Galaxy Digital preliminary Q3 net income falls to $323M
Galaxy's reported data center pipeline exceeds 5.7 GW of potential capacity, with projects spanning multiple sites and stages.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Galaxy Digital Inc. (GLXY) reported preliminary Q3 2026 net income of $322.8 million and diluted EPS of $0.66; adjusted EPS, a non-GAAP measure, was $0.83. Adjusted EBITDA was $454.7 million, versus a $77.3 million Q2 loss, and adjusted gross profit was $569.3 million, versus $43.4 million. Net income compared with $505.1 million in Q3 2025; revenues and gains/(losses) from operations were $8.688 billion versus $29.219 billion. As of September 30, 2026, total equity was $3.0 billion and cash, stablecoins and U.S. Treasuries totaled $4.9 billion.
At Helios, Galaxy delivered 133 MW of critical IT capacity to CoreWeave in Q2 2026; CoreWeave has leased 526 MW of critical IT capacity across three phases. Initial rent commencement is listed for Q2 2027 for Phase II and 2028 for Phase III. The board authorized up to $200 million in additional share repurchases; its prior $200 million program was completed October 15, 2026, with approximately 9.8 million shares repurchased. Galaxy also completed a $3.5 billion senior secured notes offering.
2 points · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointAdjusted EBITDA: $454.7 million in Q3, versus a $77.3 million Q2 loss.
- Moderate pointAdjusted gross profit: $569.3 million in Q3, versus $43.4 million in Q2.
Negative
- Moderate pointNet income: $322.8 million in Q3, versus $505.1 million in Q3 2025.
- Moderate pointRevenues and gains/(losses) from operations: $8.688 billion in Q3, versus $29.219 billion in Q3 2025.
Filing Explained
Galaxy’s board approved an authorization on October 26 for up to
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net income: $322.8 million
Adjusted EBITDA: $454.7 million
Adjusted gross profit: $569.3 million
+5 more
8 metrics
Net income
$322.8 million
Q3 2026; $505.1 million in Q3 2025
Adjusted EBITDA
$454.7 million
Q3 2026; Q2 2026 loss of $77.3 million
Adjusted gross profit
$569.3 million
Q3 2026; $43.4 million in Q2 2026
Revenues and gains/(losses) from operations
$8.688 billion
Q3 2026; $29.219 billion in Q3 2025
Diluted EPS
$0.66
Q3 2026; $1.01 in Q3 2025
Total equity
$3.0 billion
As of September 30, 2026
Cash, stablecoins, and U.S. Treasuries
$4.9 billion
As of September 30, 2026
Additional share repurchase authorization
Up to $200 million
Authorized October 26, 2026
Key Terms
Adjusted EBITDA, Adjusted gross profit, Assets Under Stake, Batch Zero Studied Load, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA represents Net income / (loss), excluding"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted gross profit financial
"Adjusted gross profit is defined as revenues and gains (losses) from operations"
Adjusted gross profit is a company’s revenue from selling goods or services minus the direct costs of producing them, with one-time or unusual items added back or removed to show the core margin. Investors use it like a cleaned-up snapshot of how much a business actually earns on its products, similar to measuring body weight after removing heavy clothes, because it helps compare performance across periods and companies without noise from rare events.
Assets Under Stake financial
"Assets Under Stake: Represents the total notional value"
Assets under stake represent the total value of resources or possessions that are at risk in a particular investment or activity. They indicate how much is potentially exposed to gain or loss, similar to how a bet's size shows the amount of money at risk in a game. This measure helps investors understand the level of potential exposure associated with their investments or business decisions.
Batch Zero Studied Load technical
"capacity conditionally classified as Batch Zero Studied Load"
Critical IT Load technical
"Contracted Critical IT Load 526 MW"
Earnings Snapshot
Net income: $322.8 million
Three months ended September 30, 2026
Net income
$322.8 million
$505.1 million in Q3 2025
Adjusted EBITDA (non-GAAP)
$454.7 million
A loss of $77.3 million in Q2 2026
Adjusted gross profit (non-GAAP)
$569.3 million
$43.4 million in Q2 2026
Diluted EPS
$0.66
$1.01 in Q3 2025
Adjusted EPS (non-GAAP)
$0.83
$1.12 in Q3 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Galaxy Digital's Q3 2026 earnings?
Galaxy Digital reported preliminary Q3 2026 net income of $322.8 million. Diluted EPS was $0.66 and adjusted EPS was $0.83; the company identifies adjusted EPS as a non-GAAP measure.
How much adjusted EBITDA did GLXY report in Q3 2026?
Adjusted EBITDA was $454.7 million in Q3 2026, compared with a $77.3 million loss in Q2 2026.
What are the potential value and term of Galaxy's CoreWeave lease?
The lease has a $30B+ total potential contract value and a 25-year total potential lease term. Galaxy states anticipated average annual revenue of over $1 billion for the three phases and 90%+ average lease-level adjusted EBITDA margins across the 15-year base contract term. The potential term assumes two five-year extension options.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
(212 ) 390-9216
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On October 27, 2026, Galaxy Digital Inc. (“Galaxy”) issued a press release (the “Press Release”) regarding its financial results for the quarter ended September 30, 2026. As previously announced, Galaxy will host a conference call on October 27, 2026 at 8:30 a.m. Eastern Time to discuss its financial results for the quarter ended September 30, 2026.
On October 27, 2026, Galaxy also published quarterly update slides (the “Quarterly Update Presentation”) related to its financial results for the quarter ended September 30, 2026 and a financial supplement (the “Financial Supplement”) providing the consolidated statements of operations for the years ended December 31, 2023, 2024 and 2025, and each of the quarters ended March 31, 2024 through September 30, 2026, as well as the consolidated statements of financial position as of the quarters ended March 31, 2022 through September 30, 2026. Copies of the Press Release, Quarterly Update Presentation and Financial Supplement are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this Current Report on Form 8-K.
The information furnished with this Item 2.02, including Exhibits 99.1, 99.2 and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
Galaxy announces material information to the public through filings with the Securities and Exchange Commission, the investor relations and newsroom pages on its website (investor.galaxy.com and galaxy.com/newsroom), press releases, its LinkedIn profile (linkedin.com/company/galaxyhq), its X account (@galaxyhq), public conference calls and webcasts in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. Galaxy encourages investors and others to follow the channels listed above and to review the information disclosed through such channels.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. | Description | |||||||
| 99.1 | Press Release, dated October 27, 2026. | |||||||
| 99.2 | Quarterly Update Presentation, dated October 27, 2026. | |||||||
| 99.3 | Financial Supplement. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GALAXY DIGITAL INC. | ||||||||
Date: October 27, 2026 | By: | /s/ Anthony Paquette | ||||||
| Anthony Paquette | ||||||||
| Chief Financial Officer | ||||||||
1 GALAXY As of September 30, 2026 Q3 · 26 Investor.galaxy.com Exhibit 99.2
2 GALAXY D is cl ai m er This presentation, and the information contained herein, has been provided to you by Galaxy Digital Inc. and its affiliates (“Galaxy Digital” or “Galaxy”) solely for informational purposes. This document may not be reproduced or redistributed in whole or in part, in any format, without the express written approval of Galaxy Digital. Neither the information, nor any opinion contained in this document, constitutes an offer to buy or sell, or a solicitation of an offer to buy or sell, any advisory services, securities, futures, options or other financial instruments or to participate in any advisory services or trading strategy. Nothing contained in this document constitutes investment, legal or tax advice. You should make your own investigations and evaluations of the information herein. Any decisions based on information contained in this document are the sole responsibility of the reader. Certain statements in this document reflect Galaxy Digital’s views, estimates, opinions or predictions (which may be based on proprietary models and assumptions, including, in particular, Galaxy Digital’s views on the current and future market for certain digital assets), and there is no guarantee that these views, estimates, opinions or predictions are currently accurate or that they will be ultimately realized. To the extent these assumptions or models are not correct or circumstances change, the actual performance may vary substantially from, and be less than, the estimates included herein. None of Galaxy Digital nor any of its affiliates, shareholders, partners, members, directors, officers, management, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Galaxy Digital and Galaxy Digital, does not assume responsibility for the accuracy of such information. Affiliates of Galaxy Digital may have owned or may own investments in some of the digital assets, companies and protocols discussed in this document and the inclusion herein is not an endorsement of such asset or company. Except where otherwise indicated, the information in this document is based on matters as they exist as of the date of preparation and not as of any future date and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. No securities commission or similar regulatory authority in Canada has reviewed the information contained herein or has in any way passed on the merits of the securities of Galaxy Digital or upon the merits of the disclosure record of Galaxy Digital. The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an advertisement or public offering of securities in Canada, nor is there any attempt to induce or cause any person or company to purchase any securities. CAUTION ABOUT FORWARD-LOOKING STATEMENTS Certain statements in these materials constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995, and "forward-looking information" under Canadian securities laws (collectively, "forward-looking statements"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including, without limitation, statements about Galaxy’s business plans and goals, including with respect to the Helios Data Center, lease agreements with CoreWeave, planned data centers and power capacity, leased capacity and potential lease terms, associated financial impacts and dates of rent commencement, potential contract values, expectations around investment momentum demand and data vacancy markets, capital markets opportunities, expansion opportunities, future reporting measures and business strategy, our future results of operations and financial position, and industry and market dynamics are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in these materials are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the inability to maintain Nasdaq’s listing standards; (2) costs related to AI/HPC plans, transactions, operations and strategy, including impairment charges recognized in connection with the conversion of our Helios mining infrastructure and negative Adjusted EBITDA in recent periods; (3) changes in applicable laws or regulations, and changes or events that impact the cryptocurrency and AI/HPC industry, including potential regulation, that are out of our control; (4) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (5) declines in the prices of digital assets or in the volume of transactions that we conduct, and our exposure to market risk on our digital asset and investment positions; (6) the risk that our business will not grow in line with our expectations; (7) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; (8) the possibility that there is a disruption or change in power dynamics impacting our results or current or future load capacity; (9) any delay or failure to consummate our business mandates or achieve our pipeline goals; (10) technological challenges, cyber incidents or exploits; (11) risks related to retrofitting our existing facility from mining to AI/HPC infrastructure, including the timing of construction and its impact on lease revenue; (12) any inability or difficulty in obtaining additional financing for AI/HPC infrastructure needs on acceptable terms or at all; (13) changes to the AI/HPC infrastructure needs and their impact on future plans at the Helios campus; (14) any delay in obtaining, or failure to obtain, necessary ERCOT power approvals; (15) risks associated with the leasing business, including those associated with counterparties; (16) risks associated with our GalaxyOne platform; and (17) those other risks contained in filings we make with the Securities and Exchange Commission (the “SEC”) from time to time, including in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026 and available on Galaxy’s profile at www.sec.gov (our “Form 10-K”), as such factors may be updated from time to time in our filings with the SEC, including without limitation, our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. Except as required by law, we assume no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. PRELIMINARY INFORMATION This presentation contains certain preliminary information about our performance in the third quarter of 2026. This information is preliminary and represents the most current information available to management. The Company's actual consolidated financial statements may differ materially as a result of the completion of normal quarterly accounting procedures and adjustments or due to other risks contained in our Form 10-K, as such risks may be updated from time to time in our filings with the SEC, including without limitation, our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026. Although the Company believes the expectations reflected in this presentation are based upon reasonable assumptions, the Company can give no assurance that actual results will not differ materially from these expectations. ©Copyright Galaxy Digital 2026. All rights reserved. ®Registered Service Mark of Galaxy Digital Holdings LP Galaxy manages a number of funds, including the Galaxy Crypto Index Fund, Galaxy Ethereum Fund, the Galaxy Bitcoin Funds, the Galaxy Liquid Crypto Fund, the Galaxy Venture Fund I, the Galaxy Interactive Family of Funds, the Galaxy Fintech Fund, the Galaxy Opportunistic Family of Funds, the Galaxy Sharplink Onchain Yield Fund and the Galaxy Vision Hill Family of Funds (each a “Fund” and together “Galaxy Funds”) which invest in digital assets. The Information is not an offer to buy or sell, nor is it a solicitation of an offer to buy or sell, interests in the Fund or any advisory services or any other security or to participate in any advisory services or trading strategy. If any offer and sale of securities is made, it will be pursuant to a confidential offering memorandum of the Fund (the “Offering Memorandum”). Any decision to make an investment in the Fund should be made after reviewing such Offering Memorandum, conducting such investigations as the investor deems necessary and consulting the investor’s own investment, legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment. The performance of the Fund will vary from the performance of the relevant Index that it tracks. None of the Information has been filed with the SEC, any securities administrator under any state securities laws or any other governmental or self-regulatory authority. No governmental authority has opined on the merits of the offering of any securities by the Fund or Galaxy, or the adequacy of the information contained herein. Any representation to the contrary is a criminal offense in the United States. Investing in the Funds and digital assets involves a substantial degree of risk. There can be no assurance that the investment objectives of the Fund will be achieved. Any investment in the Fund may result in a loss of the entire amount invested. Investment losses may occur, and investors could lose some or all of their investment. Neither historical returns nor economic, market or other performance is an indication of future results. NON-GAAP FINANCIAL MEASURE In addition to our results determined in accordance with GAAP, this presentation contains average lease-level adjusted EBITDA margin, which is a non-GAAP financial measure. Average lease-level adjusted EBITDA margin is unaudited, presented as supplemental disclosure and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. A reconciliation of average lease-level adjusted EBITDA margin to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation and certain other items reflected in our reconciliation of historical non-GAAP financial measures, the amounts of which could be material. Average lease-level adjusted EBITDA margin is defined as adjusted EBITDA for the CoreWeave lease, divided by leasing revenue, and excludes overhead expenses. MARKET AND INDUSTRY DATA This presentation includes industry and market data that Galaxy obtained from various periodic industry publications, third-party studies and surveys, as well as from filings of public companies in Galaxy’s industry and internal company surveys. These sources include government and industry sources. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable. Certain data and information are based on management estimates, which have been derived from third-party sources, as well as data from our internal research, and are based on certain assumptions that we believe to be reasonable. This information involves a number of assumptions and limitations that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. Although Galaxy believes the industry and market data to be reliable as of the date of this presentation, this information could prove to be inaccurate. Industry and market data are subject to change and could be inaccurate because of the method by which sources obtained their data and because information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. Accordingly, you are cautioned not to give undue weight to such market and industry data or any other such estimates.
3 GALAXY Galaxy is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and AI Note: Throughout this document, all figures as of September 30, 2026, unless otherwise noted. (1) Listed on the Toronto Stock Exchange from 2018 – 2026 and on Nasdaq since May 2025. (2) Inclusive of offices in New York, Texas, Israel, London, Chicago, Hong Kong, Bahamas, and San Francisco. (3) Represents Galaxy Asset Management AUM and the total notional value of assets bonded and staked to Galaxy validators, based on prices as of September 30, 2026. Consists of $5.9B Assets Under Management, $4.6B Assets Under Stake and $561M of assets managed by a commodity pool operator within Galaxy’s Global Markets division. Of this total, $1.2B is included in both Assets Under Management and Assets Under Stake, and $506M is included in both assets under stake and the commodity pool operator. Each asset included in these figures generates its own distinct fee stream. Changes in AUM are generally the result of performance, contributions, withdrawals, and acquisitions. Preliminary AUM associated with GVH Multi-Strategy FOF LP is based on management’s most recent estimate. AUM for committed capital closed-end vehicles, alternatives are reported as NAV plus unfunded commitment. AUM for quarterly close vehicles is reported as of the most recent quarter available for the applicable period. AUM for affiliated separately managed accounts is reported as NAV as of the most recently available estimate for the applicable period. Complementary offerings across two main operating businesses: Since 2018 (NASDAQ: GLXY)1 Publicly Listed Operating Track Record 8+ Years Employees Across 3 Continents2 800+ Assets on Platform3 $11B Data Centers Developing world-class, high-performance computing infrastructure designed to meet the growing demand for large-scale, power-ready facilities. Digital Assets Serving the digital asset ecosystem end-to-end with integrated digital asset trading, lending, brokerage, investment banking, asset management and blockchain infrastructure.
4 GALAXY Galaxy Leadership Team Erin Brown Chief Operating Officer Chris Ferraro President & CIO Mike Novogratz Founder & CEO Tony Paquette Chief Financial Officer A deep bench of experts across capital markets, asset management, digital assets, technology, and the development and operation of mission -critical data center infrastructure. Michael Ashe Chief Strategy Officer Tom Harrop Chief Risk Officer Rob Cornish Chief Technology Officer Matt Friedrich Chief Legal Officer Jason Urban Co -Head of Digital Assets Brian Wright Co -Head of Data Centers Andrew Taubman Deputy Chief Operations Officer Steve Kurz Co -Head of Digital Assets Austin Storms Co -Head of Data Centers
5 GALAXY Our Opportunity
6 GALAXY (1) Source: CoinGecko. Market data as of 10/26/2026. (2) Source: FactSet & World Gold Council. Market data as of 10/26/2026. (3) Source: MacroMicro. Represents Global M2 Money Supply of Major Central Banks as of August 2026. (4) Source: SIFMA, 2026 Capital Markets Fact Book, using BIS data. Global fixed-income securities outstanding as of December 2025. (5) Source: World Federation of Exchanges. Global listed equity market capitalization published September 2026. (6) Source: Savills. Data as of 2024. Digital Assets | Early Innings of a Massive Opportunity The Onchain Opportunity Across Capital Markets is Significant Blockchain: The Foundation of Modern Financial Markets Value of Global Assets $2T $3T $29T $104T $161T $169T $393T Bitcoin Global Crypto Market Cap Gold M2 Global Bonds Global Equities Real Estate 5 43 621 1 Over $800 trillion in assets could be tokenized as blockchain technology reshapes traditional markets Digital assets are evolving from a standalone asset class into foundational financial infrastructure, reshaping how value is issued, traded, settled, and stored across markets. Upgrading the Financial Stack Digital asset technology is being adopted as a new operating layer for financial markets – upgrading legacy systems for trading, settlement, financing, and custody with real-time, programmable infrastructure. Bridging Innovation and Tradition Large financial institutions are driving adoption by integrating digital rails into existing workflows, regulatory frameworks, and balance sheets - modernizing markets from the inside out rather than creating parallel systems. Infrastructure Reaches Scale Core market plumbing - electronic trading, financing, risk management, and settlement – is converging across on- and off-chain environments, following the same multi-decade evolution seen in ETFs, derivatives, and electronic markets.
7 GALAXY Source: McKinsey, Dell’Oro Group, Avison Young. (1) Includes Cloud, Colocation, Telco and Enterprise. Data Centers | Early Innings of a Massive Opportunity 82 GW 219 GW 2025 2030 Investment Momentum Expected to Accelerate as Demand Grows $0.7T $1.7T 2025 2026 2027 2028 2029 2030 Global Annual Data Center IT CapEx1 Global Data Center Demand • The U.S. faces a projected 80+ GW power capacity shortfall by 2030 – with nearly all new supply pre-leased or built-to-suit ahead of delivery, vacancy continues to fall despite record construction activity • This scarcity is increasingly favoring developers with approved power capacity, who are best positioned to lease into an undersupplied market • Galaxy is developing AI and HPC infrastructure in some of the most supply-constrained, high-demand markets in the country Global Demand for Data Center Capacity Expected to Nearly Triple by 2030 Global data center capex expected to approach $1 trillion in 2026 as demand broadens beyond top hyperscalers 0.35% 0.32% 0.25% 0.24% 0.18% 0.10% 0.00% Las Vegas Northern Virginia Portland Reno Salt Lake City Austin West Texas Lowest Vacancy Markets Tightening Vacancy Reinforces a Supply -Constrained Market U.S. data center vacancy rates fell to 0.9%, reflecting a highly competitive market for available capacity
8 GALAXY Digital Assets Serving the digital asset ecosystem end -to-end. Global Markets Asset Management & Infrastructure Solutions
9 GALAXY Global Markets Integrated global markets platform delivering principal liquidity, derivatives, lending, electronic trading, onchain capabilities, and investment banking services. 001 Principal Liquidity Access to a deep network of exchanges and market makers 002 Derivatives Speculate, diversify, and hedge risk ✓ Margin lending ✓ Leverage ✓ Collar Loans ✓ Hedging Solutions ✓ Treasury Management ✓ Instant Liquidity ✓ Galaxy Onchain Financing Rate ✓ CLOs 003 Lending & Structured Products Leverage digital assets securely with a regulated lending institution Total Trading Counterparties 1,763 Average Loan Book Size1 $1.8B Unique Crypto Assets Supported 100+007 Investment Banking M&A advisory, equity & debt capital markets 004 US Securities Broker -Dealers FINRA approval to operate as broker dealer 005 Lend -To -Create Enabling clients to lend digital assets to Galaxy and receive in-kind spot crypto ETP shares 006 GalaxyOne Institutional-quality financial products and services to U.S. individual investors in a unified digital experience DeFiLending Borrowing Derivatives Electronic TradingOTC Prime ServicesSpot Event-Driven Markets Structured Products Liquidity Services Advisory Capital Raising Mergers & Acquisitions Note: All financial figures in this overview are in US Dollars, unless otherwise stated. All figures as of September 30, 2026. Securities products and services are offered by Galaxy Digital Partners LLC, Galaxy Securities, LLC and Fin2, LLC, each a member of FINRA and SIPC. (1) For the period July 1, 2026 through September 30, 2026. Represents the average market value of all open loans, excluding uncommitted credit facilities. Global Markets Asset Management & Infrastructure Solutions
10 GALAXY Asset Management & Infrastructure Solutions Infrastructure Solutions Asset Management High-conviction investing across public and private markets in digital assets, blockchain technology, and emerging technology Institutional-grade staking, tokenization, wallet and private key solutions, built for customization and security Staked Assets $4.6B ETFs / ETPs $2.5B Alternatives $3.3B $10B Global Markets Asset Management & Infrastructure Solutions 001 Alternatives Venture capital, hedge fund, and liquid token strategies, offering broad exposure to high-growth opportunities across the ecosystem 002 Global ETFs / ETPs Passive and active investment solutions via partnerships with leading institutions 003 Crypto Services Index Construction SPVs/Co-Invests Treasury Mandates Opportunistic Investments KEY PARTNERSHIPS 1 COMBINED AUM & AUS 2 Note: Data as of September 30, 2026, unless otherwise noted. All third-party company product and service names in this presentation are for identification purposes only. The product names, logos, and brands are the property of their respective owners. Use of these names, logos, and brands does not imply endorsement. (1) Inclusive of global partner ETFs/ETPs offered in North America, South America, and Europe and includes private, passive funds which are a different wrapper for similar products Galaxy Asset Management also offers in an ETF structure. (2) Consists of $5.9B Assets Under Management and $4.6B Assets Under Stake. Of this total, $1.2B is included in both Assets Under Management and Assets Under Stake. Each asset included in these figures generates its own distinct fee stream. 001: Staking Institutional staking platform offering secure validator operations, liquid staking, and integrated reporting 002: Tokenization End-to-end tokenization platform enabling issuance, management, and distribution of onchain fund products and traditional financial instruments 003: Wallet Infrastructure Enterprise-grade digital asset custody and security solution delivering MPC- based key management, hardened vaults, and a tokenization engine 004: Vaults & Curation Galaxy Curation provides institutional access to onchain yield strategies through professionally managed, curated vaults Custom Infrastructure Galaxy is serving as BNY’s design partner and infrastructure provider to help advance its digital asset infrastructure for institutional markets.
11 GALAXY Treasury & Corporate Net Digital Asset and Investment Exposure (1) Includes spot BTC, BTC derivatives, short and other hedge positions, associated tokens such as wrapped BTC, and interests in investment vehicles designed to hold BTC. (2) Includes spot ETH, associated tokens such as wrapped ETH, and interests in investment vehicles designed to hold ETH. (3) Includes spot SOL, SOL derivatives, short and other hedge positions, associated tokens such as wrapped SOL, and interests in investment vehicles designed to hold SOL, including Galaxy’s investment in Forward Industries. (4) Represents spot positions and interests in investment vehicles that provide exposure to other digital assets. (5) Includes publicly traded securities, including those subject to a short-term lock-up. Other Liquid Investments $25M 5 Venture & Fund Investments $841M Other Token Exposure $77M 4 Solana $108M 3 Bitcoin $538M 1 The Company’s Treasury & Corporate segment maintains exposure to the digital asset ecosystem through a diversified allocation across spot positions, derivatives, ETFs, equities, venture investments, private equity holdings and fund investments. The below pie chart is representative of the Treasury & Corporate segment’s net digital asset and investment exposure as of September 30, 2026. Ether $128M 2
12 GALAXY Data Centers Developing infrastructure for an AI -enabled future. Data Centers High-Performance Computing Infrastructure
13 GALAXY The Helios Data Center Campus Galaxy is positioned to be a leader in developing and operating high-performance computing infrastructure, anchored by Helios – one of the largest data center campuses under development in North America. Aerial view of a portion of the Helios campus, featuring Helios I, Phases I and II, under development as of October 2026. Image does not depict the full 2,200+ acres under Galaxy’s control; capacity figures are campus-wide unless otherwise noted. Helios I, Phase I Helios I, Phase II Helios I, Phase II Helios I, Phase II 3,600+ MW Total Potential Power Capacity 1,630 MW Total Approved Power Capacity 800 MW Gross Leased Capacity 2,200+ Acres Campus Acreage Galaxy’s Flagship Campus The Helios Data Center Campus is Galaxy’s flagship facility, spanning over 2,200 contiguous acres in Dickens County, West Texas, approximately 60 miles from Lubbock. At 1.6 GW of approved grid capacity, and a path to 3.6 GW of total potential power, Helios represents the foundation of Galaxy’s broader data center platform.
14 GALAXY The Path to Multi-Gigawatt Sca le Galaxy continues to build out a multi-gigawatt power pipeline across Texas, now totaling over 5.7 GW of potential capacity, as it expands beyond Helios to meet accelerating demand for AI and HPC infrastructure. Total Potential Power Portfolio5 Data Centers Power Pipeline 800 MW 830 MW 74 MW 700 MW 1,000 MW 900 MW 1,000 MW 426 MW 5,730 MW Helios I Helios II Caspian Helios IV Merlin I Helios III Selene Merlin II Contracted Power Capacity1 Contractable Power Capacity2 Expansion Opportunity4 Batch Zero Studied Load3 Chart depicts, as applicable, actual or expected potential gross power capacity. (1) Represents power capacity contracted under executed options or lease agreements. (2) Represents power capacity for which Galaxy has completed the relevant development milestones necessary to contract with a leasing partner. (3) Represents capacity conditionally classified as Batch Zero Studied Load, subject to ERCOT’s ongoing audit and community impact review process. Studied Load projects are subject to capacity allocation. (4) Represents potential capacity from identified expansion opportunities at existing Galaxy-owned sites. (5) Assumes full approval and allocation of identified potential capacity.
15 GALAXY Galaxy's Power Capacity Ramp Schedule Chart depicts, as applicable, actual or expected potential gross power capacity and actual or estimated earliest potential energization timeline, assuming applicable power approval and related agreement with leasing partner. (1) Represents power capacity contracted under executed options or lease agreements. (2) Represents potential capacity from identified expansion opportunities at existing Galaxy-owned sites. (3) Assumes full approval and allocation of identified potential capacity. Galaxy's development path spans multiple sites and multi-gigawatt scale, with visibility extending through 2030 and beyond. Power Capacity Ramp Schedule 800 MW 830 MW 74 MW 700 MW 1,000 MW 900 MW 1,000 MW 426 MW 5,730 MW Total Potential Power Portfolio Merlin II Helios IV Selene Caspian Helios III Merlin I Helios II Helios I 824 MW 2,274 MW 4,930 MW 200 MW 550 MW 1,624 MW 3,074 MW 5,730 MW 2026 2027 2028 2029 2030+ 800 MW 800 MW 800 MW Contracted Capacity1 Uncontracted Capacity Ramp2 3
16 GALAXY Contracted Capacity (1) Average lease-level adjusted EBITDA margin is a non-GAAP financial measure. See slide 2 for additional information. (2) Assumes exercise of two five-year extension options beyond the initial 15-year contract term. Total potential contract value includes the impact of annual escalators. (3) Represents approximately 200 MW of gross power capacity for Phase I, approximately 400 MW of gross power capacity for Phase II, and approximately 200 MW of gross power capacity for Phase III. (4) Represents internal estimates for capital expenditures. Actual results may differ materially due to business, economics, and competitive uncertainties and contingencies, which are beyond the control of the Company and its management and are subject to change. (5) Anticipated results for agreement with CoreWeave at the Helios site. Based on contractual terms, internal estimates for capital expenditures, and reflects anticipated annual revenue at full turnover, including the impact of annual escalators. Each data hall is leased through the end of the 15-year base term, which commences upon turnover of the final data hall; revenue is earned as individual data halls are delivered. Actual results may differ materially due to business, economic, and competitive uncertainties and contingencies, which are beyond the control of the Company and its management and are subject to change. CoreWeave Lease Overview Total Potential Contract value2$30B+ Total Potential Lease Term225 years Gross Power Capacity800 MW Contracted Critical IT Load3526 MW CoreWeave has leased 526 MW of critical IT capacity, generating anticipated average annual revenue of over $1B for the combined three phases at 90%+ average lease- level adjusted EBITDA margins across the 15-year base contract term.1 Galaxy successfully delivered 133 MW of critical IT to CoreWeave on schedule under the Phase I lease agreement, transitioning the site from construction to operational facility throughout Q2 2026. Phase I Delivered Critical IT Load3 133 MW Q2 2026 Delivery Date $315M Annual Base Revenue5 Construction Cost $1.8B Phase II Contracted Critical IT Load3 260 MW Q2 2027 Initial Rent Commencement $675M Annual Base Revenue5 Est. Construction Cost4 $4.0B Phase III Contracted Critical IT Load3 133 MW 2028 Initial Rent Commencement CoreWeave Lease by Phase
17 GALAXY Helios Campus Update as of September 2026 1. Galaxy’s 345 kV substation Our privately owned 345 kV grid connected substation at the Helios campus supporting up to 900 MW of transformer capacity across various phases of the project. 2. Chiller Yard Specialized chiller systems provide temperature-controlled water to direct-liquid- cooling systems in support of both AI workloads and air-cooled portions of the data center building for temperature/humidity control. 4. Electrical Yards The electrical yards supporting the chiller yard and data center building contain critical pre-fabricated electrical infrastructure and emergency backup generation equipment for powering AI infrastructure and the systems that support them. 5. Water Facilities Expansion of Galaxy’s on-site groundwater facilities that provide raw groundwater, water treatment facilities for campus water needs, and wastewater treatment. 3. Data Center Building Secure, purpose-built facility spanning over 125,000 sq ft in support of AI infrastructure (GPU servers, storage, network, etc.) and the mechanical/electrical galleries to support high-density AI infrastructure and workloads. 6. Pitchfork and Cottonwood 345kV substations Owned by Wind Energy Transmission of Texas (WETT), the substations are an integral part of the Competitive Renewable Energy Zone (CREZ) initiative to carry wind power from West Texas to load centers, like Helios. 7. Helios Campus Footprint The Helios campus consists of over 2,200 acres of contiguous land under Galaxy’s control for future expansion and construction of data center buildings. Phase I of the Helios Data Center campus, September 2026. 1 2 3 4 4 5 6 6 7 4
Exhibit 99.3 Galaxy Digital Inc. Historical Select Financial Data as of Q3 2026 The information contained in this supplement speaks only as of the particular date or dates included in the accompanying pages. Galaxy Digital Inc. (the "Company") does not undertake an obligation to, and disclaims any duty to, update any of the information provided. The information contained in this supplement contains certain financial and other information reproduced or derived from more comprehensive information contained in our periodic reports and other filings with the Securities and Exchange Commission ("SEC"). The information contained in this supplement is unaudited and is not intended as a substitute for, and should be read in the context of, the information contained in these other documents. In the event of any conflict, the information contained in our periodic reports and other filings with the SEC shall take precedence. Throughout this document, totals may not sum due to rounding. In addition, some items may not agree to totals disclosed elsewhere due to rounding. Certain comparative figures within this supplement have been reclassified to conform to the current period's presentation.
Consolidated Statements of Operations (Unaudited) Three Months Ended Year Ended ($ in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2025 December 31, 2024 December 31, 2023 Consolidated Revenues and gains / (losses) from operations Digital asset sales $ 7,969,608 $ 8,483,049 $ 9,964,643 $ 10,237,278 $ 28,199,024 $ 8,564,980 $ 12,849,568 $ 15,648,238 $ 8,464,827 $ 8,785,677 $ 9,257,178 $ 59,850,850 $ 42,155,920 $ 51,488,120 Fees 19,083 18,089 21,610 25,516 104,546 16,992 11,517 27,816 20,722 26,528 28,128 158,571 103,194 50,811 Blockchain rewards 19,501 17,724 27,616 55,477 52,199 41,162 71,112 84,761 48,099 37,680 10,274 219,950 180,814 5,685 Proprietary mining 2,029 2,554 709 1,138 1,171 944 11,236 15,430 11,435 16,312 20,128 14,489 63,305 33,121 Blockchain rewards from non-customers 90 669 132 1,720 2,612 5,243 5,364 2,423 1,944 674 2,910 14,939 7,951 982 Lending1 37,034 29,435 26,734 45,700 42,586 32,234 27,409 29,085 23,630 16,020 16,754 147,929 85,489 48,060 Data centers operating revenue 9,927 5,816 — — — — — — — — — — — — Revenues 8,057,272 8,557,336 10,041,444 10,366,829 28,402,138 8,661,555 12,976,206 15,807,753 8,570,657 8,882,891 9,335,372 60,406,728 42,596,673 51,626,779 Gains / (losses) from operations 551,710 134,320 171,781 (142,806) 816,982 395,094 (120,331) 544,613 141,633 (18,180) 493,051 948,939 1,161,117 582,860 Data centers leasing revenue 79,068 18,877 — — — — — — — — — — — — Revenues and gains / (losses) from operations 8,688,050 8,710,533 10,213,225 10,224,023 29,219,120 9,056,649 12,855,875 16,352,366 8,712,290 8,864,711 9,828,423 61,355,667 43,757,790 52,209,639 1Effective the third quarter of 2026, premiums on collar loans are amortized over the life of each loan and presented in Lending income alongside interest income. In prior periods, premiums were recognized upfront within Gains / (losses) from operations. Lending income for the quarter includes a year-to-date catch-up for premiums previously recognized in Gains / (losses) from operations. Prior periods have not been recast. Operating Expenses Digital asset sales costs 7,962,820 8,439,520 9,971,356 10,217,606 28,186,476 8,546,795 12,839,085 15,630,870 8,454,159 8,769,445 9,247,968 59,789,962 42,102,442 51,441,223 Blockchain reward distributions 12,573 13,124 19,513 47,420 41,674 33,382 56,446 60,760 39,330 29,829 379 178,922 130,298 2,565 Borrowing costs 25,000 18,796 17,460 30,944 51,535 41,710 33,838 37,466 26,632 18,779 17,883 158,027 100,760 18,171 Mining and hosting costs 1,927 2,642 779 989 846 741 5,534 11,909 10,013 10,466 15,255 8,110 47,643 20,772 Other transaction expenses 4,239 5,923 7,637 9,146 12,246 7,312 12,107 9,790 6,001 6,317 6,606 40,811 28,714 11,352 Data centers operating expenses 9,927 5,816 — — — — — — — — — — — — Transaction expenses 8,016,486 8,485,821 10,016,745 10,306,105 28,292,777 8,629,940 12,947,010 15,750,795 8,536,135 8,834,836 9,288,091 60,175,832 42,409,856 51,494,083 Impairment of digital assets 102,282 181,348 284,402 316,093 197,702 127,477 112,429 140,981 108,466 56,947 25,525 753,701 331,920 98,340 Compensation and benefits 82,186 83,996 83,548 92,898 85,048 64,969 56,953 85,977 57,290 61,253 61,071 299,868 265,591 219,256 Depreciation and amortization 21,884 9,161 5,839 6,601 7,397 7,458 12,613 13,416 13,008 10,956 9,500 34,069 46,880 22,945 Other expenses 56,451 54,032 40,376 42,728 77,269 46,172 104,621 221,913 29,426 32,358 30,306 270,790 314,003 93,564 Total operating expenses 8,279,289 8,814,358 10,430,910 10,764,425 28,660,193 8,876,016 13,233,626 16,213,082 8,744,325 8,996,350 9,414,493 61,534,260 43,368,250 51,928,188 Notes interest expense (93,391) (25,098) (17,576) (16,521) (14,415) (14,240) (14,071) (9,683) (7,105) (7,040) (6,976) (59,247) (30,804) (27,285) Notes payable - derivative — — — — — (125,150) 89,606 (16,583) (2,858) (2,573) (9,713) (35,544) (31,727) (9,603) Other income / (expense), net 28,902 736 704 424 690 918 672 167 783 1,612 213 2,705 2,774 (135) Total other income / (expense) (64,489) (24,362) (16,872) (16,097) (13,725) (138,472) 76,207 (26,099) (9,180) (8,001) (16,476) (92,086) (59,757) (37,023) Net income / (loss) for the period, before taxes 344,272 (128,187) (234,557) (556,499) 545,202 42,161 (301,544) 113,185 (41,215) (139,640) 397,454 (270,679) 329,783 244,428 Tax expense / (benefit) 21,500 (42,871) (18,246) (74,833) 40,145 11,470 (6,112) (4,337) (7,885) (14,044) 9,327 (29,330) (16,939) 15,914 Net income / (loss) for the period 322,772 (85,316) (216,311) (481,666) 505,057 30,691 (295,432) 117,522 (33,330) (125,596) 388,127 (241,349) 346,722 228,514 Other comprehensive income (loss), net of tax Change in fair value of cash flow hedges and treasury bills 5,447 3,492 4,550 (1,901) (2,605) — — — — — — (4,506) — — Other comprehensive income (loss) 5,447 3,492 4,550 (1,901) (2,605) — — — — — — (4,506) — — Comprehensive income (loss) $ 328,219 $ (81,824) $ (211,761) $ (483,567) $ 502,452 $ 30,691 $ (295,432) $ 117,522 $ (33,330) $ (125,596) $ 388,127 $ (245,855) $ 346,722 $ 228,514 Reconciliation to Adjusted EPS Net income 322,772 (85,316) (216,311) (481,666) 505,057 30,691 (295,432) 117,522 (33,330) (125,596) 388,127 (241,349) 346,722 228,514 Less: Net income attributable to noncontrolling interest 168,939 (67,403) (124,157) (283,777) 296,589 16,191 (185,490) 74,123 (21,079) (80,226) 257,743 (156,486) 230,458 152,656 Net income attributable to common shareholders 153,833 (17,913) (92,154) (197,889) 208,468 14,500 (109,942) 43,399 (12,251) (45,370) 130,384 (84,863) 116,265 75,858 Weighted average number of Class A Common Stock shares 193,344,582 192,869,271 192,074,376 190,273,074 174,709,471 143,103,474 127,863,254 126,382,071 125,360,919 122,305,203 109,230,850 159,201,378 120,847,366 105,677,379 Basic EPS $ 0.80 $ (0.09) $ (0.48) $ (1.04) $ 1.19 $ 0.10 $ (0.86) $ 0.34 $ (0.10) $ (0.37) $ 1.19 $ (0.53) $ 0.96 $ 0.72 Net Income used to calculate basic income (loss) per share 153,833 (17,913) (92,154) (197,889) 208,468 14,500 (109,942) 43,399 (12,251) (45,370) 130,384 (84,863) 116,265 75,858 Additional income (loss) to calculate diluted income (loss) per share1 16,086 — (98,945) (222,417) 14,688 16,191 — 81,292 (21,079) (80,226) — (136,994) 183,320 152,685 Net income (loss) used in the calculation of diluted income (loss) per share 169,919 (17,913) (191,099) (420,306) 223,156 30,691 (109,942) 124,691 (33,330) (125,596) 130,384 (221,857) 299,585 228,543 Weighted average number of Class A Common Stock shares for the purposes of diluted income (loss) per share1 255,698,332 192,869,271 390,482,653 389,206,281 221,463,809 371,717,071 127,863,254 365,354,895 341,208,036 338,212,221 123,184,071 366,475,172 356,723,762 325,978,160
Diluted EPS $ 0.66 $ (0.09) $ (0.49) $ (1.08) $ 1.01 $ 0.08 $ (0.86) $ 0.34 $ (0.10) $ (0.37) $ 1.06 $ (0.61) $ 0.84 $ 0.70 Net income used to calculate diluted EPS 169,919 (17,913) (191,099) (420,306) 223,156 30,691 (109,942) 124,691 (33,330) (125,596) 130,384 (221,857) 299,585 228,543 Noncontrolling interest income, net of tax2 204,246 (17,914) — — 253,139 — (185,490) — — — 257,743 — — — Net income used to calculate adjusted income (loss) per share 374,165 (35,827) (191,099) (420,306) 476,295 30,691 (295,432) 124,691 (33,330) (125,596) 388,127 (221,857) 299,585 228,543 Weighted average number of Class A Common Stock shares for the purposes of diluted income (loss) per share 255,698,332 192,869,271 390,482,653 389,206,281 221,463,809 371,717,071 127,863,254 365,354,895 341,208,036 338,212,221 123,184,071 366,475,172 356,723,762 325,978,160 Noncontrolling interest weighted average shares outstanding 196,596,698 197,579,377 — — 202,646,202 — 215,862,343 — — — 215,928,474 — — — Weighted average number of Class A Common Stock shares for the purposes of Adjusted income (loss) per share 452,295,030 390,448,648 390,482,653 389,206,281 424,110,011 371,717,071 343,725,597 365,354,895 341,208,036 338,212,221 339,112,545 366,475,172 356,723,762 325,978,160 Adjusted income (loss) per share $ 0.83 $ (0.09) $ (0.49) $ (1.08) $ 1.12 $ 0.08 $ (0.86) $ 0.34 $ (0.10) $ (0.37) $ 1.14 $ (0.61) $ 0.84 $ 0.70 Reconciliation to Non-GAAP Adjusted Gross Profit Revenues and gains / (losses) from operations 8,688,050 8,710,533 10,213,225 10,224,023 29,219,120 9,056,649 12,855,875 16,352,366 8,712,290 8,864,711 9,828,423 61,355,667 43,757,790 52,209,639 Less: Impairment of digital assets 102,282 181,348 284,402 316,093 197,702 127,477 112,429 140,981 108,466 56,947 25,525 753,701 331,920 98,340 Less: transaction expenses 8,016,486 8,485,821 10,016,745 10,306,105 28,292,777 8,629,940 12,947,010 15,750,795 8,536,135 8,834,836 9,288,091 60,175,832 42,409,856 51,494,083 Adjusted gross profit $ 569,282 $ 43,364 $ (87,922) $ (398,175) $ 728,641 $ 299,232 $ (203,564) $ 460,590 $ 67,689 $ (27,072) $ 514,807 $ 426,134 $ 1,016,014 $ 617,216 Reconciliation to Non-GAAP Adjusted EBITDA Net income $ 322,772 $ (85,316) $ (216,311) $ (481,666) $ 505,057 $ 30,691 $ (295,432) $ 117,522 $ (33,330) $ (125,596) $ 388,127 $ (241,349) $ 346,722 $ 228,514 Equity based compensation and related expense 16,064 16,206 18,099 14,665 22,057 18,783 10,014 24,242 17,713 23,257 20,532 65,519 85,744 86,174 Notes interest and other expense 93,391 25,097 17,576 16,521 14,415 12,042 16,269 11,770 9,107 8,863 8,593 59,247 38,333 32,113 Taxes 21,500 (42,871) (18,246) (74,833) 40,145 11,470 (6,112) (4,337) (7,885) (14,044) 9,327 (29,330) (16,939) 15,914 Depreciation and amortization expense 21,884 9,161 5,839 6,601 7,397 7,458 12,613 13,416 13,008 10,956 9,500 34,069 46,880 22,946 Unrealized (gain) / loss on notes payable - derivative — — — — — 125,150 (89,606) 16,582 2,859 2,573 9,713 35,544 31,727 9,603 Mining related impairment loss / loss on disposal — — — — 38,027 15 57,014 — — — 95,056 — 1,682 Other (20,862) 465 5,506 1,165 2,520 5,506 5,724 182,975 446 (853) 365 14,915 182,933 3,925 Adjusted EBITDA $ 454,749 $ (77,258) $ (187,537) $ (517,547) $ 629,618 $ 211,115 $ (289,516) $ 362,170 $ 1,918 $ (94,844) $ 446,157 $ 33,671 $ 715,400 $ 400,871 2 In periods prior to the redomiciliation of Galaxy Digital Holdings LP, the noncontrolling interest income is assumed to have no incremental tax impact on the earnings per share. 1 Difference between net income (loss) and share count used to calculate basic EPS and net income (loss) and share count used to calculate diluted EPS relates to additional income (loss) as well as incremental number of shares attributed to, share-based compensation, noncontrolling interest, and convertible notes if dilutive.
Statements of Operations by Segment (Unaudited) Three months ended Year Ended ($ in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2025 December 31, 2024 December 31, 2023 Digital Assets Revenues and gains / (losses) from operations Digital asset sales $ 7,969,608 $ 8,483,049 $ 9,964,643 $ 10,237,278 $ 28,199,024 $ 8,564,980 $ 12,849,568 $ 15,648,238 $ 8,464,827 $ 8,785,677 $ 9,257,178 $ 59,850,850 $ 42,155,920 $ 51,488,120 Fees 20,958 18,089 23,291 27,177 106,483 19,087 14,580 21,974 14,527 19,607 18,854 167,327 $ 74,962 29,240 Blockchain rewards 19,258 17,477 29,389 56,967 56,918 42,550 80,700 80,941 53,590 37,142 8,251 237,135 $ 179,924 3,230 Proprietary mining — — — — — — — — — — — — — — Blockchain rewards from non-customers 90 669 132 1,720 2,350 1,205 1,055 1,308 960 674 2,910 6,330 $ 5,852 982 Lending1 35,791 24,780 21,102 36,931 33,236 27,923 25,626 27,251 21,905 15,873 15,376 123,716 $ 80,405 43,919 Revenues 8,045,705 8,544,064 10,038,557 10,360,073 28,398,011 8,655,745 12,971,529 15,779,712 8,555,809 8,858,973 9,302,569 60,385,358 42,497,063 51,565,491 Gains / (losses) from operations 124,200 172,168 310,276 307,947 408,121 55,470 92,370 108,297 71,158 (3,073) 66,958 863,908 243,340 87,907 Data centers leasing revenue — — — — — — — — — — — — — — Data centers operator revenue — — — — — — — — — — — — — — Revenues and gains / (losses) from operations 8,169,905 8,716,232 10,348,833 10,668,020 28,806,132 8,711,215 13,063,899 15,888,009 8,626,967 8,855,900 9,369,527 61,249,266 42,740,403 51,653,398 1Effective the third quarter of 2026, premiums on collar loans are amortized over the life of each loan and presented in Lending income alongside interest income. In prior periods, premiums were recognized upfront within Gains / (losses) from operations. Lending income for the quarter includes a year-to-date catch-up for premiums previously recognized in Gains / (losses) from operations. Prior periods have not been recast. Operating Expenses Digital asset sales costs 7,962,820 8,439,520 9,971,356 10,217,606 28,186,476 8,546,795 12,839,085 15,630,870 8,454,159 8,769,445 9,247,968 59,789,962 42,102,441 51,441,223 Blockchain reward distributions 12,573 13,124 21,295 49,332 46,872 38,321 67,766 63,448 44,590 33,099 5,594 202,291 146,731 3,069 Borrowing costs 17,388 13,833 18,963 27,966 47,771 6,437 5,789 13,933 5,762 1,948 4,009 87,963 25,652 8,825 Mining and hosting costs — — — — — — — — — — — — — — Other transaction expenses 3,494 2,702 3,800 5,877 9,389 4,925 8,220 6,755 5,241 5,612 5,620 28,411 23,228 8,473 Transaction expenses 7,996,275 8,469,179 10,015,414 10,300,781 28,290,508 8,596,478 12,920,860 15,715,006 8,509,752 8,810,104 9,263,191 60,108,627 42,298,052 51,461,590 Impairment of digital assets 102,282 181,348 284,402 316,093 197,702 43,307 78,308 72,049 47,931 10,333 8,934 635,410 139,247 47,791 Compensation and benefits 59,129 56,402 58,595 67,656 57,945 45,347 38,826 47,250 41,026 45,374 42,275 209,774 175,925 148,909 Depreciation and amortization 1,821 1,650 3,164 3,679 3,812 3,560 3,555 3,389 3,568 3,182 1,307 14,606 11,446 4,344 Other expenses 36,834 29,053 21,809 21,631 21,778 25,058 18,821 20,908 15,835 17,932 14,050 87,288 68,725 44,854 Total operating expenses 8,196,341 8,737,632 10,383,384 10,709,840 28,571,745 8,713,750 13,060,370 15,858,602 8,618,112 8,886,925 9,329,757 61,055,705 42,693,395 51,707,488 Notes interest expense — — — — — — — — — — — — — — Notes payable - derivative — — — — — — — — — — — — — — Other income / (expense), net 61 648 247 319 6 — — — — — — 325 — — Total other income / (expense) 61 648 247 319 6 — — — — — — 325 — — Net income / (loss) for the period, before taxes (26,375) (20,752) (34,304) (41,501) 234,393 (2,535) 3,529 29,407 8,855 (31,025) 39,770 193,886 47,008 (54,090) Tax expense / (benefit) (1,647) (1,704) — — — — — — — — — — — — Net income / (loss) for the period $ (24,728) $ (19,048) $ (34,304) $ (41,501) $ 234,393 $ (2,535) $ 3,529 $ 29,407 $ 8,855 $ (31,025) $ 39,770 $ 193,886 $ 47,008 $ (54,090) Reconciliation to Non-GAAP Adjusted Gross Profit Revenues and gains / (losses) from operations $ 8,169,905 $ 8,716,232 $ 10,348,833 $ 10,668,020 $ 28,806,132 $ 8,711,215 $ 13,063,899 $ 15,888,009 $ 8,626,967 $ 8,855,900 $ 9,369,527 $ 61,249,266 $ 42,740,403 $ 51,653,398 Less: impairment of digital assets 102,282 181,348 284,402 316,093 197,702 43,307 78,308 72,049 47,931 10,333 8,934 635,410 139,247 47,791 Less: transaction expenses 7,996,275 8,469,179 10,015,414 10,300,781 28,290,508 8,596,478 12,920,860 15,715,006 8,509,752 8,810,104 9,263,191 60,108,627 42,298,052 51,461,590 Adjusted gross profit $ 71,348 $ 65,705 $ 49,017 $ 51,146 $ 317,922 $ 71,430 $ 64,731 $ 100,954 $ 69,284 $ 35,463 $ 97,402 $ 505,229 $ 303,104 $ 144,017 Global Markets Adjusted gross profit 52,649 48,794 31,168 30,126 294,769 55,402 43,131 77,499 54,072 17,652 76,588 423,428 225,812 107,226 Asset Management and Infrastructure Solutions Adjusted gross profit 18,699 16,911 17,849 21,020 23,153 16,028 21,600 23,455 15,212 17,811 20,814 81,801 77,292 36,791 Reconciliation to Non-GAAP Adjusted EBITDA Net income $ (24,728) $ (19,048) $ (34,304) $ (41,501) $ 234,393 $ (2,535) $ 3,529 $ 29,407 $ 8,855 $ (31,025) $ 39,770 $ 193,886 $ 47,008 $ (54,090) Equity based compensation and related expense 9,137 9,218 10,971 8,827 11,989 11,826 5,942 12,947 11,128 17,128 13,620 38,584 54,823 51,716 Notes interest and other expense — — — — — — — — — — — — — — Taxes (1,647) (1,704) — — — — — — — — — — — — Depreciation and amortization expense 1,821 1,650 3,164 3,679 3,812 3,560 3,555 3,389 3,568 3,182 1,307 14,606 11,446 4,344 Unrealized (gain) / loss on notes payable - derivative — — — — — — — — — — — — — — Mining related impairment loss / loss on disposal — — — — — — — — — — — — — — Other 6,395 (646) 808 (319) (6) — — — — — — (325) — 48 Adjusted EBITDA $ (9,022) $ (10,530) $ (19,361) $ (29,314) $ 250,188 $ 12,851 $ 13,026 $ 45,743 $ 23,551 $ (10,715) $ 54,697 $ 246,751 $ 113,277 $ 2,018 Key Performance Metrics
Global Markets Loan book size (average) 1,830,630 1,437,689 1,427,015 1,794,825 1,768,400 1,107,328 874,028 861,201 668,144 536,611 493,636 1,386,145 639,898 371,994 Total trading counterparties 1,763 1,741 1,691 1,620 1,532 1,445 1,381 1,328 1,280 1,212 1,161 1,620 1,328 1,052 Asset Management & Infrastructure Solutions Assets on Platform ETFs 2,542,246 1,805,158 2,190,447 2,838,508 3,902,542 3,326,798 2,598,011 3,482,253 2,589,448 2,392,210 2,729,560 2,838,508 3,482,253 1,588,611 Alternatives 3,329,423 2,552,888 2,757,406 3,582,471 4,812,564 2,404,948 2,079,150 2,182,916 2,046,078 2,111,247 5,088,712 3,582,471 2,182,916 3,584,341 Assets under stake 4,564,510 2,789,567 3,214,580 4,976,299 6,609,542 3,149,855 2,342,666 4,235,442 3,393,629 2,144,218 486,201 4,976,299 4,235,442 243,418
Statements of Operations by Segment (Unaudited) Three Months Ended Year Ended ($ in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2025 December 31, 2024 December 31, 2023 Data Centers Revenues and gains / (losses) from operations Digital asset sales $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Fees — — — — — — — — — — — — — — Blockchain rewards — — — — — — — — — — — — — — Proprietary mining — — — — — — — — — — — — — — Blockchain rewards from non-customers — — — — — — — — — — — — — — Lending — 1,266 3,050 5,771 2,662 — — — — — — 8,433 — — Data centers operator revenue 9,927 5,816 — — — — — — — — — — — — Revenues 9,927 7,082 3,050 5,771 2,662 — — — — — — 8,433 — — Gains / (losses) from operations — — — (1,186) — — — — — — — (1,186) — — Data center leasing revenue 79,068 18,877 — — — — — — — — — — — — Revenues and gains / (losses) from operations 88,995 25,959 3,050 4,585 2,662 — — — — — — 7,247 — — Operating Expenses Digital asset sales costs — — — — — — — — — — — — — — Blockchain reward distributions — — — — — — — — — — — — — — Borrowing costs — — — — — — — — — — — — — — Mining and hosting costs — — — — — — — — — — — — — — Other transaction expenses — — — — — — — — — — — — — — Data centers operator costs 9,927 5,816 — — — — — — — — — — — — Transaction expenses 9,927 5,816 — — — — — — — — — — — — Impairment of digital assets — — — — — — — — — — — — — — Compensation and benefits 5,432 5,708 3,103 3,573 218 — 1,263 — — — — 5,054 — — Depreciation and amortization 17,325 4,762 — — — — 1,251 2,148 1,875 1,800 1,674 1,251 7,497 5,548 Other expenses 5,675 3,603 1,494 1,225 430 — 385 — — — — 2,040 — — Total operating expenses 38,359 19,889 4,597 4,798 648 — 2,899 2,148 1,875 1,800 1,674 8,345 7,497 5,548 Notes interest expense (75,439) (7,365) — — — — — — — — — — — — Notes payable - derivative — — — — — — — — — — — — — — Other income / (expense), net 24,344 — — (90) 90 — — — — — — — — — Total other income / (expense) (51,095) (7,365) — (90) 90 — — — — — — — — — Net income / (loss) for the period, before taxes (459) (1,295) (1,547) (303) 2,104 — (2,899) (2,148) (1,875) (1,800) (1,674) (1,098) (7,497) (5,548) Tax expense / (benefit) (24) (32,450) — — — — — — — — — — — — Net income / (loss) for the period $ (435) $ 31,155 $ (1,547) $ (303) $ 2,104 $ — $ (2,899) $ (2,148) $ (1,875) $ (1,800) $ (1,674) $ (1,098) $ (7,497) $ (5,548) Reconciliation to Non-GAAP Adjusted Gross Profit Revenues and gains / (losses) from operations $ 88,995 $ 25,959 $ 3,050 $ 4,585 $ 2,662 $ — $ — $ — $ — $ — $ — $ 7,247 $ — $ — Less: digital asset impairment — — — — — — — — — — — — — — Less: transaction expenses 9,927 5,816 — — — — — — — — — — — — Adjusted gross profit $ 79,068 $ 20,143 $ 3,050 $ 4,585 $ 2,662 $ — $ — $ — $ — $ — $ — $ 7,247 $ — $ — Reconciliation to Non-GAAP Adjusted EBITDA Net income $ (435) $ 31,155 $ (1,547) $ (303) $ 2,104 $ — $ (2,899) $ (2,148) $ (1,875) $ (1,800) $ (1,674) $ (1,098) $ (7,497) $ (5,548) Equity based compensation and related expense 785 657 637 464 1,645 — 471 — — — — 2,580 — — Notes interest and other expense 75,439 7,365 — — — — — — — — — — — — Taxes (24) (32,450) — — — — — — — — — — — — Depreciation and amortization expense 17,325 4,762 — — — — 1,251 2,148 1,875 1,800 1,674 1,251 7,497 5,548 Unrealized (gain) / loss on notes payable - derivative — — — — — — — — — — — — — — Mining related impairment loss / loss on disposal — — — — — — — — — — — — — — Other (24,344) — — 90 (90) — — — — — — — — — Adjusted EBITDA $ 68,746 $ 11,489 $ (910) $ 251 $ 3,659 $ — $ (1,177) $ — $ — $ — $ — $ 2,733 $ — $ — Data Centers Summary Cash Flows Three Months Ended Three Months Ended September 30, 2026 June 30, 2026 Cash flows from operating activities Net income (loss) $ (435) $ 31,155
Depreciation and amortization 17,325 4,762 Income tax expense (benefit) (24) (32,450) Other 6,269 657 Change in working capital, net (152,213) (7,030) Net cash provided by (used in) operating activities (129,078) (2,906) Cash flows from investing activities Purchase of property and equipment (489,697) (395,575) Purchase of investments (2,753,237) — Proceeds from investments 475 — Net cash used in investing activities (3,242,459) (395,575) Cash flows from financing activities Proceeds from Notes payable, net of issuance cost 3,505,485 172,974 Repayment of Notes payable (41,728) — Contributions from parent 514,414 142,100 Distributions to parent (75,000) — Net cash provided by financing activities 3,903,171 315,074 Net increase (decrease) in cash 531,634 (83,407) Cash, beginning of period 228,021 311,428 Cash, end of period 759,655 228,021 Supplemental non-cash investing and financing activities Non-cash addition to property, plant and equipment 267,247 52,283
Statements of Operations by Segment (Unaudited) Three Months Ended Year Ended ($ in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2025 December 31, 2024 December 31, 2023 Treasury and Corporate Revenues and gains / (losses) from operations Digital asset sales $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Fees (1,875) — (1,681) (1,661) (1,937) (2,095) (3,063) 5,842 6,195 6,921 9,274 (8,756) 28,232 21,571 Blockchain rewards 243 247 (1,773) (1,490) (4,719) (1,388) (9,588) 3,820 (5,491) 538 2,023 (17,185) 890 2,455 Proprietary mining 2,029 2,554 709 1,138 1,171 944 11,236 15,430 11,435 16,312 20,128 14,489 63,305 33,121 Blockchain rewards from non-customers — — — — 262 4,038 4,309 1,115 984 — — 8,609 2,099 — Lending 1,243 3,389 2,582 2,998 6,688 4,311 1,783 1,834 1,725 147 1,378 15,780 5,084 4,141 Data center operator revenue — — — — — — — — — — — — — — Revenues 1,640 6,190 (163) 985 1,465 5,810 4,677 28,041 14,848 23,918 32,803 12,937 99,610 61,288 Gains / (losses) from operations 427,510 (37,848) (138,495) (449,567) 408,861 339,624 (212,701) 436,316 70,475 (15,107) 426,093 86,217 917,777 494,953 Data centers leasing revenue — — — — — — — — — — — — — — Revenues and gains / (losses) from operations 429,150 (31,658) (138,658) (448,582) 410,326 345,434 (208,024) 464,357 85,323 8,811 458,896 99,154 1,017,387 556,241 Operating Expenses Digital asset sales costs — — — — — — — — — — — — — — Blockchain reward distributions — — (1,782) (1,912) (5,198) (4,939) (11,320) (2,688) (5,260) (3,270) (5,215) (23,369) (16,433) (504) Borrowing costs 7,612 4,963 (1,503) 2,978 3,764 35,273 28,049 23,533 20,870 16,831 13,874 70,064 75,108 9,346 Mining and hosting costs 1,927 2,642 779 989 846 741 5,534 11,909 10,013 10,466 15,255 8,110 47,643 20,772 Other transaction expenses 745 3,221 3,837 3,269 2,857 2,387 3,887 3,035 760 705 986 12,400 5,486 2,879 Data center operating costs — — — — — — — — — — — — — — Transaction expenses 10,284 10,826 1,331 5,324 2,269 33,462 26,150 35,789 26,383 24,732 24,900 67,205 111,804 32,493 Impairment of digital assets — — — — — 84,170 34,121 68,932 60,535 46,614 16,591 118,291 192,673 50,549 Compensation and benefits 17,625 21,886 21,850 21,669 26,885 19,622 16,864 38,727 16,264 15,879 18,796 85,040 89,666 70,347 Depreciation and amortization 2,738 2,749 2,675 2,922 3,585 3,898 7,807 7,879 7,565 5,974 6,519 18,212 27,937 13,053 Other expenses 13,942 21,376 17,073 19,872 55,061 21,114 85,415 201,005 13,591 14,426 16,256 181,462 245,278 48,710 Total operating expenses 44,589 56,837 42,929 49,787 87,800 162,266 170,357 352,332 124,338 107,625 83,062 470,210 667,358 215,152 Notes interest expense (17,952) (17,733) (17,576) (16,521) (14,415) (14,240) (14,071) (9,683) (7,105) (7,040) (6,976) (59,247) (30,804) (27,285) Notes payable - derivative — — — (125,150) 89,606 (16,583) (2,858) (2,573) (9,713) (35,544) (31,727) (9,603) Other income / (expense), net 4,497 88 457 195 595 918 672 166 783 1,612 213 2,380 2,774 (135) Total other income / (expense) (13,455) (17,645) (17,119) (16,326) (13,820) (138,472) 76,207 (26,100) (9,180) (8,001) (16,476) (92,411) (59,757) (37,023) Net income / (loss) for the period, before taxes 371,106 (106,140) (198,706) (514,695) 308,706 44,696 (302,174) 85,925 (48,195) (106,815) 359,358 (463,467) 290,272 304,066 Tax expense / (benefit) 23,171 (8,717) (18,246) (74,833) 40,145 11,470 (6,112) (4,337) (7,885) (14,044) 9,327 (29,330) (16,939) 15,914 Net income / (loss) for the period $ 347,935 $ (97,423) $ (180,460) $ (439,862) $ 268,561 $ 33,226 $ (296,062) $ 90,263 $ (40,310) $ (92,771) $ 350,031 $ (434,137) $ 307,211 $ 288,152 Reconciliation to Non-GAAP Adjusted Gross Profit Revenues and gains / (losses) from operations $ 429,150 $ (31,658) $ (138,658) $ (448,582) $ 410,326 $ 345,434 $ (208,024) $ 464,357 $ 85,323 $ 8,811 $ 458,896 $ 99,154 $ 1,017,387 $ 556,241 Less: digital asset impairment — — — — — 84,170 34,121 68,932 60,535 46,614 16,591 118,291 192,673 50,549 Less: transaction expenses 10,284 10,826 1,331 5,324 2,269 33,462 26,150 35,789 26,383 24,732 24,900 67,205 111,804 32,493 Adjusted gross profit $ 418,866 $ (42,484) $ (139,989) $ (453,906) $ 408,057 $ 227,802 $ (268,295) $ 359,636 $ (1,595) $ (62,535) $ 417,405 $ (86,342) $ 712,910 $ 473,199 Reconciliation to Non-GAAP Adjusted EBITDA Net income $ 347,935 $ (97,423) $ (180,460) $ (439,862) $ 268,561 $ 33,226 $ (296,062) $ 90,263 $ (40,310) $ (92,771) $ 350,031 $ (434,137) $ 307,211 $ 288,152 Equity based compensation and related expense 6,142 6,331 6,491 5,374 8,423 6,957 3,601 11,295 6,585 6,129 6,912 24,355 30,921 34,458 Notes interest and other expense 17,952 17,732 17,576 16,521 14,415 12,042 16,269 11,770 9,107 8,863 8,593 59,247 38,333 32,113 Taxes 23,171 (8,717) (18,246) (74,833) 40,145 11,470 (6,112) (4,337) (7,885) (14,044) 9,327 (29,330) (16,939) 15,914 Depreciation and amortization expense 2,738 2,749 2,675 2,922 3,585 3,898 7,807 7,879 7,565 5,974 6,519 18,212 27,937 13,054 Unrealized (gain) / loss on notes payable - derivative — — — — — 125,150 (89,606) 16,583 2,858 2,573 9,713 35,544 31,727 9,603 Mining related impairment loss / loss on disposal — — — — 38,027 15 57,014 — — — — 95,056 — 1,682 Other (2,913) 1,111 4,698 1,394 2,616 5,506 5,724 182,975 446 (853) 365 15,240 182,933 3,877 Adjusted EBITDA $ 395,025 $ (78,217) $ (167,266) $ (488,484) $ 375,772 $ 198,264 $ (301,365) $ 316,428 $ (21,634) $ (84,129) $ 391,460 $ (215,813) $ 602,123 $ 398,853
Treasury & Corporate Net Digital Asset and Investment Exposure, Excluding Derivatives (Unaudited) Period ended ($ in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Net Digital Asset Exposure Bitcoin $ 538,192 $ 400,130 $ 430,996 $ 576,562 $ 545,854 $ 762,863 $ 664,055 $ 707,737 $ 824,379 $ 707,752 $ 737,176 $ 505,243 Ether 127,839 — 41,556 123,968 257,624 151,882 152,181 249,527 176,190 188,404 251,812 214,449 SOL 107,696 58,425 60,604 87,878 251,127 87,364 64,312 118,319 90,248 124,909 129,446 — Other token exposure 77,316 75,592 134,130 131,661 249,703 161,478 31,352 161,159 199,329 166,989 213,112 148,494 Net Digital Asset Exposure 851,043 534,147 667,286 920,069 1,304,308 1,163,587 911,900 1,236,743 1,290,146 1,188,053 1,331,547 868,185 Venture and Fund Investments 841,002 605,517 649,997 616,924 646,395 636,040 605,208 542,713 484,194 495,171 475,057 458,199 Other Liquid Investments 25,391 19,081 44,733 140,990 190,715 70,877 53,444 68,481 14,592 10,228 11,428 15,310 Investment Exposure 866,393 624,598 694,730 757,914 837,110 706,917 658,652 611,194 498,786 505,399 486,485 473,509 Total Treasury & Corporate Net Digital Asset and Investment Exposure $ 1,717,436 $ 1,158,745 $ 1,362,016 $ 1,677,983 $ 2,141,418 $ 1,870,504 $ 1,570,552 $ 1,847,937 $ 1,788,932 $ 1,693,452 $ 1,818,032 $ 1,341,694
Consolidated Statements of Financial Position (Unaudited) Period ended ($ in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Assets Current assets Cash and cash equivalents $ 1,324,759 $ 895,744 $ 910,691 $ 1,246,240 $ 1,137,426 $ 691,331 $ 509,438 $ 462,103 $ 271,977 $ 314,033 $ 247,232 $ 316,610 $ 295,001 $ 301,625 $ 399,943 $ 542,101 $ 1,038,176 $ 1,073,854 $ 934,177 Digital intangible assets 3,840,754 2,450,733 2,739,659 3,526,216 3,785,085 3,186,098 2,123,860 2,547,581 2,367,770 1,851,966 1,853,704 972,429 821,069 834,149 693,645 362,383 654,036 593,602 1,679,217 Digital financial assets 454,529 1,055,655 921,017 988,621 322,949 369,649 514,479 359,665 103,447 83,125 102,744 74,386 131,824 275,194 141,363 199,632 191,292 251,540 362,220 Digital assets loan receivable, net of allowance 960,764 782,361 664,714 1,070,029 1,299,669 894,876 280,095 579,530 305,276 177,230 95,218 104,504 80,442 47,099 45,143 49,971 110,349 69,894 172,849 Assets posted as collateral 300,826 164,314 173,732 199,983 714,869 718,649 506,634 277,147 227,050 203,942 173,390 318,195 123,499 8,783 94,886 25,138 95,140 82,786 131,623 Investments 3,161,486 657,951 623,592 709,069 853,848 748,290 545,754 834,812 594,564 508,380 578,975 — — 17,878 — — — — — Derivative assets 236,572 135,134 86,234 83,807 152,579 134,907 128,353 207,653 141,961 153,470 341,336 173,209 45,442 69,083 92,209 18,763 23,909 29,718 45,744 Accounts receivable 67,642 86,453 103,192 34,012 71,953 41,393 28,864 55,279 30,309 82,646 169,739 60,929 54,535 65,146 41,794 30,874 41,057 86,591 137,570 Digital assets receivable 4,725 3,171 2,797 3,778 4,586 2,668 17,674 53,608 43,118 44,576 24,132 14,686 7,528 9,620 20,296 12,423 21,012 17,287 50,355 Loans receivable 950,281 947,408 627,604 554,449 635,371 529,021 407,966 476,620 398,510 404,991 402,722 377,105 247,276 316,647 188,976 62,611 76,028 131,045 303,534 Prepaid expenses and other assets 55,393 59,523 87,382 99,734 78,851 39,898 29,884 26,892 31,452 26,643 34,724 36,924 54,285 33,305 31,438 33,870 52,272 63,075 34,228 Total current assets 11,357,731 7,238,447 6,940,614 8,515,938 9,057,186 7,356,780 5,093,001 5,880,890 4,515,434 3,851,002 4,023,916 2,448,977 1,860,901 1,978,529 1,749,693 1,337,766 2,303,271 2,399,392 3,851,517 Non-current assets Digital intangible assets 6,109 11,023 12,943 26,824 56,500 3,014 15,030 20,979 56,789 22,372 52,859 41,356 — — — — — — — Digital assets receivable 3,603 3,218 2,256 4,719 16,846 3,397 1,996 7,112 7,015 3,854 18,065 6,174 3,537 4,378 7,403 5,154 11,172 6,072 35,737 Digital assets loan receivable, non-current 6,114 4,319 5,425 8,900 — — — — 18,376 12,881 — — — — — — — — — Investments 1,438,415 884,128 875,076 1,023,236 1,252,354 863,653 736,060 808,694 704,542 800,315 822,412 735,103 586,513 589,878 683,680 588,558 743,156 725,422 1,008,759 Loans receivable, non-current 5,575 6,787 7,050 2,553 7,300 6,675 56,800 — — — — 10,259 113,792 18,698 100,150 100,977 — — — Property and equipment, net 2,946,995 2,218,204 1,777,852 1,423,113 874,059 596,120 262,216 237,038 220,303 225,290 227,193 213,348 212,419 205,638 192,940 188,019 140,619 149,072 94,736 Other non-current assets 585,681 411,332 304,242 276,275 195,812 194,078 113,052 107,105 115,083 108,518 93,411 94,806 106,210 101,177 100,472 75,755 39,563 49,847 41,553 Goodwill 66,523 66,523 66,523 66,523 62,659 62,234 58,037 58,037 49,450 44,257 44,257 44,257 44,257 44,257 45,278 24,645 24,645 24,645 24,645 Total non-current assets 5,059,015 3,605,534 3,051,367 2,832,143 2,465,530 1,729,171 1,243,191 1,238,965 1,171,558 1,217,487 1,258,197 1,145,303 1,066,728 964,026 1,129,923 983,108 959,155 955,058 1,205,430 Total Assets $ 16,416,746 $ 10,843,981 $ 9,991,981 $ 11,348,081 $ 11,522,716 $ 9,085,951 $ 6,336,192 $ 7,119,855 $ 5,686,992 $ 5,068,489 $ 5,282,113 $ 3,594,280 $ 2,927,629 $ 2,942,555 $ 2,879,616 $ 2,320,874 $ 3,262,426 $ 3,354,450 $ 5,056,947 Liabilities and Equity Current liabilities Derivative liabilities 188,259 151,348 99,253 40,482 67,400 86,364 89,702 165,858 112,136 118,770 395,835 160,642 39,737 47,371 81,325 16,568 19,334 41,854 31,654 Accounts payable and accrued liabilities 662,567 306,839 269,979 277,663 421,355 226,080 270,468 281,531 196,855 193,841 192,441 140,376 132,877 118,492 113,052 120,955 119,823 133,891 110,213 Digital assets borrowed 2,312,004 1,486,909 1,441,951 2,361,161 3,055,182 2,836,370 1,760,455 1,497,609 1,163,768 950,178 975,582 398,277 272,239 355,092 308,338 170,566 501,119 425,108 864,525 Payable to customers 67,519 80,723 82,803 85,808 87,249 16,324 19,288 19,520 96,864 94,816 80,740 3,442 3,446 11,905 13,876 9,591 22,771 142,936 138,119 Loans payable 210,478 286,715 84,542 52,626 316,916 348,214 345,249 510,718 248,818 211,384 275,415 93,069 51,565 1,546 3,058 — 112,528 105,783 129,236 Collateral payable 2,612,219 1,933,066 1,550,976 1,980,171 2,547,179 1,869,501 943,513 1,399,655 1,154,471 811,656 684,838 581,362 520,618 440,184 349,976 131,506 206,187 189,615 755,315 Notes payable - current 441,316 436,985 432,728 428,545 — — — — — — — — — — — — — — — Other current liabilities 170,364 130,583 122,661 85,062 235,161 88,613 73,358 13,034 166,879 116,973 116,014 40,936 50,579 7,468 11,148 8,090 19,372 37,988 81,295 Total current liabilities 6,664,726 4,813,168 4,084,893 5,311,518 6,730,442 5,471,466 3,502,033 3,887,925 3,139,791 2,497,618 2,720,865 1,418,104 1,071,061 982,058 880,773 457,276 1,001,134 1,077,175 2,110,357 Non-current Liabilities Notes payable 6,307,116 2,825,773 2,625,698 2,432,510 1,150,287 725,571 763,798 845,186 434,306 427,679 421,405 408,053 395,896 393,465 389,213 384,515 425,629 424,842 472,361 Digital assets borrowed, non-current 31,593 27,560 55,361 56,107 9,580 8,564 6,603 — — — — — — — — — — — — Other non-current liabilities 422,142 457,372 447,414 513,169 460,088 256,132 162,114 192,392 60,796 68,555 59,794 56,952 53,157 59,430 63,975 62,889 32,517 27,668 19,785 Total non-current liabilities 6,760,851 3,310,705 3,128,473 3,001,786 1,619,955 990,267 932,515 1,037,578 495,102 496,234 481,199 465,005 449,053 452,895 453,188 447,404 458,146 452,510 492,146 Total Liabilities 13,425,577 8,123,873 7,213,366 8,313,304 8,350,397 6,461,733 4,434,548 4,925,503 3,634,893 2,993,852 3,202,064 1,883,109 1,520,114 1,434,953 1,333,961 904,680 1,459,280 1,529,685 2,602,503 Equity Unit holders capital 1,914,024 1,823,366 1,811,707 1,955,735 1,762,366 1,506,321 1,901,644 2,194,352 2,052,099 2,074,637 2,080,049 1,711,171 1,407,515 1,507,602 1,545,655 1,416,194 1,746,494 1,774,695 2,306,684 Non-controlling interest 1,077,145 896,742 966,908 1,079,042 1,409,953 1,117,897 — — — — — — — — — — 56,652 50,070 147,760 Total Equity 2,991,169 2,720,108 2,778,615 3,034,777 3,172,319 2,624,218 1,901,644 2,194,352 2,052,099 2,074,637 2,080,049 1,711,171 1,407,515 1,507,602 1,545,655 1,416,194 1,803,146 1,824,765 2,454,444 Total Liabilities and Equity $ 16,416,746 $ 10,843,981 $ 9,991,981 $ 11,348,081 $ 11,522,716 $ 9,085,951 $ 6,336,192 $ 7,119,855 $ 5,686,992 $ 5,068,489 $ 5,282,113 $ 3,594,280 $ 2,927,629 $ 2,942,555 $ 2,879,616 $ 2,320,874 $ 3,262,426 $ 3,354,450 $ 5,056,947
Statements of Financial Position by Segment (Unaudited) Period ended ($ in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Digital Assets Total assets 7,588,062 6,429,153 6,044,224 7,339,673 8,442,765 3,575,486 3,169,254 3,723,814 2,751,744 2,514,739 2,877,544 1,978,031 Total liabilities 6,601,614 5,464,780 5,137,591 6,238,722 7,176,351 3,037,783 2,691,823 3,163,499 2,336,957 2,135,670 2,444,245 1,679,765 Data Centers Total assets 6,767,858 2,543,967 2,103,624 1,863,911 1,414,863 771,907 264,600 199,694 191,909 196,061 157,602 114,529 Total liabilities 5,326,065 1,547,977 1,330,343 1,098,739 660,573 33,144 — — — — — — Treasury and Corporate Total assets 2,060,826 1,870,861 1,844,133 2,144,497 1,665,088 4,738,558 2,902,338 3,196,347 2,743,339 2,357,689 2,246,967 1,501,720 Total liabilities 1,497,898 1,111,116 745,432 975,843 513,473 3,390,806 1,742,725 1,762,004 1,297,936 858,182 757,819 203,344 Consolidated Total assets 16,416,746 10,843,981 9,991,981 11,348,081 11,522,716 9,085,951 6,336,192 7,119,855 5,686,992 5,068,489 5,282,113 3,594,280 Total liabilities 13,425,577 8,123,873 7,213,366 8,313,304 8,350,397 6,461,733 4,434,548 4,925,503 3,634,893 2,993,852 3,202,064 1,883,109