您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[美股招股说明书]:Galaxy Digital Inc-A美股招股说明书(2025-05-30版) - 发现报告

Galaxy Digital Inc-A美股招股说明书(2025-05-30版)

2025-05-29美股招股说明书x***
Galaxy Digital Inc-A美股招股说明书(2025-05-30版)

424B31galaxydigitalinc-resale424.htm424B3 FiledPursuanttoRule424(b)(3)RegistrationNo.333-287605 Prospectus 245,062,407Shares GalaxyDigitalInc. ClassAcommonstock Thisprospectusrelatestotheofferandsalefromtimetotimebythesellingstockholdersnamedinthisprospectus(the“SellingStockholders”)ofupto245,062,407shares(the“ResaleShares”)ofClassAcommonstock,parvalue$0.001pershare(“ClassAcommonstock”),ofGalaxyDigitalInc.(“GDI”),consistingof(i)213,112,343sharesofClassAcommonstockissuableuponredemptionorexchangeofanequivalentnumberoflimitedpartnershipunits(the“LPUnits”)ofGalaxyDigitalHoldingsLP(“GDHLP”),(ii)upto2,750,000sharesofClassAcommonstockheldbycertainsellingstockholdersasofthedatehereof,(iii)upto16,562,570sharesofClassAcommonstockissuableuponexchangeofthe3.00%ExchangeableSeniorNotesdue2026issuedbyGDHLP(the“2026ExchangeableNotes”)and(iv)upto12,637,494sharesofClassAcommonstockissuableupontheexchangeofthe2.500%ExchangeableSeniorNotesdue2029issuedbyGDHLP(the“2029ExchangeableNotes”and,togetherwiththe2026ExchangeableNotes,the“ExchangeableNotes”). WearenotsellinganysharesofourClassAcommonstockinthisofferingandwewillnotreceiveanyproceedsfromthesaleoftheResaleSharesbytheSellingStockholderspursuanttothisprospectus.TheSellingStockholderswillreceivealloftheproceedsfromanysalesoftheResaleSharesofferedhereby.However,wewillincurexpensesinconnectionwiththeregistrationofourClassAcommonstockofferedhereby. WeareregisteringtheResaleShareseithertopermitcertainoftheSellingStockholderstoofferthesesharesforresalefromtimetotimefollowingredemptionorexchangeoftheirLPUnitsorpursuanttocertainoftheSellingStockholders’registrationrights,whicharedescribedinthesectionentitled“SellingStockholders.”OurregistrationoftheResaleSharesdoesnotmeanthattheSellingStockholderswillofferorsellanyoftheResaleShares,andtherecanbenoassurancesthattheSellingStockholderswillsellanyorallofthesecuritiesofferedunderthisprospectus.TheSellingStockholdersmayoffer,sellordistributealloraportionoftheResaleSharespubliclyorthroughprivatetransactionsatfixedprices,atprevailingmarketprices,atvaryingpricesdeterminedatthetimeofsaleoratnegotiatedprices.ThetimingandamountofanysalearewithinthesolediscretionoftheSellingStockholders.WeprovidemoreinformationabouthowtheSellingStockholdersmayselltheResaleSharesinthesectionentitled“PlanofDistribution.” OurClassAcommonstockislistedontheNasdaqGlobalSelectMarket(“Nasdaq”)andtheTorontoStockExchange(the“TSX”)underthesymbol“GLXY.”OnMay29,2025thelastreportedsalepriceofourClassAcommonstockonNasdaqwas$19.60pershare. SalesofasubstantialnumberofsharesofourClassAcommonstockinthepublicmarket,includinganysalesbytheSellingStockholders,couldoccuratanytime.Thesesales,ortheperceptionthatsuchsalesmayoccur,couldhaveasignificantnegativeimpactonthetradingpriceofourClassAcommonstock. Weareaholdingcompanyand,asaresultoftheReorganizationTransactions(aseriesoftransactionsdescribedfurtherelsewhereinourprospectus),ourprincipalassetsareourdirectownershipof(i)certainLPUnits,whichentitleustoacorrespondingpercentageownershipoftheeconomicinterestinGDHLP(andasaresult,Galaxy’sbusiness),and(ii)allofthegeneralpartnershipinterestsofGDHLP,whichentitlesustooperateand controlallofthebusinessandaffairsofGDHLPasitssolegeneralpartner,and,throughGDHLPanditssubsidiaries,toconductallofGalaxy’sbusiness.AsofMay23,2025,weown38.6%ofthetotaleconomicinterestinGDHLP.TheremainingeconomicinterestinGDHLPisownedbyentitiescontrolledbyMichaelNovogratz,ourChiefExecutiveOfficerandFounder(our“Founder”),andcertainotherlimitedpartnersofGDHLP,ineachcase,throughtheirrespectiveownershipofLPUnits. InvestinginourClassAcommonstockinvolvesahighdegreeofrisk.See“RiskFactors”beginningonpage12. NeithertheSecuritiesandExchangeCommissionnoranystatesecuritiescommissionhasapprovedordisapprovedofthesesecuritiesorpassedupontheadequacyoraccuracyofthisprospectus.Anyrepresentationtothecontraryisacriminaloffense. ProspectusdatedMay29,2025 TABLEOFCONTENTS Page AboutThisProspectusii BasisofPresentationiii TrademarksandServiceMarksiv Glossaryv ProspectusSummary1 RiskFactors12 SpecialNoteRegardingForward-LookingStatements109 MarketandIndustryData112 DeterminationofOfferingPrice113 UseofProceeds114 MarketInformationforCommonStockandDividendPolicy115 UnauditedProFormaCondensedConsolidatedFinancialStatements116 Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations125 Business157 Management192 ExecutiveCompensation198 PrincipalStockholders228 SellingStockholders230 CertainRelationshipsandRelatedPartyTransactions235 DescriptionofCapitalStock243 PlanofDistribution253 MaterialU.S.FederalIncomeTaxConsequencesforNon-U.S.HoldersofOurClassACommonStock257 LegalMatters260 Experts260 WhereYouCanFindAdditionalInformation260 IndextoFinancialStatementsF-1 AppendixA—ApprovedTokenListA-1 i ABOUTTHISPROSPECTUS Inthisprospectus,unlessotherwisestatedorthecontextotherwiserequires,the“Company,”“we,”“our,”“us,”“Galaxy”andsimilarreferencesrefer,(1)priortotheconsummationoftheReorganizationTransactions,toGalaxyDigitalHoldingsLtd.(“GDHL”)