Galaxy Digital (GLXY) SEC Filings & Earnings Calls

Digital asset price exposure

“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” · word for word

High leverage and debt service costs

“Galaxy Helios II issued $3.507 billion aggregate principal amount of 9.875% Senior Secured Notes due 2031” · word for word

Dilution risk from convertible notes and equity offerings

“The maximum number of shares of our Class A common stock issuable upon the exchange of all outstanding 2026 Exchangeable Notes, all 2029 Exchangeable Notes and all 2031 Exchangeable Notes is approximately 74.2 million” · word for word

Key accounting leadership departure may cause temporary transition risk

“CAO resigning effective Sept 30, 2026; replacement not yet named.”

Digital asset price depreciation impacting earnings

“Net loss driven primarily by the depreciation of digital asset prices in the quarter.”

High leverage from $3.5B debt at 9.875% interest

“9.875% Senior Secured Notes due 2031; aggregate principal amount $3,507,000,000” · word for word

Project completion risk; completion guarantee from parent

“Galaxy LP has provided a customary, uncapped completion guarantee with respect to the Project”

High interest rate (9.875%) increases debt service costs.

“9.875% coupon on $3.507B notes.”

Offering subject to market conditions; may not close.

“Offering expected to close July 28, 2026, subject to market conditions.”

Offering completion risk; market conditions may prevent or alter terms

“There can be no assurance that the Offering will be completed on the terms described herein or at all.” · word for word

Forward-looking statements subject to known and unknown risks

“Forward-looking statements represent current expectations and are subject to risks including market conditions, interest rates, and closing conditions.”

Dilution risk from ATM offering; crypto market volatility may affect share price and capital needs.

“ATM offering of up to $500M; proceeds used for Data Centers expansion, which is capital-intensive.”

Digital asset price decline

“Bitcoin decreased in value by 22% during the three months ended March 31, 2026, and ether decreased in value by 29% during the three months ended March 31, 2026.”

Investment losses

“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.” · word for word

Capital needs for data center buildout

“To meet our estimated capital expenditure requirements related to the conversion of the existing bitcoin mining infrastructure at our Helios campus to AI/HPC data center infrastructure, we will need to obtain additional debt, equity and/or equity-linked financing.” · word for word

Dilution from exchangeable notes and LP units

“The maximum number of shares of our Class A common stock issuable upon the exchange of all outstanding 2026 Exchangeable Notes, all 2029 Exchangeable Notes and all 2031 Exchangeable Notes is approximately 74.2 million.” · word for word

Digital asset price depreciation risk

“Net loss driven primarily by depreciation of digital asset prices in the quarter.”

Concentration in crypto asset beta

“Net digital assets and investments of $1.36B; significant exposure to digital asset price volatility.”

Digital asset industry volatility

“The digital asset industry is highly volatile which requires patient leadership and a long-term focus.” · word for word

Net income loss

“Net income / (loss) $ (241,349)” · word for word

Digital Asset Price Decline

“Galaxy transacts significantly in bitcoin which decreased in value by 6% during the year ended December 31, 2025, and ether which decreased in value by 11% during the year ended December 31, 2025.” · word for word

Investment Losses

“Net loss on investments was $(122.5) million for the year ended December 31, 2025, compared to a Net gain on investments of $258.8 million for the year ended December 31, 2024.” · word for word

Data Center Construction Risk

“Galaxy does not currently earn any revenue from its Data Centers business, but expects this segment to become a significant and diversified source of long-term, predictable revenue for Galaxy... starting in 2026.” · word for word

Significant net loss driven by crypto market depreciation; exposure to digital asset price volatility.

“Q4 2025 net loss of $482 million, diluted EPS of $(1.08), and adjusted EPS of $(1.08), driven primarily by the depreciation of digital asset prices, with total crypto market capitalization decreasing by approximately 24% in the quarter.” · word for word

Regulatory approval obtained; no financial details or timeline provided.

“Filing only mentions ERCOT approval; no cost or revenue impact disclosed.”

Forward-looking statements subject to risks including digital asset market decline, infrastructure delays, regulatory changes

“Cautionary language about forward-looking statements; risks include digital asset market decline, infrastructure challenges, regulatory changes”

Digital asset price volatility

“Values of digital assets have been highly volatile. Effects from speculation regarding the future appreciation or depreciation in the value of digital assets, making their market prices more volatile, may materially and adversely affect the value of our digital asset inventory.” · word for word

Mining equipment impairment

“The increase for the nine months ended September 30, 2025 was primarily driven by loss on disposal and impairment of mining equipment of $95.1 million incurred during the period.” · word for word

Regulatory risk

“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 SEC and the Commodities Futures Trading Commission (CFTC).” · word for word

High impairment charges on digital assets ($197.7M in Q3) indicate volatility risk.

“Impairment of digital assets $197,702k for three months ended September 30, 2025.”

Revenue heavily dependent on digital asset sales, which are volatile.

“Digital asset sales $28,199,024k out of total revenues $28,401,871k.”

Debt issuance increases leverage and potential dilution from exchange feature.

“Issuance of exchangeable senior notes creates future equity dilution risk.”