Galaxy Digital Gains 14M-Share Passive Holding by Vanguard Group

Rhea-AI Filing Summary

The Vanguard Group filed a passive Schedule 13G showing beneficial ownership of 14,026,571 Galaxy Digital Inc. (GLXY) common shares as of 30 Jun 2025. The holding represents 8.49 % of the outstanding stock, requiring disclosure under Rule 13d-1. Vanguard reports no sole or shared voting power, indicating the position is strictly investment-oriented. It does, however, hold 13.96 m shares with sole dispositive authority and 63.8 k shares with shared dispositive power, allowing it to sell but not vote the securities. The stake is held across Vanguard-managed funds and accounts in the ordinary course of business, with no intent to influence control of the issuer. Vanguard classifies itself as an investment adviser (IA) for filing purposes. The form was signed by Ashley Grim, Head of Global Fund Administration, on 29 Jul 2025.

Positive

• Vanguard Group now controls 8.49 % of GLXY’s outstanding shares (14.0 m), increasing high-quality institutional ownership.

Negative

• Vanguard disclosed zero voting power, limiting any potential governance support or activist influence for existing shareholders.

Insights

Portfolio Manager

TL;DR: Vanguard’s 8.5 % passive stake signals stronger institutional sponsorship for GLXY.

Vanguard’s disclosure that it now owns 14.0 m Galaxy Digital shares (8.49 %) materially increases the company’s institutional ownership profile. Although Vanguard exercises no voting power, its sizable dispositive power provides liquidity support and can reduce float volatility. Passive accumulation by a top asset manager often broadens analyst coverage and index inclusion opportunities, potentially narrowing the bid-ask spread and lowering the firm’s cost of capital. Because the filing is 13G (not 13D), it conveys no activist intent; thus, near-term governance or strategic shifts are unlikely. Overall, the development is modestly positive for shareholder perception.

Corporate Governance Specialist

TL;DR: Zero voting rights limit Vanguard’s influence despite large share count.

From a governance standpoint, Vanguard’s admission of 0 voting power means the fund complex will not participate in board elections or proposals, muting its ability to advocate for change. The issuer gains no reliable supportive vote from this 8.49 % block, and other shareholders should not expect Vanguard to intervene in controversies. Nonetheless, the presence of a reputable passive owner can still enhance credibility and signal alignment with broad-market best practices. Impact is therefore neutral-to-positive but not transformative.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Galaxy Digital Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

36317J209

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 36317J209

1

Names of Reporting Persons

The Vanguard Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,962,754.00
8	Shared Dispositive Power 63,817.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,026,571.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.49 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Galaxy Digital Inc
(b)	Address of issuer's principal executive offices: 300 Vesey St, New York, NY, 10282
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 36317J209
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 14026571
(b)	Percent of class: 8.49 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 13962754
	(iv) Shared power to dispose or to direct the disposition of: 63817
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	07/29/2025

FAQ

How many Galaxy Digital (GLXY) shares does Vanguard own?

Vanguard beneficially owns 14,026,571 common shares, equal to 8.49 % of the company.

Does Vanguard have voting rights over its GLXY stake?

No. The filing states 0 shares with sole or shared voting power; the position is passive.

What authority does Vanguard have over these shares?

It holds 13.96 m shares with sole dispositive power and 63.8 k with shared dispositive power, giving it selling authority.

Why was a Schedule 13G filed?

Crossing the 5 % ownership threshold (now 8.49 %) required public disclosure under Rule 13d-1; Vanguard is a passive investor.

Is Vanguard seeking control of Galaxy Digital?

No. The certification states the shares were acquired in the ordinary course of business, with no intent to influence control.