Galaxy Digital Inc.

Good morning and welcome to the Galaxy Digital Second Quarter 2025 Earnings Call. Today's call is being recorded. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and 1 on your telephone. To withdraw your question, please press star and 2. At this time, I would like to turn the conference over to Jonathan Kodofsky, Head of Investor Relations. Please go ahead, sir.

Good morning, and welcome to Galaxy's second quarter 2025 earnings call. Before we begin, please note that our remarks, including answers to your questions, may include forward-looking statements. Actual results could differ materially from those described in these statements as a result of various factors, including those identified in the disclaimers in our earnings release or other filings, which have been filed with the U.S. Securities and Exchange Commission and on CDAR+. Forward-looking statements speak only as of today and will not be updated. Additionally, we may discuss references to non-GAAP metrics, the reconciliations of which can also be found in our earnings release. Finally, none of the information on this call constitutes a recommendation, solicitation, or offer by Galaxy or its affiliates to buy or sell any securities. With that, I'll turn it over to Mike Novogratz, founder and CEO of Galaxy.

Yeah, good morning, everyone. I don't really give a weather report, and it's pretty darn nice here in New York. Listen, this is our first earnings call after being a U.S. public-listed company, so that's exciting. Tony and Chris are going to go through the second quarter in pretty good detail. I think of these things as a little strange in that we're always looking backwards, talking about what we did, and my job is to look forward to not just to Q3, Q4, but to 2028, 2029, 2030. And so from that perch, I couldn't be more excited. July was, by all accounts, the best month we've had in Galaxy. All our businesses are starting to fire on full cylinders. In the asset management space, this phenomena of balance sheet companies, companies that raising capital in the public markets to deploy in crypto has exploded. We've taken an approach to want to service those. And so we're partnered with over 20 of those companies between capital, execution, asset management. It has probably added close to $2 billion of assets on platform, recurring income that will go on and on and hopefully grow. just literally just in the last short period of time. You know, on the on the trading side, you know, on the on the markets business, we executed a nine nine plus billion dollar trade. It's got to be the largest or one of the largest Bitcoin trades in history. That was fun. It was fun because it yelled loud and clear that there's a group of people that really trust our brand and trust our our discretion or execution services and We did it smoothly. The market took it. It tells you how strong the market is right now. That's a tremendous amount of Bitcoin that the market absorbed. You know, on the data center company, I told you before, I see both the data center business and the crypto business as growth businesses. We executed and bought another one gigawatt of potential capacity around the Helios site. That would make that a three and a half gigawatt site. Got to be one of the top five data centers in the world if we get that fully built out. That's exciting. We also announced CoreWeave executed the third option. And so now that entire 800 megawatt site will be tailor built for CoreWeave and their clients. And so again, firing all cylinders. The Trump administration is doing some amazing things for crypto. If you haven't, I would tell everyone to look at the SEC's SEC chair, Paul Atkins, his speech on, you know, putting the U.S. financial markets and global financial markets on chain. That really is the big challenge for all crypto companies, including Galaxy. And so, you know, when I say we're building to 2028, 2029, 2030, those kind of projects really will define us, you know, in that next decade. And so. We got a lot more to talk about, I think, next quarter. We've got a lot in store. But I couldn't be more bullish. Finally and last, I want to welcome Doug Deason to our board. Doug Deason has decades of experience across financial services, real estate, and public markets. But most importantly for me, he's a true Texan. We have a huge investment in Texas. And Texas is going to be a big part of Galaxy's future. Doug is well connected. His family has been there a long time, and he's going to help us really navigate any potholes in opportunities down in Texas, as well as in D.C. And so I couldn't be more excited. It's also nice to get someone who's a little bit older than me on the board. And so he's now our senior spokesman. With that, I'm going to hand it over to Tony to talk about the quarter. Great.