Galaxy Digital Inc.

Good morning and welcome to the Galaxy Digital Third 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 then 1 on your telephone keypad. To withdraw your question, please press star then 2. At this time, I would like to turn the conference over to Jonathan Goldowski, Head of Investor Relations. Please go ahead, sir.

Good morning and welcome to Galaxy's third 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 US 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.

Well, good morning, everyone. Chris Ferraro would get upset with me if I didn't give you a New York weather report. It is a gorgeous day here in the Big Apple, a great fall day. I couldn't be more excited to be with you. I want to welcome our new friends who are logging in on YouTube. You know, last time at our conference call, we didn't have enough slots, which was a bit embarrassing. And so we wanted to make sure our story gets out there and anyone who wants to hear can hear. And so thanks for following us. Listen, quarter three was the best quarter in Galaxy's history. And so I show up today with a grin. Problem about running a company is that grin lasts forever. probably for the length of this call. And then my face gets stern and we start grinding. You know, what happened? Listen, we have for eight years been trying to build a brand of competence and trust. And Q3, it felt like that all kind of came together, right? We did a gigantic... spot crypto trade, which came to us because they're guys in the community that trusted us to move $9 billion of their Bitcoin into cash. That didn't come overnight. That comes from a long time of relationship building and liquidity building, quite frankly. We also... you know, help launch the largest Solana debt. Again, raising $1.7 billion, $1.65 billion to invest in the Solana ecosystem and doing it quickly comes from having built up trust with lots of people. And so that's kind of the the story that we've been working hard for eight years. We didn't do a great job telling our story originally, and we're really focused on that. Part of that was not being here. We're six months now in the U.S. NASDAQ company. It gives us a lot more ability to tell our story. And so part of my job is out there making sure people understand what Galaxy is, what we're doing, what we're thinking about. I'll just hit you with a few quick highlights, and I'm going to pass this to Tony and And Chris, but one, we generated $500 million plus of net income. That's just a lot. Our assets on platform reached $17 billion. That's by far a record for us. That's strong organic growth and asset management and staking. You know, asset management, we did a great job of understanding when all these treasury companies were starting that we could play a role in helping them manage those assets in stake. And so that was $4 billion-plus of new assets added to the platform. And those are high-fee-paying assets that will be with us for a long time. Trading side, outside of that 80,000 Bitcoin order, we saw record volumes. And that hopefully continues to grow each quarter. Those are the businesses that we keep investing in, thinking that that will, in the long run, give Galaxy great ballast. Our lending book, which had spent years roughly in that $900 to $1.2 billion is on the move. We were $1.8 billion and growing. And so talked a lot about credit needing to be a key part of the Galaxy growth story, and we are focused on making it so. Excitingly, we launched Galaxy One. It's our opening for... to get individual investors into the Galaxy universe. We're going to take the knowledge and institutional profile that we've built at Galaxy and open the window to more and more people. It's a new business. We're going to give you updates. But it's going to take us a little while to get that really up and running. And so let's think of that as a Q2 26 big update. You know, data centers, which is I always think of, We're half a data center company and half a digital assets company. We are grinding in the data center business. You know, there are two sides to this. There's the 800 megawatts that we have and building that out for CoreWeave. That's building on time. That's building on costs. That's getting it financed. All of those things Chris is going to talk on, I'm feeling great about. And then it's, you know, we're in queue with a bunch of people for more power in Texas. And we'll know a lot more about that in the foreseeable future. But we feel pretty good that 800 is not going to be our total footprint. And finally, listen, last week we did a pipe deal, $460 million from a large institutional investor. Couldn't be more excited about having them as a partner and investor in us. That money is going to be used to help build out a world-class company and a world-class data center. And with that, guys, like I said, couldn't be more excited. I'm going to pass it to Tony. Great.