Galaxy Digital Inc.

1. BASIS OF PRESENTATION

The Company

Galaxy Digital Inc. (“GDI”) was formed in Delaware on April 23, 2021 for the purpose of serving as the U.S. public company entity upon the redomiciliation of Galaxy Digital Holdings Ltd. (“GDH Ltd.”) and Galaxy Digital Holdings LP (“GDH LP”) to Delaware. On May 13, 2025, the Company (as defined below), GDH Ltd. and GDH LP consummated a series of transactions resulting in the reorganization of the Company’s corporate structure (the “Reorganization Transactions”). Pursuant to the Reorganization Transactions, GDH Ltd. and GDH LP changed their jurisdiction of incorporation from the Cayman Islands to the state of Delaware and GDH Ltd. merged with and into the Company, with the Company surviving as the successor public company entity. All outstanding GDH Ltd. ordinary shares were converted into shares of Class A common stock of GDI.

Prior to the Reorganization Transactions, GDH Ltd. owned a minority interest in GDH LP and its ordinary shares were traded on the Toronto Stock Exchange (“TSX”). On May 16, 2025, subsequent to the Reorganization Transactions, the Company succeeded GDH Ltd. as the TSX-listed entity and the Company’s Class A common stock began also trading on the Nasdaq Global Select Market (“Nasdaq”) under the ticker “GLXY.” On March 19, 2026, the Company voluntarily delisted from the TSX, and is now solely listed on the Nasdaq.

The Reorganization Transactions were accounted for as a reverse recapitalization with the Company consolidating GDH LP, which was the accounting acquirer and the predecessor entity. Financial information presented for periods prior to the completion of the Reorganization Transactions, including comparative periods, represents that of GDH LP. References to the “Company,” “Galaxy,” “we,” “us” and “our” refer to GDI and its consolidated subsidiaries subsequent to the Reorganization Transactions and GDH LP, the accounting acquirer and predecessor entity, and its consolidated subsidiaries prior to the Reorganization Transactions.

GDH LP is the operating partnership that conducts all of the Company’s business. GDH LP is a Delaware limited partnership that was originally formed in the Cayman Islands on May 11, 2018 and redomesticated to Delaware as part of the Reorganization Transactions. GDH LP is managed by GDI as its general partner. The Company has two classes of common stock, Class A common stock and Class B common stock. Each share of Class A common stock entitles its holder to economic and voting interests in the Company. Each share of Class B common stock entitles its holder to voting interests but not economic interests in the Company. Holders of Class B common stock have an economic interest in the Company through Limited Partnership Units of GDH LP (“LP Units”), which are pairedone-for-one with shares of Class B common stock. One share of Class B common stock and one LP Unit are together exchangeable for one share of Class A common stock. As the Company consolidates GDH LP but does not own all of the economic interest in GDH LP, the Company presents a noncontrolling interest related to the economic ownership of GDH LP held by its Class B common stockholders.

Galaxy is a technology-driven diversified financial services and investment management firm that provides institutions with a full suite of scaled financial solutions spanning the digital assets ecosystem. The Company is strategically positioned to bridge traditional finance and the emerging digital economy. The Company is focused on digital assets and artificial intelligence enabled by high-performance computing technology, and how these technological innovations will alter the way we store and transfer value. The Company manages and reports its activities in the following segments: Digital Assets, Data Centers, and Treasury and Corporate.

Basis of Presentation

The accompanying unaudited condensed consolidated interim financial statements have been prepared on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”). The unaudited condensed consolidated interim financial statements include the accounts of the Company and all entities in which it holds a controlling financial interest. All intercompany balances and transactions have been eliminated.

We have prepared the accompanying unaudited condensed consolidated interim financial statements in accordance with the accounting policies described in the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2025 and the interim reporting requirements of Regulation S-X for the three and nine months ended September 30, 2026. Accordingly, certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2025. The Company’s interim results are not necessarily indicative of its results for a full year.

Change in Presentation

Notes interest expense, which was previously presented within Operating expenses, is presented within Other income / (expense) in the Company's condensed consolidated interim statements of operations. Prior period amounts have been reclassified to conform to the current period presentation, resulting in the reclassification of $14.4 million and $42.7 million of notes interest expense from Operating expenses to Other income / (expense) for the three and nine months ended September 30, 2025, respectively. Segment information in Note 20 has been recast accordingly. The reclassification had no impact on previously reported Income / (loss) before income taxes, Net income / (loss), equity or cash flows.

2. SIGNIFICANT ACCOUNTING POLICIES

Except as described below, there have been no material changes to the Company’s significant accounting policies as described in Note 2 to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Revenues and Gains / (Losses) from Operations

Lessor

The Company leases Artificial Intelligence (“AI”) and High Performance Computing (“HPC”) data center infrastructure within its Data Centers segment under long-term agreements classified as operating leases in accordance with ASC Topic 842, Leases. Fixed operating-lease consideration is recognized on a straight-line basis over the lease term and is presented within Data center leasing revenue in the Company's condensed consolidated interim statements of operations. Consideration is allocated between lease and separate non-lease components in accordance with the allocation guidance in ASC Topic 606, Revenue from Contracts with Customers, based on their relative standalone selling prices.

Power and operating services that constitute separate non-lease components are accounted for under ASC Topic 606, with revenue recognized as the services are transferred to customers. The Company evaluates whether it controls each specified service before transfer to determine whether it acts as principal or agent. Consideration is presented gross within Revenues (presented as Data centers operator revenue in Note 20, Reportable Segments) when the Company acts as principal, with associated costs included in Transaction expenses (presented as Data centers operating cost in Note 20). When the Company acts as agent, revenue is limited to the fee or commission retained for arranging the service.

Reimbursements of lessor ownership costs that do not transfer a separate good or service are not treated as separate non-lease components and are accounted for under the applicable lease guidance.

Cash, Stablecoins, and U.S. Treasuries

Cash, stablecoins, and U.S. Treasuries represents the aggregate of cash and short-term investments included in Cash and cash equivalents, stablecoins included in Digital assets, and U.S. Treasuries included in Investments, current and Investments, non-current, in the Company's condensed consolidated balance sheets. This aggregate measure is presented to provide additional information regarding the Company's financial resources and is not equivalent to cash and cash equivalents under U.S. GAAP. As of September 30, 2026, Cash and cash equivalents included $366.3 million of U.S. Treasuries with original maturities of three months or less, which are classified as available-for-sale debt securities and are excluded from the U.S. Treasuries line in the table below. Refer to Note 7, Investments.

Recent Accounting Pronouncements

In September 2026, the FASB issued ASU 2026-03, Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. The amendments require investment companies within ASC Topic 946 to incorporate qualifying contractual sale restrictions into the fair value of equity securities and disclose the associated discount. The guidance is effective for annual periods beginning after December 15, 2027, including interim periods. Early adoption is permitted. Application is prospective, with adoption adjustments recognized in earnings. The Company is currently evaluating the impact of the amendments on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("DISE"). The amendments require public business entities to disclose, in a tabular format in the notes to the financial statements, specified natural expense categories included in each relevant expense caption within continuing operations. These categories include purchases of inventory, employee compensation, depreciation, intangible asset amortization and, where applicable, depletion. The amendments also require certain existing GAAP disclosures to be included in the same tables, qualitative descriptions of amounts remaining in relevant expense captions that are not separately disaggregated, and disclosure of total selling expenses in annual and interim periods and the definition of selling expenses in annual periods. The amendments affect disclosure requirements and do not change the recognition or measurement of expenses.

In January 2025, the FASB issued ASU 2025-01 to clarify the effective date of the DISE requirements. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Accordingly, the requirements are effective for the Company for the year ending December 31, 2027, and interim periods beginning in 2028. Early adoption is permitted, and the amendments may be applied prospectively or retrospectively to any or all prior periods presented. The Company is currently evaluating the impact of the amendments on its financial statement disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments remove development-stage references and require capitalization of eligible internal-use software costs when management has authorized and committed to funding the project and it is probable that the project will be completed and the software will be used to perform its intended function. The amendments also require consideration of significant development uncertainty in assessing whether the capitalization criteria have been met. The guidance is effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods, with early adoption permitted as of the beginning of an annual reporting period. The Company early adopted the guidance effective January 1, 2026. Adoption did not have a material impact on the Company’s consolidated financial statements.

3. BUSINESS COMBINATIONS

Alluvial Finance

On November 25, 2025, the Company acquired all shares of Alluvial Finance (“Alluvial”), a staking software development firm which was the development company for Liquid Collective, an enterprise-grade liquid staking protocol. The purchase price was $7.1 million, which was paid in cash. The Company accounted for the acquisition under ASC Topic 805, Business Combinations (“ASC 805”). The Company recognized the following assets and liabilities in relation to the acquisition of Alluvial:

The Company recognized approximately $3.9 million of goodwill as a result of this acquisition, which was attributed to the Digital Assets segment. Goodwill was attributed to the expected synergies from combining Alluvial’s operations with the Company and the expected future cash flows of the combined business.

Acquired intangible assets as a result of this acquisition consisted of intellectual property valued at $2.5 million. The intangible assets were measured at acquisition date fair value using an income approach in accordance with the Company’s accounting policies.

The Company incurred acquisition related transaction costs of $0.1 million, related to professional and legal fees. The revenue and net income / (loss) included in the Company’s consolidated statements of operations contributed by Alluvial for the three and nine months ended September 30, 2026 and the year ended December 31, 2025 (from the date of acquisition) were not material to the Company. The revenue and net income / (loss) in the Company’s consolidated statements of operations contributed by Alluvial for the three and nine months ended September 30, 2026, had Alluvial been acquired at the beginning of the reporting period, was not materially different from the amounts reported.

Meridian Labs

On June 5, 2025, the Company completed its purchase of Meridian Labs LLC, a technology consulting firm focused on blockchain development. The purchase price was $4.2 million, inclusive of $3.1 million of estimated contingent consideration to be paid in equal amounts of cash and Class A common stock. The amount of contingent consideration payable is determined by whether the acquired business achieves certain operational milestones. The contingent consideration has increased to the maximum amount of $5.0 million as of September 30, 2026. The Company accounted for the acquisition under ASC 805. The Company recognized approximately $4.2 million of goodwill which was attributed to the Digital Assets segment as a result of this acquisition.

4. DIGITAL ASSETS

As of September 30, 2026 and December 31, 2025, the Company held digital assets of$4.3 billion and $4.5 billion, respectively. The Company had net gains / (losses) on digital assets of $132.4 million and $648.7 million for the three and nine months ended September 30, 2026, respectively, and $453.8 million and $570.5 million for the three and nine months ended September 30, 2025, respectively.

The following tables provide additional detail related to the Company’s digital assets balance as of September 30, 2026 and December 31, 2025:

(1)Includes digital assets subject to sale restrictions, as well as certain digital assets bonded to validator nodes. Excludes digital assets issued by decentralized finance protocols which are self-custodied.

(2)Digital intangible assets posted as collateral under master loan agreements to third parties, for which control has not transferred, supports digital asset and fiat borrowings of$308.5 millionand$608.9 million as of September 30, 2026 and December 31, 2025, respectively.

(3)Digital assets associated with decentralized finance protocols collectively support borrowings on these platforms of $183.4 millionand$74.2 million asof September 30, 2026 and December 31, 2025, respectively. Decentralized finance protocols typically require borrowers to maintain a loan to value ratio of no greater than approximately 80% and 95%, collateral dependent. Includes self-custodied wrapped digital assets and digital assets held in smart contracts where the Company retains control.

Digital Assets Associated with Decentralized Finance Protocols

Digital assets associated with decentralized finance protocols includes receipt tokens from decentralized finance protocols, which are digital assets issued by decentralized protocols that derive their value from other digital assets. These tokens allow the holder to redeem the underlying digital assets from the decentralized protocols. Although these receipt tokens are generally stored in the Company’s self-custodied wallets, their economic values are derived from the operations of the protocols that issued the tokens and other digital assets that are held in such protocols via smart contracts. These receipt tokens are used in trading, borrowing and staking on decentralized finance protocols.

In order to transact on decentralized finance protocols, the Company converts some of its digital assets into wrapped tokens (e.g., “wBTC” and “wETH”) which are also included in Digital assets associated with decentralized finance protocols. Wrapped tokens are digital assets that can interact with smart contracts or operate on another blockchain. The Company typically wraps digital assets in expectation of deploying them on decentralized finance protocols.

Some decentralized finance protocols may hold the Company’s digital assets in a smart contract from which only the Company can redeem the digital assets. These decentralized finance protocols do not issue receipt tokens and do not obtain control of the Company’s digital assets. Therefore the tokens continue to be recognized by the Company.

Digital Assets Subject to Lock-up Schedules

Certain digital assets are subject to sale restrictions through lock-up schedules typically associated with purchases from foundations. Digital assets restricted by lock-up schedules which have not yet been received by the Company are recognized as Digital assets receivable.

The Company held $49.6 million and $58.3 million of digital assets restricted by lock-up schedules as of September 30, 2026 and December 31, 2025, respectively. The fair value of digital assets subject to sale restrictions by lock-up schedule acquired prior to January 1, 2024 includes a discount for lack of marketability. Sale restrictions associated with these digital assets range from less than one weekto approximately 3 years.

Staked Digital Assets

The Company had staked$426.9 millionand$239.6 million of digital assets, including digital assets staked on decentralized finance protocols (i.e., liquid staked tokens), as of September 30, 2026 and December 31, 2025, respectively. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to unbonding periods on the respective blockchains. As of both September 30, 2026 and December 31, 2025, the majority of the Company’s staked digital assets on various blockchains, including Ethereum, could be unbonded within 7 days.

Significant Digital Asset Holdings

The Company’s digital asset balance includes digital assets borrowed from counterparties, deposited by counterparties as collateral for which Galaxy has control, and any digital assets which Galaxy has pledged as collateral and retains control. The following tables show the Company’s most significant gross digital asset holdings as of September 30, 2026 and December 31, 2025:

5. DIGITAL ASSET LOANS RECEIVABLE AND DIGITAL ASSETS BORROWED

In the ordinary course of business, the Company enters into agreements to borrow digital assets to finance the Company’s trading operations. The Company may lend digital assets borrowed from counterparties or acquired through other operations. As of September 30, 2026 and December 31, 2025, no digital asset loans receivable were past due.

Digital Asset Loans Receivable, Net of Allowance

Collateral Payable Associated with Digital Asset Loans Receivable

Digital Assets Borrowed

The Company borrows digital assets from both over-the-counter and decentralized finance sources. The most significant digital assets borrowings as of September 30, 2026 were bitcoin, USDC, USDS, ether and ZEC, including associated wrapped tokens, which represented approximately 91% of total Digital assets borrowed. The most significant digital assets borrowings as of December 31, 2025 were bitcoin, USDC, ether, tether and SOL, including associated wrapped tokens, which represented approximately 95% of total Digital assets borrowed.

Assets Posted as Collateral Associated with Digital Assets Borrowed, Current and Non-current

Collateral deposited in decentralized finance protocols associated with digital asset loans payable to the decentralized protocols are recognized in Digital intangible assets. Collateral posted with counterparties for which the Company retains control are also recognized in Digital intangible assets. Refer to Note 4 for additional information regarding Digital intangible assets.

6. DERIVATIVES

Derivatives not designated as hedging instruments

The Company enters into derivative contracts primarily for the purpose of trading, risk management, and hedging of operating costs. The Company recognized net derivative gain related to free-standing derivatives of $32.8 million and $149.8 million for the three and nine months ended September 30, 2026, respectively, and $65.4 million and $161.2 million for the three and nine months ended September 30, 2025, respectively.

The breakdown of the Company’s derivatives portfolio, as of September 30, 2026 and December 31, 2025 was as follows:

(1)Notional amounts represent the U.S. Dollar denominated size of the underlying assets for the derivative instruments. While the notional amounts disclosed above give an indication of the volume of the Company’s derivatives activity, they do not accurately reflect the Company’s economic exposure as they do not reflect the Company’s long and short derivative positions.

The table below represents the breakdown of collateral payable and assets posted as collateral associated with derivative positions as of September 30, 2026 and December 31, 2025:

Derivatives designated as hedging instruments

The Company enters into derivatives designated as cash flow hedges to manage exposure to variability in future cash flows associated with interest payments. No amounts were reclassified from accumulated other comprehensive income (loss) into earnings related to derivatives designated as cash flow hedges during the three and nine months ended September 30, 2026 and 2025.

The breakdown of the Company's portfolio of derivatives designated as hedging instruments as of September 30, 2026 and December 31, 2025 was as follows:

The following table provides information about the amount of gain (loss) related to derivatives designated as cash flow hedges for the following periods:

7. INVESTMENTS

Net gain / (loss) on investments included in Gains / losses from operations in the Company’s condensed consolidated interim statements of operations consists of the following:

•Net realized gains / (losses) related to sales of investments were $(25.4) million and $14.6 million for the three and nine months ended September 30, 2026, respectively, and $143.5 million and $264.1 million for the three and nine months ended September 30, 2025, respectively.

•Net unrealized gains / (losses) related to investments were $411.9 million and $44.8 million for the three and nine months ended September 30, 2026, respectively, and $153.2 million and $94.8 million for the three and nine months ended September 30, 2025, respectively.

Available-for-Sale Debt Securities

The Company's investments in U.S. Treasuries are classified as available-for-sale ("AFS") and are included in Cash and cash equivalents, Investments, current and Investments, non-current in the Company's condensed consolidated interim statements of financial position. These securities were purchased with proceeds from the issuance of the 9.875% Senior Secured Notes due 2031 (the “2031 Secured Notes”), which are described in Note 16. The following table summarizes the Company's AFS debt securities as of September 30, 2026:

The following table summarizes the amortized cost and fair value of the Company's AFS debt securities by contractual maturity as of September 30, 2026:

As of September 30, 2026, substantially all of the Company’s AFS debt securities, which had a total fair value of $3,122 million, were in an unrealized loss position, all of which had been in a continuous unrealized loss position for less than 12 months. The unrealized losses are attributable to changes in interest rates. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell them, before recovery of their amortized cost basis. As the securities are direct obligations of the U.S. government, the Company does not expect any credit losses, and no allowance for credit losses has been recorded. There were no realized gains or losses on AFS debt securities for the three and nine months ended September 30, 2026. The Company did not hold any AFS debt securities as of December 31, 2025.

Investments at Measurement Alternative

The following table presents investments for which the measurement alternative has been elected. These investments have been valued at cost less impairment and where applicable at observable transaction prices based on orderly transactions for the identical or similar investments of the same issuer.

8. VARIABLE INTEREST ENTITIES

The Company holds investments in variable interest entities (“VIEs”) that are not consolidated due to either a lack of variable interests or where the Company is not the primary beneficiary. The fair value option was elected for investments in non-consolidated VIEs for which the Company was deemed to have significant influence; therefore, changes in the fair value of these investments are recorded through Gains / (losses) from operations in the Company’s condensed consolidated interim statements of operations. NAV was utilized as the practical expedient to fair value.

The Company’s involvement in financing operations of the VIEs is limited to its investment in the entity. The Company does not provide performance guarantees and has no other financial obligation to provide funding to VIEs, other than its own capital commitments.

The following table illustrates the Company’s maximum exposure to unconsolidated VIEs which is limited to the fair value of its investments and unfunded commitment as of period end.

9. FAIR VALUE OPTION

The Company elected the fair value option for certain eligible assets. The following table summarizes the financial instruments for which the fair value option has been elected:

The fair value option was elected for digital financial assets and for investments, within the Investments line item, where the Company was deemed to have significant influence and otherwise would have applied the equity method of accounting.

Realized and unrealized gains / (losses) on financial instruments for which the fair value option has been elected are recorded in Gains / (losses) from operations in the Company’s condensed consolidated interim statements of operations. The following table presents the realized and net change in unrealized gains / (losses) on the financial instruments on which the fair value option was elected:

Realized and unrealized gains and (losses) for digital assets classified as financial assets were $1.4 million and $25.6 million for the three and nine months ended September 30, 2026, respectively, and $6.0 million and $2.8 million for the three and nine months ended September 30, 2025, respectively.

10. FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements

Items measured on a recurring basis at fair value:

(1)Excludes equity securities measured utilizing net asset value as a practical expedient of $341.8 million and investments utilizing the measurement alternative of $220.0 million as they are without readily determinable fair values. U.S. Treasuries of $366.3 million classified as available-for-sale debt securities and included in Cash and cash equivalents are measured at fair value on a recurring basis using Level 1 inputs and are not included in the table above.

(2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.

(1)Excludes equity securities measured utilizing net asset value as a practical expedient of $287.0 million and equity securities utilizing the measurement alternative of $159.2 million as they are without readily determinable fair values.

(2)Investments sold short are included in Other current liabilities in the Company’s condensed consolidated interim statements of financial position.

Nonrecurring Fair Value Measurements

Impairment losses are recognized for Digital intangible assets carried at the lower of cost or impaired value and Property and equipment, net when their carrying amounts exceed fair value. See Note 12 for additional information on impairment of Property and equipment. The carrying values for Digital intangible assets carried at the lower of cost or impaired value were $954.6 million and $808.8 million as of September 30, 2026 and December 31, 2025, respectively. The Company categorized the fair value measurements for Property and equipment, net as Level 3.

The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level 3 inputs have been used to determine fair value for the three and nine months ended September 30, 2026 and September 30, 2025. Realized and unrealized gains and losses on Level 3 investments are included in Gains / (losses) from operations.

Transfers in and out of Level 3 are considered to have occurred at the beginning of the period the transfer occurred. For the three months ended September 30, 2026, there wereno transfers into Level 3 and gross transfers out of Level 3 were $6.9 million. For the nine months ended September 30, 2026, gross transfers into Level 3 were $6.1 million and gross transfers out of Level 3 were $61.5 million. The transfers into Level 3 for Investments were due to fair value adjustments determined by unobservable market inputs. The transfers out of Level 3 for Investments were due to conversion of warrants and preferred stock into publicly traded common stock. Transfers out of Level 3 for Digital assets receivable were due to removal of restrictions. For the three months ended September 30, 2025, there wereno transfers into Level 3 and gross transfers out of Level 3 were $25.1 million. For the nine months ended September 30, 2025, gross transfers into Level 3 were $4.9 million and gross transfers out of Level 3 were $225.8 million. The transfers into Level 3 for Investments were due to fair value adjustments determined by unobservable market inputs. The transfers into Level 3 for Digital assets receivable were due to underlying token launches of contracts held. The transfers out of Level 3 for Investments were due to conversion of warrants and preferred stock into publicly traded common stock. Transfers out of Level 3 for Digital assets receivable and Digital intangible assets were due to removal of restrictions. Transfers out of Level 3 for Embedded derivative - Notes payable was due to the Reorganization Transactions. See Note 16 for additional information.

The following table presents additional information about valuation methodologies and significant unobservable inputs used for assets and liabilities that are measured and reported at fair value and categorized within Level 3 as of September 30, 2026 and December 31, 2025, respectively:

Increases and/or decreases in the various unobservable inputs used to determine the Level 3 valuations could result in significantly higher or lower fair value measurements.

Financial Instruments Not Measured at Fair Value

The following table presents the fair value of financial instruments not measured at fair value in the Company’s condensed consolidated interim statements of financial position. This table excludes non-financial assets and liabilities.

11. LOANS RECEIVABLE

In the general course of business, the Company offers fiat-denominated loans to counterparties against digital assets or other collateral. No loans receivable were on nonaccrual status as of September 30, 2026 or December 31, 2025.

Loans Receivable, Current and Non-current

Loans receivable are scheduled to be repaid during the following periods:

Balances represent loan principal and exclude accrued interest receivable on loans.

Collateral Payable Associated with Loans Receivable, Current and Non-current

Interest income related to the Company’s Loans receivable was $16.5 million and $37.6 million for the three and nine months ended September 30, 2026, respectively, and $11.4 million and $38.1 million for the three and nine months ended September 30, 2025, respectively.

12. PROPERTY AND EQUIPMENT

The following table represents property and equipment balances and accumulated depreciation as of September 30, 2026 and December 31, 2025:

(1)Corporate assets balances primarily relate to computer equipment, leasehold improvements, and furniture and fixtures.

(2)Data center infrastructure comprises land and improvements associated with our mining and AI and HPC leasing businesses. During the year ended December 31, 2025, a portion of data center infrastructure assets were transferred to WIP / Construction in progress as they are undergoing enhancements to support deployment of Galaxy’s AI/HPC operations.

(3)WIP/Construction in progress related to data center infrastructure under construction.

(4)Gross asset amounts are net of any asset disposals.

(5)Recognized in General and administrative expenses in the Company’s condensed consolidated interim statements of operations.

Depreciation expense was $19.8 million and $29.4 million for the three and nine months ended September 30, 2026, respectively, and $3.4 million and $15.6 million for the three and nine months ended September 30, 2025, respectively.

Impairment of Mining Equipment and Related Infrastructure

The Company assesses mining equipment and related infrastructure for impairment when a triggering event is identified. During the year ended December 31, 2025, the Company recognized an impairment of $87.3 million, all of which was recognized during the nine months ended September 30, 2025. Impairment was related to its mining equipment and related infrastructure, including assets in WIP/Construction in progress, which was applicable to the Treasury and Corporate segment. Impairment testing of assets held for use requires determination of recoverability using unobservable inputs such as estimated future cash flows and involves significant judgment. The Company estimated the future cash flows related to mining equipment and related infrastructure using the bitcoin price and network difficulty, as well as expected hosting cost as key inputs.

13. LEASES

Lessor

Deferred lease revenue represents payments received in advance of the Company’s performance obligation under the lease agreements in its Data Centers segment. Deferred lease revenue is recognized as income on a straight-line basis over the term of the lease agreement. The following table summarizes the Company’s deferred lease revenue activity for the periods ended September 30, 2026 and December 31, 2025:

The following table represents future minimum lease income of the Company’s operating leases as of September 30, 2026:

Lessee

The Company enters into leases primarily for real estate, substantially all of which are used in connection with its operations.

Operating lease costs were $2.4 million and $5.7 million for the three and nine months ended September 30, 2026, respectively, and $1.4 million and $4.4 million for the three and nine months ended September 30, 2025, respectively. Variable lease costs, which are included in operating lease costs, werenot material for the three and nine months ended September 30, 2026 and September 30, 2025.

Supplemental disclosures for the Company’s condensed consolidated interim statements of cash flows:

Supplemental statement of financial position and other disclosures related to operating lease right-of-use assets:

(1)The weighted average discount rate represents the Company’s incremental borrowing rate.

The following table represents future minimum lease payments of the Company’s operating lease liabilities as of September 30, 2026:

Interest expense on the Company’s lease liabilities was $0.4 million and $0.9 million for the three and nine months ended September 30, 2026, respectively, and $0.2 million and $0.7 million for the three and nine months ended September 30, 2025.

14. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The following table reflects the changes in the carrying amount of goodwill:

The Company recognizedno impairment of Goodwill for the periods ended September 30, 2026 and September 30, 2025. All goodwill is allocated to the Digital Assets segment.

Other Intangible Assets

The following table represents intangible assets and accumulated amortization as of September 30, 2026 and December 31, 2025:

(1)Includes capitalized equity based compensation of $5.0 million and $4.6 million as of September 30, 2026 and December 31, 2025, respectively.

The Company estimates that there is no significant residual value related to its finite-life intangible assets. The expected future amortization expense for currently amortizing finite-life intangible assets for the next five years is as follows:

15. COMMITMENTS AND CONTINGENCIES

Leases

As of September 30, 2026 and December 31, 2025, the Company had commitments primarily under four andthree leases, respectively. Refer to Note 13 for further information on lease commitments.

Investment and Loan Commitments

As of September 30, 2026 and December 31, 2025, the Company was obligated toseven andsix portfolio companies, respectively, all of which are non-consolidated VIEs, to fund up to $66.0 million and $49.4 million, respectively. Subsequent to the period ended September 30, 2026, $2.5 million of this amount has been funded. Refer to Note 8 for further information on VIEs.

As of September 30, 2026 and December 31, 2025, the Company had outstanding credit facilities to counterparties and arrangements to finance delayed trading settlement up to three days totaling $80.0 million, and had funded $60.0 million in relation to these facilities. Credit facilities are supported by counterparties’ assets. There were no additional fundings of these facilities subsequent to period end.

Safeguarding of Customer Digital Assets

The Company is obligated to safeguard certain digital assets held on behalf of its customers, which are not recognized on the Company’s condensed consolidated interim statements of financial position. As such, the Company may be liable to its customers for losses arising from the Company’s failure to safeguard those digital assets from loss. The Company has not incurred any losses related to such obligations and therefore has not accrued any liabilities as of September 30, 2026 and December 31, 2025.

Contractual Commitments

As of September 30, 2026 and December 31, 2025, the Company had an outstanding commitment for the construction of improvements at its Helios facility totaling $3,158.9 million and $529.8 million, respectively.

Indemnifications

The Company has provided standard representations for agreements and customary indemnification for claims and legal proceedings. Insurance has been purchased to mitigate certain of these risks. Generally, there are no stated or notional amounts included in these indemnifications and the contingencies triggering the obligation for indemnification are not expected to occur. Furthermore, counterparties to these transactions often provide comparable indemnifications. The Company is unable to develop an estimate of the maximum payout under these indemnifications for several reasons. In addition to the lack of a stated or notional amount in a majority of such indemnifications, it is not possible to predict the nature of events that would trigger indemnification or the level of indemnification for a certain event. The Company believes, however, that the possibility of making any material payments for these indemnifications is remote. As of September 30, 2026 and December 31, 2025, there wasno liability accrued under these arrangements.

Legal and Regulatory Matters

In the ordinary course of business, the Company and its subsidiaries and affiliates may be threatened with, named as defendants in, or made parties to pending and potential legal actions, including class actions, arbitrations and other disputes. The Company and its subsidiaries and affiliates are also subject to oversight by numerous regulatory and other governmental agencies and may receive inspection requests, investigative subpoenas and requests from regulators for documents and information, which could lead to enforcement investigations and actions.

The Company reviews any lawsuits, regulatory investigations, and other legal proceedings on an ongoing basis and provides disclosure and records loss contingencies in accordance with its accounting policies. Except as discussed below, the Company does not believe that the ultimate resolution of existing legal and regulatory outstanding matters will have a material effect on our financial condition or liquidity. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially.

LUNA Matters: On March 27, 2025, Galaxy reached an agreement with the New York State Attorney General to resolve civil claims relating to certain investments, trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. As of September 30, 2026, the Company had accrued a legal provision of $115.1 million. The accrued amounts include the impact of discounting the estimated cash flows at a rate of approximately 4.26%. The undiscounted amount of the settlement was $120.0 million as of September 30, 2026, with equal payments of $60.0 million due in 2027 and 2028. Under the terms of the settlement, Galaxy also agreed to, among other things, compliance enhancements related to public statements about cryptocurrency and purchases and sales of cryptocurrency.

In December 2022, a proposed class action was filed in the Ontario Superior Court of Justice against GDH Ltd., our Chief Executive Officer (“CEO”) and our former Chief Financial Officer asserting various claims including alleged misrepresentations relating to our public disclosure regarding investments and trading in the LUNA digital asset. The class action is on behalf of a class of persons and entities who acquired our securities on the secondary market from May 17, 2021 to and including May 6, 2022. The class action seeks unspecified damages and various declaratory relief, including leave to proceed with the right of action for misrepresentation under statutory securities provisions. The plaintiff’s motion for leave and certification was heard in June 2026 and granted in August 2026. Galaxy respectively sought leave to appeal and appealed those decisions in September 2026. These proceedings are still in early stages. Based on the stage of the case, the outcome remains uncertain, and the Company cannot estimate the potential impact, if any, on its business or financial statements at this time.

Tax Distributions

The GDH LP 7th Amended and Restated Limited Partnership Agreement (the “LPA”), executed in connection with the Reorganization Transactions in May 2025, provides for pro rata cash distributions to the holders of LP Units for purposes of funding partner tax obligations in respect of the taxable income of GDH LP that is allocated to them. Generally, these tax distributions are computed based on GDH LP’s estimate of the net taxable income of GDH LP allocable to each holder of LP Units multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual or corporate resident of New York, New York (taking into account the non-deductibility of certain expenses and the character of GDH LP’s income). Amounts distributed pursuant to such tax distribution provision were treated as an advance against, and reduced (on a dollar for dollar basis), future amounts that would otherwise be distributable to such holders of LP Units. Prior to the Reorganization Transactions, GDH LP’s then-effective limited partnership agreement permitted the prior general partner of GDH LP, Galaxy Digital Holdings GP LLC (“GDH GP LLC”), to direct GDH LP to make tax distributions to the holders of LP Units.

No tax-related distributions were paid during the three and nine months ended September 30, 2026, and $9.4 million and $49.3 million were paid during the three and nine months ended September 30, 2025, respectively.

16. LOANS AND NOTES PAYABLE

Loans Payable

In the ordinary course of business the Company may borrow fiat currency, such as US dollars, to facilitate digital asset trading and lending activity. For the majority of these loans, there is no set repayment term and the Company can prepay without penalty.

Interest expense related to the Company’s loans payable was $0.3 million and $1.0 million for the three and nine months ended September 30, 2026, respectively, and $3.9 million and $11.7 million for the three and nine months ended September 30, 2025, respectively.

Assets Posted as Collateral Associated with Loans Payable

Notes Payable

GDH LP issued $500 million aggregate principal amount of 3.00% exchangeable senior notes (the “2026 Exchangeable Notes”) on December 9, 2021, $402.5 million aggregate principal amount of 2.500% exchangeable senior notes on November 25, 2024 (the “2029 Exchangeable Notes”), and $1.3 billion aggregate principal amount of 0.50% exchangeable senior notes on October 30, 2025 (the “2031 Exchangeable Notes”, together with the “2029 Exchangeable Notes” and “2026 Exchangeable Notes”, the “Exchangeable Notes”). Outstanding 2026 Exchangeable Notes, 2029 Exchangeable Notes, and 2031 Exchangeable Notes will mature and the aggregate principal amount is due in 2026, 2029 and 2031, respectively, unless earlier exchanged, redeemed or repurchased. Interest on the Exchangeable Notes is payable semi-annually. There were no origination discounts or premiums associated with the Exchangeable Notes. The 2026 Exchangeable Notes have an initial exchange rate of 7,498.2210 shares of Class A common stock per $250,000 principal amount, the 2029 Exchangeable Notes have an initial exchange rate of 10,497.5856 shares of Class A common stock per $250,000 principal amount, and the 2031 Exchangeable Notes have an initial exchange rate of 17.9352 shares of Class A common stock per $1,000 principal amount. All Exchangeable Notes issued are subject to certain selling and transfer restrictions set forth in each investor’s note purchase agreement and as set forth in the applicable indenture that governs the Exchangeable Notes.

Prior to the Reorganization Transactions, the Company determined that the exchange features represented derivative financial instruments embedded in the Exchangeable Notes as the notes were exchangeable for ordinary shares of GDH Ltd., an unconsolidated affiliate. The exchange feature was recorded at fair value as a discount to the value of the Exchangeable Notes as of the applicable inception date. Accordingly, the Company recorded aggregate discounts of $71.0 million and $94.0 million for the fair value of the derivative liability at inception of the 2026 Exchangeable Notes and the 2029 Exchangeable Notes, respectively. The difference between the proceeds allocated to the exchangeable instrument at issuance and the fair value of the exchange feature was allocated to the host contract. Upon the completion of the Reorganization Transactions, given the Exchangeable Notes are now exchangeable for Class A common stock of GDI, the embedded derivative no longer meets the bifurcation criteria and the net loss from the inception of the derivative was reclassified to equity which is reflected in the Impact of Reorganization Transactions in the Company’s condensed consolidated interim statements of changes in equity.

On initial recognition of the 2026 Exchangeable Notes, 2029 Exchangeable Notes, and 2031 Exchangeable Notes, debt issuance costs of $13.4 million, $13.6 million and $26.7 million, respectively, were recognized as a reduction of Notes payable and are being expensed over the term of the debt. The unamortized debt issuance cost as of September 30, 2026 and December 31, 2025 was $32.2 million and $39.6 million, respectively. As of September 30, 2026 and December 31, 2025, there was $2.1 billion in principal outstanding of the Exchangeable Notes.

The interest expense from the Exchangeable Notes for the three and nine months ended September 30, 2026 was $18.0 million and $53.3 million, including coupon interest of$7.5 million and$22.4 million, respectively, and $14.4 million and $42.7 million, including coupon interest of $5.9 million and $17.6 million for the three and nine months ended September 30, 2025, respectively. The effective interest rates on the 2026, 2029, and 2031 Exchangeable Notes are 7.0%,9.2%, and 0.9%, respectively. During each of the three and nine months ended September 30, 2026 and September 30, 2025, no Exchangeable Notes were exchanged.

Data Centers Financing

Credit Agreement

On August 15, 2025, Galaxy Helios I LLC (“Galaxy Helios I”), an indirect wholly owned subsidiary of GDH LP, entered into a credit agreement (the “Credit Agreement”) with Deutsche Bank AG providing for a senior secured term loan facility in an aggregate principal amount of up to $1.4 billion. The intended use for this facility is to finance the construction and development of a data center project in Dickens County, Texas and related costs. As of September 30, 2026, the outstanding amount drawn on this facility was $1.3 billion, which is recognized within Notes payable in the Company’s condensed consolidated interim statements of financial position.

Commitments under the Credit Agreement will mature on August 15, 2028, unless otherwise earlier terminated pursuant to the terms of the Credit Agreement. Galaxy Helios I may repay amounts borrowed and/or terminate the commitments under the Credit Agreement (in whole or part) at any time subject to the payment of a Prepayment Premium (as defined in the Credit Agreement).

Loans under the Credit Agreement bear interest at a rate per annum equal to the Secured Overnight Financing Rate (“SOFR”) plus an applicable margin of 4.75%, subject to a floor of 2.5%. The Company utilizes cash flow hedges, primarily interest rate caps, to mitigate its exposure to variability in the associated interest rate. Total interest cost incurredwas $34.1 million and $83.6 millionfor the three and nine months ended September 30, 2026, respectively, of which zero and $42.1 million, respectively, was capitalized to construction in progress related to the development of the Helios data center campus.

Subject to customary exceptions, the Credit Agreement contains certain limitations on the ability of Galaxy Helios I to engage in certain activities, including incurring indebtedness and liens, making investments, entering into affiliate transactions and undergoing fundamental changes. The Credit Agreement also contains a financial maintenance covenant, requiring Galaxy Helios I to maintain a minimum debt service coverage ratio of 1.40 beginning with the first full quarter after Stabilization (as defined in the Credit Agreement) and a maximum loan to cost ratio of 80% on the closing date and each fiscal quarter thereafter until Stabilization (as defined in the Credit Agreement).

The Credit Agreement contains customary events of default, including, without limitation, payment defaults, covenant defaults, breaches of certain representations and warranties, cross defaults to certain indebtedness, certain events of bankruptcy and insolvency, certain judgments, change of control, certain ERISA events, the termination of certain contracts, the misuse of funds and the invalidity of the loan documents.

In connection with the Credit Agreement, GDH LP provided a completion guarantee in favor of the collateral agent, for the benefit of the secured parties, with respect to the construction of the data center project financed by the Credit Agreement. As the guarantee is provided by GDH LP on behalf of a consolidated subsidiary, no separate liability has been recognized in the Company’s condensed consolidated interim financial statements.

Senior Secured Notes due 2031

On July 28, 2026, Galaxy Helios Data Centers II LLC (“Galaxy Helios II”), an indirect wholly owned subsidiary of GDH LP, issued $3.5 billion aggregate principal amount of 9.875% Senior Secured Notes due 2031 (the “2031 Secured Notes”) in a private offering. The 2031 Secured Notes were issued at a price equal to 99.500% of their principal amount, resulting in an aggregate discount of $17.5 million. On initial recognition of the 2031 Secured Notes, debt issuance costs of $34.0 million were recognized as a reduction of Notes payable, and are being expensed over the term of the debt. The unamortized debt issuance cost as of September 30, 2026 was $32.8 million.

The total interest cost incurred for the 2031 Secured Notes was $62.0 million for the three and nine months ended September 30, 2026, of which $20.7 million was capitalized to construction in progress related to the development of the Helios data center campus.

The Company is required to use the proceeds from the 2031 Secured Notes to finance a portion of the development and construction oftwo buildings containing eight data halls, with a combined 400 megawatts (“MW”) of utility capacity and 260 MW of critical IT capacity on a property in Dickens County, Texas and to fund debt service reserves. In connection with the issuance of the 2031 Secured Notes, GDH LP provided a completion guarantee with respect to the construction of the data center buildings financed by the 2031 Secured Notes. The guarantee addresses construction completion risk, is not limited in amount and does not guarantee repayment of the 2031 Secured Notes. As the guarantee is provided by GDH LP on behalf of a consolidated subsidiary, no separate liability has been recognized in the Company's condensed consolidated interim financial statements.

As of September 30, 2026, the Company’s notes payable repayment obligation was as follows:

17. EQUITY

Issued Common Stock

The Company has two classes of ownership interests:

(1)Class A common stock, which shares are traded on Nasdaq under the ticker “GLXY,” and

(2)Class B common stock, which shares are held by Galaxy Group Investments LLC (“GGI”), an entity controlled by our founder and CEO, current and former employees of GDH LP as part of the GDH LP employee compensation plan and certain former stockholders. Shares of Class B common stock do not entitle holders to economic returns in the Company.

GDH LP has one class of LP Units, which are held by the Company and the holders of the Class B common stock.

Under the terms of the LPA, LP Units are exchangeable for the Company’s Class A common stock on aone-for-one basis subject to certain limitations and customary adjustments for stock splits, stock dividends and other similar transactions. On receipt of a request to exchange, the Company, as the general partner, cancels the (1) LP Unit(s) and (2) the share(s) of Class B common stock, and issues a corresponding amount of Class A common stock. Upon such exchange, GDH LP issues an equivalent number of LP Units to the Company. Alternatively, at the election of the Company, it may deliver cash in an amount of equivalent value in lieu of the Company’s Class A common stock to an exchanging LP Unitholder.

During the three and nine months ended September 30, 2026, a total of 0 and 1,811,579 shares of Class B common stock, respectively, were cancelled in connection with exchanges of LP Units for shares of Class A common stock. During the three and nine months ended September 30, 2025, a total of 2,000,000 and 13,977,011 shares of Class B common stock, respectively, were cancelled in connection with exchanges of LP Units for shares of Class A common stock.

During the three and nine months ended September 30, 2026 and September 30, 2025, there were tax-related distributions of $0, $0, $9.4 million and $49.3 million, respectively, made for the purpose of covering GDH LP Unitholders’ tax expense due to 2024 and 2025 taxable income. The majority of the recipients of the tax distributions are related parties. See Note 19 for further information on related party transactions.

The Company issues shares of Class A common stock on the exercise of stock options and the vesting and settlement of restricted share units. Shares of Class A common stock may also be cancelled in association with withholding obligations on vested and settled restricted share units.

Share Repurchases

On February 6, 2026, the Company’s board of directors authorized a program to repurchase up to $200 million of its Class A common stock (the “Initial Share Repurchase Program”). During the three and nine months ended September 30, 2026, the Company repurchased 3,721,820 and 6,927,051 shares of Class A common stock, respectively, in open-market transactions for an aggregate purchase price of $79.3 million and $144.4 million, respectively, excluding broker commissions and other costs of execution. These amounts exclude shares withheld in connection with employee equity award settlements. See Note 24 for the subsequent share repurchase program approved in October 2026.

Prior to the Reorganization Transactions, the Company had two classes of ownership interests, representing limited partner interests:

(1)GDH LP Class A Units, which were subdivided into GDH LP A-1 Units, all of which were held by GDH Ltd., and GDH LP A-2 Units, all of which were held indirectly by GDH Ltd., through GDH Ltd.’s wholly owned U.S. subsidiary, GDH Intermediate LLC; and

(2)GDH LP Class B Units, all of which were held by GGI, employees of GDH LP as part of the GDH LP employee compensation plan and certain former stockholders.

The GDH LP Class A Units and GDH LP Class B Units ranked pari passu to all distributions from GDH LP. Pursuant to the Reorganization Transactions, GDH LP has one class of ownership interest, representing limited partner interests. See Note 1 for a description of the Reorganization Transactions.

18. EARNINGS PER SHARE

The Company calculates basic earnings per share by dividing net income attributable to the Class A common stock holders by the weighted-average number of Class A common stock outstanding during the period. Earnings per share presented for periods prior to the completion of the Reorganization Transactions assume that the post- reorganization equity structure of the Company existed during such period.

The following table sets forth the computation of diluted earnings per share:

The following adjustments were made to the basic income (loss) per share as they were dilutive for the periods presented:

In addition, the following potentially dilutive shares were excluded from the diluted earnings per share calculation as they were anti-dilutive for the periods presented.

19. RELATED PARTY TRANSACTIONS

The Company’s related parties include entities over which it exercises significant influence and its key management personnel. Key management personnel are those persons having the authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly.

Distributions

No tax-related distributions were paid during the three and nine months ended September 30, 2026, and $9.4 million and $49.3 million were paid during the three and nine months ended September 30, 2025, respectively. A majority of the recipients of the distributions were related parties.

Tax Receivables Agreement

On July 31, 2018, GDH Ltd. entered into a tax receivables agreement (the “Original TRA”) with holders of Class B Units in GDH LP (each such person and any permitted transferee, a “TRA Holder” and together, the “TRA Holders”). The Original TRA generally provided for the payment by GDH Ltd. of 85% of the cash savings, if any, in U.S. federal, state, local, and non-US income tax that GDH Ltd. actually realized (or was deemed to realize in certain circumstances), as applicable to each TRA Holder, as a result of (i) certain increases in tax basis that occur as a result of GDH Ltd.’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of such TRA Holder’s Class B Units in connection with the arrangement and (ii) deductions in respect of imputed interest deemed to be paid by GDH Ltd. as a result of, and additional basis arising from, any payments GDH Ltd. made under the Original TRA.

On May 13, 2025, the Company and the TRA Holders entered into an amended and restated tax receivables agreement (the “TRA”) to take into account the effects of the Reorganization Transactions.

The amounts payable, as well as the timing of any payments, under the TRA are dependent upon significant future events and assumptions, including the timing of the redemptions of Class B common stock, the price of the Company's Class A common stock at the time of each redemption, the extent to which such redemptions are taxable transactions, the amount of the redeeming unit holder’s tax basis in its Class B common stock at the time of the relevant redemption, the depreciation and amortization periods that apply to the increase in tax basis and the portion of the Company’s payments under the TRA that constitute imputed interest or give rise to depreciable or amortizable tax basis. The Company has recognized a TRA-related liability within the Other non-current liabilities of $154.8 million and $150.4 million as of September 30, 2026 and December 31, 2025, respectively, of which $83.8 million and $72.3 million were with related parties.

Investments in Galaxy Funds

Our directors and executive officers are generally permitted to invest their own capital (or capital of estate planning vehicles controlled by them or their immediate family members) directly in our funds and affiliated entities. In general, such investments are not subject to management fees, and in certain instances may not be subject to performance fees. The fair value of such investments aggregated to $10.1 million and $11.5 million as of September 30, 2026 and December 31, 2025, respectively.

Transactions with GDH Ltd.

Prior to the Reorganization Transactions, in accordance with its then-effective limited partnership agreement, the Company reimbursed or paid for all reimbursable expenses of GDH Ltd. For the three and nine months ended September 30, 2025 the Company paid or accrued $0.0 million and $2.1 million, respectively, on behalf of GDH Ltd., which is included in General and administrative expenses on the Company’s condensed consolidated statements of operations.

On April 14, 2022 GDH LP entered into a promissory note (as amended from time to time, the “Promissory Note”) with GDH Intermediate LLC, a subsidiary of GDH Ltd. prior to the Reorganization Transactions. As a result of the Reorganization Transactions, the Promissory Note was amended and restated with GDH LP and GDI as the counterparties. The Promissory Note is eliminated in consolidation subsequent to the Reorganization Transactions.

GalaxyOne

Certain of our executive officers and directors have accounts on our GalaxyOne platform (which offers access to certain deposit accounts and provides brokerage accounts for trading securities and digital assets) and use GalaxyOne products and services in the ordinary course. Similar to GalaxyOne’s other customers, these individuals pay us standard transaction and other fees related to such use, and earn a yield from us to the extent they hold certain investment products or cash balances on our platform, in each case on the same terms as other customers. As of September 30, 2026 and December 31, 2025, the Company recognized $0.2 million and $0.2 million, respectively, of liabilities related to certain related parties interactions with the GalaxyOne platform.

Other Related Party Transactions

The Company has sub-advisory arrangements with a beneficial owner of GDI (GDH Ltd. prior to the Reorganization Transactions). Such sub-advisory arrangements have been entered into with, or advised by, Galaxy Digital Capital Management LP, a consolidated subsidiary of the Company, in its capacity as an investment advisor registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For the three and nine months ended September 30, 2026 and the three and nine months ended September 30, 2025, the associated advisory fees were $0.5 million, $1.7 million, $0.7 million, and $2.0 million, respectively.

The Company’s CEO, through an entity which he controls, owns a private aircraft that the Company uses for business purposes in the ordinary course of operations, on terms that are advantageous to the Company. The CEO paid for the purchase of this aircraft with his personal funds and has borne all operating, personnel and maintenance costs associated with its operation and use. During the three and nine months ended September 30, 2026 and the three and nine months ended September 30, 2025, the Company incurred $0.2 million, $0.7 million, $0.1 million and $0.4 million, respectively, for such use negotiated on an arms-length basis in compliance with our aviation matters policy adopted in August 2022.

In addition, we have from time to time made use of the CEO’s private boat to host corporate meetings and for other business purposes in the ordinary course of the Company’s operations, on terms that are advantageous to the Company. The CEO paid for the purchase of this boat with his personal funds and has borne most of the operating, personnel and maintenance costs associated with its operation and use; while the Company paid for the cost of any food and beverage consumption and a portion of operating fees. The expense incurred in relation to this boat was immaterial during the three and nine months ended September 30, 2026 and September 30, 2025.

During the three and nine months ended September 30, 2026 and September 30, 2025, the Company did not record tax payments made on behalf of certain related parties.

20. REPORTABLE SEGMENTS

The Company manages and reports its activities in the following operating businesses: Digital Assets and Data Centers. In the first quarter of 2025, the Company began managing and reporting activities in thesetwo operating segments consistent with changes in our operations and management reporting. In determining the Company’s segment structure, the Company considered the basis on which the chief operating decision maker (“CODM”), as well as other members of senior management, review the financial and operational performance of the Company. The Company’s CODM is its chief executive officer. The CODM primarily relies on segment net income after taxes to evaluate the performance of each reportable segment. Income tax expense (benefit) is attributed to a reportable segment based on the current and deferred income taxes of the legal entities through which that segment's activities are conducted. Tax effects that do not relate to the activities of a specific segment are reported in the Treasury and Corporate segment. In accordance with ASC 280, Segment Reporting, the Company has recast its historical segment information to conform to the current segment structure. Beginning in 2026, income tax expense (benefit) is attributed to the reportable segments. Segment information for the three and nine months ended September 30, 2025 has not been recast for this change, and income tax expense (benefit) for those periods is presented within Treasury and Corporate.

Digital Assets

The Digital Assets segment comprises the Company’s counterparty trading activities, lending, advisory and capital market activities, validator staking services, the Company’s asset management business which manages investments in the digital assets ecosystem both on behalf of the Company and external limited partners, and its self-custody technology business. The Digital Assets segment generates revenue from digital assets sales, fee income, blockchain rewards, and lending. It includes realized and unrealized gains and losses on certain digital assets and equity investments. The Digital Assets segment also incurs the portion of the Company’s interest expense used to fund its trading and lending activities and incurs all the external-facing digital assets sales costs. Management fees generated from the Company’s principal investments and fees generated from staking the Company’s proprietary digital assets are eliminated in the Treasury and Corporate segment.

Data Centers

The Data Centers segment comprises the Helios infrastructure assets. Our Data Centers segment develops and operates AI/HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry.

Treasury and Corporate

The Treasury and Corporate segment includes the Company’s proprietary trading and mining activities, as well as the Company’s principal investments and related gains and losses. It includes realized and unrealized gains and losses on certain digital assets held within the segment. The Company’s unallocated corporate overhead, other unallocated costs not identifiable to the other reportable segments, and eliminations of inter-segment transactions as required for consolidation. Transactions between segments are based on specific criteria or approximate market rates for comparable services.

The Company’s chief operating decision maker reviews compensation expenses separately from other segment items, which include transaction expenses, general and administrative expenses, technology and marketing costs, as well as professional fees.

Assets and liabilities by each of the reportable segments as of September 30, 2026 were as follows:

Assets and liabilities by each of the reportable segments as of December 31, 2025 were as follows:

Income and expenses by each of the reportable segments for the three months ended September 30, 2026 were as follows:

Income and expenses by each of the reportable segments for the three months ended September 30, 2025 were as follows:

Income and expenses by each of the reportable segments for the nine months ended September 30, 2026 were as follows:

Income and expenses by each of the reportable segments for the nine months ended September 30, 2025 were as follows:

(1)Includes blockchain rewards earned from decentralized finance protocols and third-party staking infrastructure.

(2)Includes trading commissions, custody, and exchange fees.

Contract Liabilities

Contract liabilities consist of deferred revenue and include payments received in advance of performance obligations being met under the terms of the contract. Such amounts are recognized as revenue over the contractual period as the Company satisfies its performance obligations. Contract liabilities are recognized within Other current liabilities and Other non-current liabilities on the Company’s condensed consolidated interim statements of financial position.

The following table presents the changes in the Company's contract liabilities for the periods ended September 30, 2026 and December 31, 2025.

The Company recognized revenue of$4.8 million and $14.3 million related to its contract liabilities for the three and nine months ended September 30, 2026, respectively, and $0 and $0 for the three and nine months ended September 30, 2025, respectively. The Company expects to recognize its contract liabilities as revenue on a straight-line basis through September 2028.

21. RISKS AND UNCERTAINTIES

The Company’s digital assets activities may expose it to a variety of financial and other risks: credit risk, interest rate risk, liquidity risk, market risk, loss of access risk, irrevocability of transactions, hard fork and airdrop risks and regulatory oversight risk, among others.

The Company lends digital assets to third parties. On termination of a loan, the borrower is required to return the digital assets to the Company; any gains or loss in the market price during the loan would inure to the Company. In the event of bankruptcy of the borrower, the Company could experience delays in recovering its digital assets. In addition, to the extent that the value of the digital assets increases during the term of the loan, the value of the digital assets may exceed the value of collateral provided to the Company, exposing the Company to credit risks with respect to the borrower and potentially exposing the Company to a loss of the difference between the value of the digital assets and the value of the collateral. If a borrower defaults under its obligations with respect to a loan of digital assets, including by failing to deliver additional collateral when required or by failing to return the digital assets upon the termination of the loan, the Company may expend significant resources and incur significant expenses in connection with efforts to enforce the loan agreement, which may ultimately be unsuccessful.

The Company also participates in decentralized finance protocols, smart contracts that perform specific functions. Decentralized finance protocols allow the Company to provide or access liquidity, as well as exchange digital assets directly, on the blockchain. The Company deposits or transfers its digital assets to the smart contracts of these decentralized finance protocols and typically receives protocol-specific digital assets that represent the Company’s claims on the underlying digital assets. The Company’s transactions with such decentralized finance protocols rely on the functions of open source smart contracts, which are not developed by the Company and could be subject to exploits. The Company mitigates this smart contract risk through review of smart contract audits, as well as other risk management strategies that prevent concentration in or over-reliance on any individual decentralized finance protocol. Additionally, as transactions on decentralized protocols may occur without a centralized authority, the Company has implemented processes to monitor and review the digital asset wallets that interact with decentralized protocols in which the Company participates. As of September 30, 2026, five protocols, Morpho, Forward, Aave, Spark, and Sky represented 71% of the Company’s digital assets associated with decentralized finance protocols balance. As of December 31, 2025, three protocols, Aave, Kamino, and Spark, represented 70% of the Company’s digital assets associated with decentralized finance protocols balance. As of the date of this filing, the Company has not experienced any losses related to loss of access to its digital assets associated with decentralized finance protocols.

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, and loans receivable. The Company has established guidelines relative to credit ratings and maturities that seek to maintain safety and liquidity. The Company held$520.6 million and $564.3 million of cash and cash equivalents at brokers and$56.2 million and $77.5 million of cash and cash equivalents on trading platforms as of September 30, 2026 and December 31, 2025, respectively. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses. As of September 30, 2026 and December 31, 2025, no individual customer accounted for 10% or more of net accounts receivable. During the three months ended September 30, 2026, one digital asset trading platform accounted for 15% of revenue, and during the nine months ended September 30, 2026, two digital asset trading platforms accounted for 28% of revenue. During the three and nine months ended September 30, 2025, two digital asset trading platforms accounted for 39% of revenue. As of September 30, 2026 and December 31, 2025, three counterparties and their related parties accounted for 54% and 45%, respectively, of the Company’s Loans receivable and Digital asset loans receivable balance. The Company held collateral exceeding 100% of the loan carrying value for each of these three counterparties as of both September 30, 2026 and December 31, 2025.

The Company is also subject to liquidity and concentration risk related to its short-term loans payable. The loans arecallable on demand by the counterparties and are typically collateralized by the Company’s cash, investment securities, and digital assets held in the Company’s trading accounts at counterparties’ trading platforms. As of September 30, 2026, two lending counterparties accounted for greater than 5% of current liabilities, with one at 5.9% and one at 5.3%. As of December 31, 2025, one individual lending counterparty accounted for greater than 5% of current liabilities at 9.4%. The proceeds from these loans are utilized for trading activities.

The Company conducts digital asset trades using both direct principal to principal transactions with counterparties and through centralized or decentralized digital asset trading platforms. Digital assets held on trading platforms are subject to the operational control of the platform operators, and could potentially be lost or impaired due to fraud or negligence of the platform operators. The Company mitigates this risk by performing regular reviews of each digital asset trading platform on which it transacts, distributing its digital assets across multiple different trading platforms to reduce concentration risk, and holding assets in self-custody where appropriate. As of September 30, 2026 and December 31, 2025, approximately 43%and 37%, respectively, of the Company’s digital assets were held with third parties, including centralized trading platforms or posted with counterparties. As of September 30, 2026, one centralized digital asset trading platform held more than 10% of the Company’s digital assets at 11%. As of December 31, 2025, one centralized digital asset trading platform held more than 10% of the Company’s digital assets at 14%.

The Company is undertaking the construction of a data center at its Helios campus specifically designed to support AI/HPC applications. This initiative is subject to a variety of risks and uncertainties that could materially affect the Company's financial position, results of operations, and future prospects. These currently include, but are not limited to, construction and development risks, operational and performance risks, tenant credit risk, government regulatory risk and financing and liquidity risks. The Company continually monitors these and other potential risks and uncertainties. There can be no assurance that the Company will successfully mitigate these risks or that the construction and operation of the data center will proceed as planned.

The regulatory environment related to digital assets is complex, evolving, and uncertain, requiring the Company to allocate resources in legal, accounting, compliance, technology, and other functions which impact the Company’s consolidated financial statements. Future regulatory rules adopted domestically and internationally may impose obligations and restrictions on how the Company manages and / or conducts its business activities in the future.

The Company seeks to minimize potential adverse effects of these risks on performance by employing experienced personnel; daily monitoring of the Company’s investments, digital assets and market events; and diversifying the Company’s business strategy as well as its investment portfolio within the constraints of the Company’s investment objectives.

22. INCOME TAXES

For thethree months ended September 30, 2026 and 2025, the effective taxrates were 6.25% and 7.36%, respectively. For the nine months ended September 30, 2026 and 2025, the effective tax rates were 214% and 15.92%, respectively. The effective tax rate differs from the statutory rate primarily due to federal tax credits, tax attributed to foreign jurisdictions, and changes in state apportionment. The Company accounts for transferrable tax credits under the provisions of ASC 740, Income Taxes. There were no material changes to uncertain tax positions or valuation allowances against deferred tax assets for thethree and nine months ended September 30, 2026.

23. OPERATING PARTNERSHIP FINANCIAL INFORMATION

The following tables represent the consolidated statements of financial position and consolidated statements of operations of GDH LP, the Company’s operating partnership:

Galaxy Digital Holdings LP’s Condensed Consolidated Interim Statements of Operations and Other Comprehensive Income (Loss)

Galaxy Digital Holdings LP’s Condensed Consolidated Interim Statements of Financial Position

24. SUBSEQUENT EVENTS

In October 2026, having fully utilized our initial $200 million share repurchase authorization under the Initial Share Repurchase Program, the Company approved a new repurchase program to repurchase up to an additional $200 million of the Company’s outstanding shares of Class A common stock (the “Share Repurchase Program”) 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 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.