Galaxy Digital Inc.

Good morning and welcome to the Galaxy Digital second quarter 2026 earnings call. Today's call is being recorded. To ask a question, you may press star then one on your touchtone phone. And to withdraw your question, please press star then two. At this time, I would like to turn the conference over to Mr. Jonathan Goldowsky, head of investor relations. Please go ahead.

Good morning and welcome to Galaxy's second quarter 2026 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.

Good morning, everyone. Listen, the second quarter was transformational for Galaxy. Behind the numbers is a single idea. The economy is increasingly running on code. Finance is moving on chain, and AI is remaking every industry. Both run on infrastructure, the financial rails on one side, the power and compute on the other. Galaxy is one of the few companies building at both ends of it today. This quarter, both sides delivered. On the data center side, I couldn't be more proud of our team. We delivered phase one at Helios on schedule and on budget, and that's not easy. The campus is now generating cash flow. We acquired three new data center sites, bringing our development pipeline to five plus gigawatts of potential power capacity and positioning Galaxy as one of the largest data center developers and operators in the world. Finally, we completed a three and a half billion high yield financing, the largest in our history, ensuring we have the capital to execute to execute on our developing roadmap. 2026 is also an inflection point for our digital assets business. Crypto bear markets are the best time to build, and we certainly are in one. While token prices and trading activity remain subdued, we're seeing tremendous demand for the infrastructure that will power the next generation of financial markets. Today we're working with some of the largest financial institutions in the world as they build out their digital asset capabilities. Last quarter, we signed our first major infrastructure engagement with Bank of New York, one of the largest custodians in the world, to further develop its digital asset infrastructure. We believe this is just the beginning. Across both segments, the through line is the same, transforming finance and powering AI. Data centers and digital assets are each strong businesses in their own right, and today we're building the infrastructure underneath both of them. I want to give you a few quick thoughts on clarity. Of course, everyone would have been happy if it had been passed already. Things aren't that easy. We're all sitting here waiting to see the White House's response to the ethics compromise that's been put forward, a bipartisan compromise between Senator Gallego and Senator Tillis. It's late. It does not look like anything will happen before the recess. And so there is some hope still that these guys will get together in September. I know from speaking to senators daily that all these issues are very close. And so we'll see where the political will turns out. If clarity doesn't pass, it's not the end of the world. We've been living without it since this business started. There's been a commitment from both the SEC chair and the CFDC chair that they will work really hard and quick to put out rules of the road to regulate crypto in a much more direct way. Finally, I'd love to welcome Steve VanRozak to our board. Steve has built and scaled some of the world's most complex technology companies, bringing more than three decades of senior operating leadership across IT, infrastructure, large-scale M&A, and capital allocation. His combination of operating expertise, capital discipline, and deep technology experience will further strengthen our board as we continue expanding our digital assets and trading center infrastructure platform. And with that, I'll hand it over to Tony.