. The yield generated from these activities is primarily driven by the value of the underlying digital asset at the time of receipt and the various incentives provided by the protocols to participants.

Previous wording

Proprietary mining was $0.7 million, a decrease of $10.5 million, or 94%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026 was attributable to the cessation of proprietary mining at the Helios site at the end of the first quarter of 2025. The Company’s remaining mining activities are reflected within the Treasury and Corporate segment.

Current wording

Proprietary mining was $2.6 million and $3.3 million, an increase of $1.6 million and a decrease of $8.9 million, or 171% and 73%, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The increase for the three months ended June 30, 2026 was primarily related to more favorable mining conditions in the period. The decrease for the six months ended June 30, 2026 was attributable to the cessation of proprietary mining at the Helios site at the end of the first quarter of 2025. The Company’s remaining mining activities are reflected within the Treasury and Corporate segment.

Previous wording

Interest income was $26.7 million, a decrease of $0.7 million, or 3%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. This decrease was primarily attributable to a reduction in average interest rate, partially offset by an increase in size of the loan book. The average loan book size for the three months ended March 31, 2026 was $1.4 billion compared to$874.0 million for the three months ended March 31, 2025. External lending revenue is reflected within the Digital Assets segment.

Current wording

Interest income was $29.4 million and $56.2 million, a decrease of $2.8 million and a decrease of $3.4 million, or 9% and 6%, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. This decrease was primarily attributable to a reduction in average interest rate, partially offset by an increase in size of the loan book. The average loan book size for the three and six months ended June 30, 2026 was$1.4 billion compared to$1.1 billion and $991.3 million for the three and six months ended June 30, 2025. External lending revenue is reflected within the Digital Assets segment.

Previous wording

Net gain / (loss) on digital assets was $279.0 million for the three months ended March 31, 2026, compared to a Net gain / (loss) on digital assets of $(18.2) million for the three months ended March 31, 2025. The netgain on digital assets during the three months ended March 31, 2026 was driven by net gains of approximately $147.1 million on bitcoin including associated DeFi assets, net gains of approximately $44.7 million on SOL, including associated DeFi assets as well as restricted tokens, and net gains of approximately $22.3 million on tether including associated DeFi assets, partially offset by net losses of approximately $24.6 million on ether, including associated DeFi assets. Galaxy transacts significantly in and holds net long positions predominantly in bitcoin, which decreased in value by 22% in the three months ended March 31, 2026, and in ether, which decreased in value by 29% in the three months ended March 31, 2026. The net gain or loss on digital assets not measured at fair value depends on the difference in value of the underlying digital asset between the time of recognition and derecognition. Net gain / (loss) on digital assets is reflected in both the Digital Assets and Treasury and Corporate segments depending on the underlying activity.

Current wording

Net gain / (loss) on digital assets was $237.3 million and $516.3 million for the three and six months ended June 30, 2026, respectively, compared to a Net gain / (loss) on digital assets of $134.9 million and $116.7 million for the three and six months ended June 30, 2025, respectively. The net gain on digital assets during the three months ended June 30, 2026 was primarily driven by net gains of approximately $95.5 million on ether including associated DeFi assets, net gains of approximately $57.5 million on HYPE, including associated DeFi assets as well as restricted tokens, and net gains of approximately $46.4 million on bitcoin including associated DeFi assets. The net gain on digital assets during the six months ended June 30, 2026 was primarily driven by net gains of approximately $193.5 million on bitcoin, including associated DeFi assets, net gains of approximately $87.0 million on HYPE, including associated DeFi assets, and net gains of approximately $70.9 million on ether, including associated DeFi assets. Galaxy transacts significantly in and holds net long positions predominantly in bitcoin, which decreased in value by 14% and 33% in the three and six months ended June 30, 2026, and in ether, which decreased in value by 25% and 47% in the three and six months ended June 30, 2026, respectively. The net gain or loss on digital assets not measured at fair value depends on the difference in value of the underlying digital asset between the time of recognition and derecognition. Net gain / (loss) on digital assets is reflected in both the Digital Assets and Treasury and Corporate segments depending on the underlying activity.

Previous wording

Net loss on investments was $212.6 million for the three months ended March 31, 2026, compared to a Net loss on investments of $133.2 million for the three months ended March 31, 2025. The net loss for the three months ended March 31, 2026 was primarily attributable to net unrealized losses on private investments and Bitcoin ETFs. The net loss for the three months ended March 31, 2025 was primarily attributable to net losses on bitcoin ETFs and the sponsored Galaxy Digital Crypto Vol Fund.

Current wording

Net loss on investments was $114.5 million and $327.1 million for the three and six months ended June 30, 2026, respectively, compared to a Net gain on investments of $195.4 million and $62.2 million for the three and six months ended June 30, 2025, respectively. The net loss for the three months ended June 30, 2026 was primarily attributable to net unrealized losses on Bitcoin ETFs and private investments. The net loss for the six months ended June 30, 2026 was primarily attributable to net unrealized losses on Bitcoin ETFs, private investments and Galaxy sponsored investment funds. The net gain for the three months ended June 30, 2025 was primarily attributable to net unrealized gains on bitcoin ETFs, Ripple Labs, Inc. and Mt. Gox Investment Fund LP as well as realized gains on bitcoin ETFs, FTX bankruptcy claim residuals, and the sponsored Galaxy Digital Crypto Vol Fund. The net gain for the six months ended June 30, 2025 was primarily attributable to unrealized gains on Ripple Labs, Inc., the Galaxy sponsored investment funds, and Candy Digital as well as realized gains on bitcoin ETFs, Xapo and the sponsored Galaxy Digital Crypto Vol Fund.

Previous wording

Net gain on derivatives trading was $105.4 million, an increase of $74.3 million, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Derivatives trading gains include proprietary trading and hedging activities. The increase for the three months ended March 31, 2026 was primarily attributable to an $85.0 million increase in realized and unrealized gains on settled and unsettled digital asset derivatives, partially offset by a $23.4 million increase in realized and unrealized losses on settled and unsettled interest rate derivatives. Net gain / (loss) on derivatives is reflected in both the Digital Assets and Treasury and Corporate segments dependent on the underlying activity.

Current wording

Netgain on derivatives trading was $11.6 million and $116.9 million, a decrease of $53.2 million and an increase of $21.1 million, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, respectively. Derivatives trading gains include proprietary trading and hedging activities. The decrease for the three months ended June 30, 2026 was primarily attributable to a $72.1 million increase in realized and unrealized losses on settled and unsettled digital asset derivatives, partially offset by a $42.4 million increase in realized and unrealized gains on settled and unsettled equity securities derivatives. The increase for the six months ended June 30, 2026 was primarily attributable to a $59.4 million increase in realized and unrealized gains on settled and unsettled equity securities derivatives, partially offset by $26.0 million and $20.7 million increases in realized and unrealized losses on settled and unsettled foreign currency and interest rate derivatives, respectively. Net gain / (loss) on derivatives is reflected in both the Digital Assets and Treasury and Corporate segments dependent on the underlying activity.

Previous wording

(1)Galaxy actively hedged its exposure to restricted digital assets and digital asset receivables, which contributed $39.5 million to Net derivative gain in the three months ended March 31, 2026.

Current wording

(1)Galaxy actively hedged its exposure to restricted digital assets and digital asset receivables, which contributed $(2.4) million and $37.1 million to Net derivative gain (loss) in the three and six months ended June 30, 2026.

Previous wording

(1)Galaxy actively hedged its exposure to restricted digital assets and digital asset receivables, which contributed$9.8 million to Net derivative gain in the three months ended March 31, 2025, respectively.

Current wording

(1)Galaxy actively hedged its exposure to restricted digital assets and digital asset receivables, which contributed $54.6 million and $64.4 millionto Net derivative gain in the three and six months ended June 30, 2025, respectively.

Previous wording

Digital assets sales costswere $10.0 billion, a decrease of $2.9 billion, or 22%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. This was primarily driven bylower trading volumes compared to the first quarter of 2025, supplemented by lower average digital asset prices during the 2026 period. Digital assets sales costs must be analyzed in conjunction with Impairment of digital assets and Net gain/(loss) on digital assets. As a percentage of Digital assets sales and Net gain/(loss) on digital assets, Digital assets sales costs and Impairment of digital assets collectively were approximately 100% for each of the three months ended March 31, 2026 and 2025. Digital assets sales cost associated with external customer facing trades are reflected in the Digital Assets segment.

Current wording

Digital assets sales costs were $8.4 billion and $18.4 billion, a decrease of $0.1 billion and a decrease of $3.0 billion, or 1% and 14%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. This was primarily driven bylower trading volumes and decreased digital asset prices compared to the three and six months ended June 30, 2025. Digital assets sales costs must be analyzed in conjunction with Impairment of digital assets and Net gain/(loss) on digital assets. As a percentage of Digital assets sales and Net gain/(loss) on digital assets, Digital assets sales costs and Impairment of digital assets collectively were approximately 100% for each of the three and six months ended June 30, 2026 and 2025. Digital assets sales cost associated with external customer facing trades are reflected in the Digital Assets segment.

Previous wording

Blockchain reward distributions were $19.5 million, a decrease of $36.9 million, or 65%, for the three months ended March 31, 2026 compared to $56.4 million for the three months ended March 31, 2025. Galaxy launched validators in 2023 (reflected within the Digital Assets segment) to which third party and proprietary digital assets may be bonded on PoS networks to generate blockchain rewards. Blockchain reward distributions represent the staking rewards earned on third party assets staked on Galaxy validators which are passed on to the third parties, net of the fees which Galaxy charges. Blockchain rewards and the associated Blockchain reward distributions both decreased in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, driven by lower average digital asset prices. Galaxy retained up to 10% of the net portion of blockchain rewards earned on third party digital assets bonded to Galaxy validator nodes, including the CPO, as of March 31, 2026. Blockchain reward distributions generated by the Digital Assets segment on Treasury and Corporate digital assets are eliminated on consolidation within the Treasury and Corporate segment.

Current wording

Blockchain reward distributions were $13.1 million and $32.6 million, a decrease of $20.3 million and a decrease of $57.2 million, or 61% and 64%, respectively, for the three and six months ended June 30, 2026 compared to $33.4 million and $89.8 million for the three and six months ended June 30, 2025, respectively. Galaxy launched validators in 2023 (reflected within the Digital Assets segment) to which third party and proprietary digital assets may be bonded on PoS networks to generate blockchain rewards. Blockchain reward distributions represent the staking rewards earned on third party assets staked on Galaxy validators which are passed on to the third parties, net of the fees which Galaxy charges. Blockchain rewards and the associated Blockchain reward distributions both decreased in the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025, driven by lower average digital asset prices. Galaxy retained up to 10% of the net portion of blockchain rewards earned on third party digital assets bonded to Galaxy validator nodes, including the CPO, as of June 30, 2026. Blockchain reward distributions generated by the Digital Assets segment on Treasury and Corporate digital assets are eliminated on consolidation within the Treasury and Corporate segment.

Previous wording

Borrowing costs were $17.5 million, a decrease of $16.4 million, or 49%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due tolower average borrowing volumes. The decline in borrowing volumes reflects broader de-leveraging across the digital asset lending market.

Current wording

Borrowing costs were $18.8 million and $36.3 million, a decrease of $22.9 million and $39.3 million, or 55% and 52%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily due to lower average borrowing volumes. The decline in borrowing volumes reflects broader de-leveraging across the digital asset lending market.

Previous wording

Other transaction expenses were $7.6 million, a decrease of $4.5 million, or 37%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. Other transaction expenses include exchange, custodial and trading fees.

Current wording

Other transaction expenses were $5.9 million and $13.6 million, a decrease of $1.4 million and a decrease of $5.9 million, or 19% and 30%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. Other transaction expenses include exchange, custodial and trading fees.

Previous wording

Impairment of digital assets was $284.4 million, an increase of $172.0 million, or 153%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. This increase was primarily attributable to the mix of digital intangible assets with which the Company transacted; specifically higher exposure to digital assets which convey enforceable rights to Galaxy over the underlying assets, such as digital assets from many decentralized finance protocols and wrapped tokens, duringthe three months ended March 31, 2026, as compared to the same period last year, resulted in higher impairment as the associated assets typically do not qualify for fair value treatment under ASU 2023-08. Impairment of digital assets includes expense associated with digital intangible assets held at lower of cost or market that were sold during the period and those digital intangible assets still held by Galaxy at the end of the period.

Current wording

Impairment of digital assets was $181.3 million and $465.8 million, an increase of $53.9 million and an increase of $225.8 million, or 42% and 94%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. This increase was primarily attributable to lower digital asset prices during the period as well as the mix of digital intangible assets with which the Company transacted; specifically higher exposure to digital assets which convey enforceable rights to Galaxy over the underlying assets, such as digital assets from many decentralized finance protocols and wrapped tokens, duringthe three and six months ended June 30, 2026, as compared to the same period last year, resulted in higher impairment as the associated assets typically do not qualify for fair value treatment under ASU 2023-08. Impairment of digital assets includes expense associated with digital intangible assets held at lower of cost or market that were sold during the period and those digital intangible assets still held by Galaxy at the end of the period.

Previous wording

Compensation and benefits were $83.5 million, an increase of $26.6 million, or 47%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The increase for the three months ended March 31, 2026 was due to an increase in headcount.

Current wording

Compensation and benefits were $84.0 million and $167.5 million, an increase of $19.0 million and an increase of $45.6 million, or 29% and 37%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The increase for the three months ended June 30, 2026 was due to an increase in headcount.

Previous wording

General and administrative expenses were $20.4 million, a decrease of $66.2 million, or (76)%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The decrease for the three months ended March 31, 2026 was primarily driven by the absence of the$49.2 million impairment of proprietary mining equipment and infrastructure recorded in the three months ended March 31, 2025. Depreciation and amortization of $5.8 million was included in General and administrative expenses for the three months ended March 31, 2026, which decreased by $6.8 million compared to $12.6 million for the three months ended March 31, 2025 due to the lower cost basis of assets currently in use as well as the write-off of certain mining assets in 2025. The Data Center segment assets were not depreciated as of March 31, 2026.

Current wording

Depreciation and amortization expenses were $9.2 million and $15.0 million, an increase of $1.7 million and decrease of $5.1 million, or 23% and 25%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The increase for three months ended June 30, 2026 was primarily driven by Data Center assets placed in service in the period. The decrease for six months ended June 30, 2026 was primarily driven by the lower cost basis of assets currently in use compared to 2025 as well as the write-off of certain mining assets in 2025.

Previous wording

Galaxy generated Net loss of $216.3 million for the three months ended March 31, 2026 compared to Net loss of $295.4 million for the three months ended March 31, 2025. The primary drivers of Net loss for the three months ended March 31, 2026 were losses in investments and digital assets held in our Treasury and Corporate segment. Galaxy transacts significantly in bitcoin which decreased in value by 22% during the three months ended March 31, 2026, and ether which decreased in value by 29% during the three months ended March 31, 2026. The primary drivers of Net loss for the three months ended March 31, 2025 were a net loss on our investment portfolio, impairment of our mining equipment and operating expenses.

Current wording

Galaxy generated Net losses of $85.3 million and $301.6 million for the three and six months ended June 30, 2026 compared to Net income of $30.7 million and Net loss of $264.7 million for the three and six months ended June 30, 2025. The primary drivers of Netloss for the three and six months ended June 30, 2026 were losses in investments and digital assets held in our Treasury and Corporate segment. Galaxy transacts significantly in bitcoin which decreased in value by 14% and 33% during the three and six months ended June 30, 2026, and ether which decreased in value by 25% and 47% during the three and six months ended June 30, 2026. The primary drivers of Net income for the three months ended June 30, 2025 were net income on our investment and digital assets portfolios, partially offset by operating expenses and the fluctuation of the value of the embedded derivative on the Exchangeable Notes (which ceased to exist upon the May 13th, 2025 reorganization). The primary drivers of Net loss for the six months ended June 30, 2025 were impairment of our mining equipment in the first quarter and operating expenses.

Previous wording

As of March 31, 2026, our digital asset balances were$4.5 billion, a decrease of$1.3 billion from December 31, 2025. This decrease was primarily driven by a decrease in digital asset prices. These same drivers also drove thedecrease of$1.4 billion in our digital assets liabilities balances which totaled $3.0 billion as of March 31, 2026. The Company’s largest digital asset holding as of both March 31, 2026 and December 31, 2025 was bitcoin. During the three months ended March 31, 2026, the price of bitcoin decreased by 22%.

Current wording

As of June 30, 2026, our digital assets balance was$4.5 billion, a decrease of$1.4 billion from December 31, 2025. This decrease was primarily driven by a decrease in digital asset prices. These same drivers also drove thedecrease of$1.0 billion in our digital assets liabilities balance which totaled$3.3 billion as of June 30, 2026. The Company’s largest digital asset holding as of both June 30, 2026 and December 31, 2025 was bitcoin. During the six months ended June 30, 2026, the price of bitcoin decreased by 33%.

Previous wording

Investments decreased $233.6 million during the three months to $1.5 billion as of March 31, 2026. This decrease was primarily due to decrease in fair value of private investments as well as bitcoin and ether spot ETF investments. As of March 31, 2026, Galaxy’s largest investments were bitcoin and ether spot ETF investments of $471.2 million and limited partner interests in Galaxy-sponsored funds totaling $216.2 million. As of December 31, 2025, Galaxy’s largest investments were bitcoin and ether spot ETF investments of $535.8 million and limited partner interests in Galaxy-sponsored funds of $259.3 million.

Current wording

Investments decreased $190.2 million during the six months to $1.5 billion as of June 30, 2026. This decrease was primarily due to a decrease in fair value of private investments as well as bitcoin ETF investments. As of June 30, 2026, Galaxy’s largest investments were bitcoin spot ETF investments of $441.2 million and limited partner interests in Galaxy-sponsored funds totaling $271.1 million. As of December 31, 2025, Galaxy’s largest investments were bitcoin and ether spot ETF investments of $535.8 million and limited partner interests in Galaxy-sponsored funds of $259.3 million.

Previous wording

Property and equipment increased $354.8 million during the three months to$1,777.9 million as of March 31, 2026. Theincrease was primarily due to investment in AI/HPC infrastructure to build out our data center hosting facility at Helios in West Texas. We capitalize costs, including direct labor and materials, associated with the development and construction of our AI/HPC data center infrastructure while the assets are being prepared for their intended use.

Current wording

Property and equipment increased $795.1 million during the six months to$2.2 billion as of June 30, 2026. Theincrease was primarily due to investment in AI/HPC infrastructure to build out our data center hosting facility at Helios in West Texas. We capitalize costs, including direct labor and materials, associated with the development and construction of our AI/HPC data center infrastructure while the assets are being prepared for their intended use.