Galaxy Digital Inc.

Ladies and gentlemen, thank you for standing by and welcome to the Galaxy Digital third quarter 2024 investor call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during that time, press star one on your telephone keypad. If you'd like to withdraw your question, press star one again. I will now hand today's call over to Jonathan Godowski, head of investor relations. Please go ahead, sir.

Good morning and welcome to Galaxy's third quarter 2024 earnings call and apologies for the technical difficulties this morning. Before we begin, please note that our remarks today may include forward-looking statements. Actual results may differ materially from those indicated or implied by our forward-looking statements as a result of various factors, including those identified in our filings with the Canadian Securities Regulatory Authority on CDAR Plus and available on our website, or in future filings we make with other securities regulators. Forward-looking statements speak only as of today and will not be updated. In addition, none of the information on this call constitutes a recommendation, solicitation, or offer by Galaxy or its affiliates to buy, sell, buy or sell any securities, including Galaxy securities. With that, I'll turn it over to Mike Novogratz, founder and CEO of Galaxy.

Yeah, guys, good morning. Beautiful day in New York. Again, apologies for the late start and the difficulties with the conferencing. But we're here. Listen, yesterday, I was thinking about this last night, was probably the most important day in the history of Galaxy and certainly an unbelievably important day for the cryptocurrency industry. We started Galaxy with this idea that we were going to be a bridge between the crypto community and institutions. And I think with the election of Donald Trump and what he has pledged to be a very liberal crypto policy, we're at the very beginning of what I think will be, you know, 52 weeks or 104 weeks of one piece of good news every week. Why do I think that, right? Again, I didn't publicly support Donald Trump as president. I was actually on the other side, but I was always pro-crypto. And I thought, let's do the best we can to have a bipartisan agreement. I do think the Democrats have warmed to crypto, but the Republicans are going all in. And, you know, first and foremost, if you look at the people Trump is going to have around him, right? RFK made one of the most aggressive and optimistic crypto speeches at Nashville. JD Vance, Peter Thiel, Howard Lutnick, who's running the transition team, who owns Cantor Fitzgerald, who's very engaged in the market, both in stable coins and as a holder of crypto. And so when the people around the table all like our industry, you've got to think good things are coming. What's most important is is people. And so, SEC, FDIC, OCC, these appointments, which we'll learn about in the next, you know, two to 12 weeks, two to 16 weeks, really will define a tone of what this industry feels like, right? Repealing SAB 21, right? The accounting rule that has really stopped most traditional custodians for participating in our industry is going to get repealed very quickly. And so when you bring in the Bank of New York and the State Streets as custodians, when you allow TradeFi competitors to own crypto on their balance sheet, it is going to unleash a tsunami of institutional participation. We see this as a great opportunity. We have been partnering with TradeFi companies Since we've started, we also see it as a threat. We're going to have to work that much harder to keep a moat as the traditional players start getting involved more and more in our markets. But the TLDR, it's going to bring in a ton of money. And when a ton of money comes into our space, prices go up and innovation happens. And so I couldn't be more excited. Yesterday was our largest trading day of the year, P&L-wise. You would expect that when markets were all up 10% and we own a lot of crypto. But our franchise was operating at full bore, trading with counterparties both in the U.S. and abroad, lending the derivative desk. And so it really felt like an affirmation of everything we've been working for. You know, Chris Ferraro is going to give you a good recap of our last quarter. The last quarter seems a little less relevant right now. given that this is kind of a whole new world. But we've got a lot of exciting things happening, certainly around the mining data center business. I couldn't be more exciting as our company, you know, pivots more and more towards AI as well as crypto. And so with that, I'm just going to leave you with a, you know, a strong, strong message that this is the beginning, not the end. And couldn't be more excited. I'll pass it to Chris.