Galaxy Digital Inc.

Good day, everyone, and welcome to the Galaxy Digital First Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. Later, you'll have the opportunity to ask questions during a question-and-answer session. To register or ask a question, you may press the star and 1 on your touchtone telephone at any time. If you find your question has been answered, you may remove yourself from the queue by pressing star 2. Please note, today's call may be recorded, and I will be standing by if you should need any assistance. It is now my pleasure to turn the program over to Mr. Jonathan Gudowski, Head of Investor Relations. Please go ahead.

Good morning and welcome to Galaxy's first 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 such 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. 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.

It's an exciting week here at Galaxy. Three minutes after midnight last night, we officially became a U.S. company. That was a long time coming. We literally look back, it was 1,317 days ago where we first filed to try to be public here in the U.S. And so for all of us here and for all of you investors that have been with us, there's both a sigh of relief and a great sense of excitement. You know, why NASDAQ and why am I so excited? Listen, the opportunity to participate in the U.S. capital markets is an exciting one. For the first time, we're going to be accessible to platforms like Robinhood and eToro and all the retail platforms that have been driving a lot of U.S. equity performance. We're also going to become eligible for inclusion in market indices like the S&P, the Russell, MSCI. And so just with the enhanced visibility, being able to actually talk about our company when I'm on CNBC, we just think it's going to drive a lot of excitement We're a growth company, period. We've got two vectors right now, our crypto business and our AI business, and we see huge opportunities in both. We continue to hope for clear regulations coming out of D.C. I'm a little disappointed at the gridlock rate going on right there around crypto. And so we're hoping and we're working really hard to help in that legislative process. But even without the legislative process, the regulatory process, the clarity that's coming out of the SEC and CFDC is giving the whole industry a huge boost. We haven't seen this much activity from institutions in a long, long time. I think I first mentioned the phrase, the herd is coming, this idea that institutions would come to crypto way back in 2016 or 2015 even. And I was really early, but I can tell you, emphatically and categorically, the institutions are here now. They are looking at ways to get involved, not just in crypto space, but in the whole blockchain as infrastructure space. We are going to tokenize real world assets. You're going to see equities on the blockchain. And so it's the dawn of a new era that's just starting. Before I pass this to Chris and Tony to talk about the guts of the quarter, I would say two things. Q1 was not a great quarter for crypto or for Galaxy. Thank goodness both the crypto markets have rebounded and our P&L has as well. And so we're coming into this listing week with what we feel is great momentum and great energy. Finally, I want to thank both Dominic and Damian who are stepping down from our board. They've been a great service to Galaxy. And we wish them well, and I'm sure they'll still be part of the Galaxy family. At that, Tony, I'm going to pass it to you for the fun stuff.