Galaxy Digital Inc-A 2025年季度报告

FORM10-Q_________________________ (Mark One) xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedJune 30, 2025 OR oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _______ to _______ Commission file number001-42655_________________________ Galaxy Digital Inc.(Exact name of registrant as specified in its charter) _________________________ 87-0836313(I.R.S. EmployerIdentification No.) Delaware (State or other jurisdiction ofincorporation or organization) (212)390-9216Registrant’s telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days. YesxNoo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files). YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YesoNo☒ As of July31, 2025, the number of shares of the registrant's Class A common stock outstanding was172,401,243and the number of shares of theregistrant's Class B common stock outstanding was203,885,332. Table of Contents EXPLANATORY NOTE On May 13, 2025, during the fiscal quarter ended June 30, 2025 to which this Quarterly Report on Form 10-Q relates, Galaxy DigitalInc. (“GDI”), Galaxy Digital Holdings Ltd. (“GDHL”) and Galaxy Digital Holdings LP (“GDH LP”) entered into a series of transactions toimplement an internal reorganization, which we collectively refer to as the “Reorganization Transactions.” Following the consummation of the Reorganization Transactions, GDI succeeded GDHL as the publicly traded company in whichformer holders of GDHL ordinary shares own their equity interests and GDH LP became the predecessor of GDI for financial reportingpurposes in what is commonly referred to as an umbrella partnership corporation structure. Except as otherwise expressly provided herein, the information in this Quarterly Report on Form 10-Q reflects the consummation ofthe Reorganization Transactions, which, as mentioned above, occurred during the period covered herein. References to the “Company,”“Galaxy,” “we,” “us,” or “our” refer to GDI, GDH LP, and their subsidiaries and affiliates, or any one of them, as the context suggests. TABLE OF CONTENTS Part I - Financial Information Item 1. Financial Statements7Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations52Item 3. Quantitative and Qualitative Disclosures About Market Risk70Item 4. Controls and Procedures72 Part II - Other InformationItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. Exhibits Signatures SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report on Form10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, ourbusiness strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. In some cases,forward-looking statements may be identified by words such as “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,”“intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: •our future financial performance, including our expectations regarding and our abi