Galaxy Digital Inc. (NASDAQ: GLXY)

Galaxy Digital Inc. operates as a global financial services and infrastructure company with a focus on digital assets and high-performance computing (HPC). The company facilitates efficient access and adoption of digital assets by institutional clients through its Global Markets and Asset Management & Infrastructure Solutions businesses within its Digital Assets segment. Additionally, Galaxy Digital develops and operates HPC data center infrastructure to meet the rising global demand for reliable power and scalable compute capacity driven by accelerated AI growth. Founded in 2018 by Wall Street veterans, the company has established institutional partnerships with some of the world's largest traditional finance firms and has been onboarded onto top-tier institutional wealth and custody platforms.

Galaxy Digital generates revenue through a diverse range of financial products and services tailored for institutions looking to allocate capital to the digital asset space. These include derivatives instruments, venture capital funds, investment banking services, staking, margin-based financing, and active exchange-traded funds (ETFs). The company also offers a retail financial technology platform called GalaxyOne, which provides individual investors with access to both traditional and digital markets. GalaxyOne's core offerings include an FDIC-insured high-yield demand deposit account, a debt security issued by Galaxy Digital LP and guaranteed by GDH LP, and seamless access to U.S. commission-free equities and crypto trading via regulated partners DriveWealth and Paxos. The company's revenue streams are further bolstered by transaction fees, interest income from lending activities, and fees for structuring loans for clients.

• Digital Assets: This segment encompasses the company's Global Markets business, which provides over-the-counter (OTC) spot and derivatives trading, lending, and structured products, as well as mergers and acquisitions (M&A) advisory and equity and debt capital markets services. The Asset Management & Infrastructure Solutions business within this segment manages a diverse suite of ETF and Alternatives strategies, with approximately $12.3 billion in assets across the platform as of December 31, 2025. This business also includes blockchain infrastructure products and services, such as staking, tokenization, and custodial technology. The segment caters to institutional allocators, asset managers, hedge funds, family offices, and high-net-worth individuals, as well as companies in the digital assets ecosystem, institutions requiring custody solutions, and those seeking opportunistic and specialized mandates.

• Data Centers: Galaxy Digital's Data Centers operating business segment develops and operates HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry. The company's Helios data center campus, located in the panhandle region of West Texas, is developing critical IT load for CoreWeave, Inc., a cloud service provider. The retrofit of Helios is expected to be completed in phases, with the full 133 MW of initial critical IT load expected to be delivered by the end of the first half of 2026. The Electric Reliability Council of Texas (ERCOT) has approved over 1.6 gigawatts (GW) of gross power capacity at the Helios campus, with additional capacity expected to be delivered starting in 2027.

Galaxy Digital operates in highly competitive and rapidly evolving industries, facing competition from both established financial institutions and emerging crypto-native entities, as well as other AI/HPC hyperscalers. The company's competitive landscape is varied across its Digital Assets and Data Centers segments. In the Digital Assets segment, Galaxy competes with OTC brokers, derivatives platforms, prime brokerage firms, boutique advisory firms, global investment banks, and decentralized finance platforms. The company's trading business competes against both traditional financial institutions expanding into digital assets and crypto-native trading platforms. Galaxy's investment banking business faces competition from firms specializing in blockchain and fintech, as well as global investment banks providing cross-sector M&A, restructuring, and capital-raising services. The asset management business competes with established asset managers entering the digital asset space and crypto-native asset managers offering a full spectrum of investment strategies. The staking services business competes with staking infrastructure providers operating nodes and facilitating delegation for proof-of-stake (PoS) blockchain networks. In the Data Centers segment, Galaxy competes with traditional data center operators expanding into HPC, cloud infrastructure providers scaling capacity, and former crypto mining operators pivoting to meet the needs of AI workloads. The company's competitive advantages include its experience in developing and operating industrial-scale bitcoin mining infrastructure, its ability to leverage relationships across its platform to source and execute engagements, and its comprehensive suite of financial products and services tailored for institutions looking to allocate capital to the digital asset space.

Galaxy Digital serves a diverse range of clients across its Digital Assets business, including institutional allocators, asset managers, hedge funds, family offices, and high-net-worth individuals. The company also provides advisory services for M&A, capital raising, and restructuring to public and private corporates, as well as startups in the digital asset sector. Banks, trust companies, custodians, and asset managers utilize Galaxy's self-custody technology to securely generate, store, and manage digital asset private keys. The company has extensive experience managing complex bankruptcy and restructuring transactions across its Digital Asset businesses, including participating in the debtor-in-possession financing market with a digital asset technology company and collaborating with the FTX Estate to develop a comprehensive plan to manage its digital asset holdings for creditors through hedging arrangements and liquidation services. Galaxy has also entered into lease agreements with CoreWeave for data center capacity at its Helios campus, catering to the needs of cloud service providers.