Galaxy Digital Inc. (NASDAQ: GLXY)

Galaxy Digital Inc. is a global financial services and infrastructure company focused on digital assets and high performance computing. Founded in 2018 by veterans of Wall Street, the firm built a platform that combines trading, lending, investment banking, asset management, staking, custody and tokenization services for institutional clients seeking exposure to the digital asset ecosystem. In parallel, it is constructing hyperscale data center facilities to supply power ready compute capacity for artificial intelligence and other high performance computing workloads. Headquartered in New York, the company operates offices across North America, Europe and Asia and serves a worldwide client base.

Revenue arises from multiple streams across its operating segments. In the Digital Assets segment, transaction fees are charged on spot and derivatives trades executed through its OTC desk, while interest income is earned on loans secured by digital assets or cash. Structured products and capital raising advisory services generate fees based on notional amounts or transaction value. The Asset Management business collects management fees on assets under management and performance fees for certain alternative strategies, and its venture capital activities generate carried interest from successful exits. The Infrastructure Solutions portion of Digital Assets receives staking rewards for validating blockchain networks and charges fees for tokenization, custodial and cold wallet services. The Data Centers segment will produce lease income from long term agreements with cloud hyperscalers such as CoreWeave, and may eventually earn revenue from operating its own high performance computing facilities once the Helios campus is fully commissioned.

The company operates through the following segments: Digital Assets and Data Centers.

• Digital Assets: This segment comprises Global Markets, which offers OTC spot and derivatives trading, lending against digital assets or cash, structured products, mergers and acquisitions advisory, and equity and debt capital markets services; and Asset Management & Infrastructure Solutions, which manages exchange traded funds, alternative investment strategies and venture capital funds, while delivering staking services, tokenization of real world assets, and institutional custody solutions including cold wallet and hot wallet technology for multiple blockchain networks.

• Data Centers: This segment is developing the Helios campus in West Texas, which has ERCOT approval for over 1.6 gigawatts of gross power capacity and will initially deliver 133 megawatts of critical IT load to CoreWeave under a 15 year lease, with additional phases expected to increase the contracted load to 526 megawatts by 2028; the segment retains the remaining approved power for future leases to other hyperscale tenants and may eventually operate its own high performance computing facilities to serve AI and HPC customers.

Galaxy Digital Inc. positions itself as a hybrid provider that links traditional financial institutions with the nascent digital asset economy, competing against established prime brokers, specialized crypto trading venues, asset managers offering crypto focused exchange traded funds and alternative strategies, and decentralized finance protocols that provide lending and staking without intermediaries. Its competitive advantages include a broad product suite that covers trading, lending, advisory, management and infrastructure services, deep relationships with more than 1,600 trading counterparties spanning both crypto native and traditional finance firms, proprietary custody and staking technology that supports institutional grade security and regulatory compliance, and early mover status in delivering regulated access to digital assets through platforms such as GalaxyOne. In the data center market, the company contends with conventional data center operators, cloud hyperscalers expanding into high performance computing, and former crypto mining operations repurposing facilities for AI workloads, but it differentiates itself through secured ERCOT approved power reserves at the Helios site, purpose built infrastructure designed for high density computing, and long term lease agreements with leading cloud providers such as CoreWeave.

The company serves institutional allocators, asset managers, hedge funds, family offices, high net worth individuals, banks, trust companies, custodians, and corporations seeking advisory, capital raising or trading services in the digital asset sector. Specific clients referenced in the filing include CoreWeave for data center leasing, Cross River Bank which provides the FDIC insured deposit account underlying the GalaxyOne retail platform, DriveWealth that enables commission free equity trading through the GalaxyOne offering, and Paxos that supplies crypto trading access for the same retail service. Additionally, Galaxy reports relationships with over 1,600 trading counterparties encompassing both crypto native exchanges and traditional financial institutions, and it notes approximately $12.3 billion of assets across its platform as of the end of 2025.