Equity capital was $2.2 billion as of March 31, 2024, up $402 million quarter-over-quarter ("QoQ") Net income of $422 million for the first quarter, up $120 million relative to the prior quarter Galaxy Mining reached a Hashrate Under Management of 5.7 exahash per second, which contributed to record bitcoin mining revenue of $31.5 million for the first quarter NEW YORK, May 14, 2024 /CNW/ - Galaxy Digital Holdings Ltd. (TSX:GLXY) (the "Company" or "GDH Ltd.") today released financial results for the three months ended March 31, 2024, for both itself and Galaxy Digital Holdings LP (the "Partnership" or "GDH LP"). In this press release, a reference to "Galaxy", "we", "our" and similar words refer to GDH Ltd., its subsidiaries and affiliates including GDH LP, or any one of them, as the context requires. Corporate Updates US Listing and Reorganization: Galaxy continues to work on completing its proposed reorganization and domestication to become a Delaware-incorporated company and subsequently list on the Nasdaq, upon completion of ongoing SEC review and subject to stock exchange, shareholder and applicable regulatory approvals of such transactions. On May 13, 2024, Galaxy filed an amendment to its registration statement responding to SEC comments, which is under review. Equity Capital Raise: Subsequent to quarter-end, on April 12, 2024, Galaxy announced the close of its US$125 million bought deal financing (the "Offering"). Pursuant to the Offering, the Company issued a total of 12,100,000 ordinary shares on a bought deal basis at an offering price of C$14.00 per Ordinary Share for aggregate gross proceeds of C$169,400,000 (or approximately US$125 million equivalent). The net proceeds of the Offering will be used for working capital and general purposes, including among other things, to advance the following business objectives: expansion of our trading operations in the United States and internationally, and completion of the planning for the next phase of expansion of the Helios mining facility's infrastructure. Select GDH LP Financial Metrics Q1 2024 Q4 2023 Q/Q % Change Equity Capital $2,192M $1,790M 22 % Liquidity $1,499M $910M 65 % Cash & Net Stablecoins1 $163M $201M (19) % Net Digital Assets Excluding Stablecoins2 $821M $709M 16 % Spot Bitcoin ETFs $515M $0M N.M.3 Net Income (loss) $422M $302M 40 % Book Value Per Share in CAD4 $9.11 CAD $7.28 CAD 25 % Note: Throughout this document, totals may not sum due to rounding. Quarter-over-quarter and year-over-year percentage change calculations are based on unrounded results. (1) Includes Cash Equivalents. (2) Refer to page 13 of this release for a breakout of our net digital assets position. (3) Abbreviation for "Not Meaningful".  (4) Calculated as equity capital divided by outstanding Class A and Class B Units multiplied by the end of period foreign exchange rate. Galaxy Global Markets Galaxy Global Markets ("GGM") offers institutional-grade expertise and access to a broad range of digital asset products, including digital asset spot and derivatives trading, structured products, financing, as well as capital markets and M&A advisory services for corporate clients. GGM operates in two discrete business units – Trading and Investment Banking. Trading Trading reported counterparty trading revenue of $66 million in the first quarter, primarily driven by increased revenue from derivatives and favorable asset price movements. In-line with this, counterparty trading volumes increased 78% versus the prior quarter, and our average loan book size expanded to $664 million. Galaxy continues to onboard new counterparties and ended the first quarter with 1,161 total trading counterparties. Key Performance Indicators Q1 2024 Q4 2023 Q/Q % Change Counterparty Trading Revenue $66M $37M1 79 % Loan Book Size (Average) $664M $635M 5 % Total Trading Counterparties 1,161 1,052 10 % Active Trading Counterparties 281 272 3 % (1) Metric has been updated to exclude revenues derived from decentralized finance protocols resulting in a reduction of Q4 2023 Counterparty Trading Revenue by $7M. Investment Banking Investment Banking successfully closed one deal in the first quarter, serving as advisor to CryptoSlam, the leading aggregator of NFT data across blockchain ecosystems, who received a strategic investment from Spirit Blockchain Capital. Galaxy is executing against a pipeline of mandates representing $2.2 billion in potential deal value. Key Performance Indicators Q1 2024 Q4 2023 Q/Q % Change Deals Closed 1 1 — % Pipeline 20 23 (13) % Deal Value of Pipeline $2.2B $2.2B — % _____ KEY TERMS Counterparty Trading Revenue: revenue from counterparty-facing activities from our Derivatives, Credit, Over-the-Counter Trading, and Quantitative Trading businesses, net of associated funding charges. Loan Book Size (Average): average market value of all open loans, un-funded arrangements to finance delayed trading/settlement (for example over weekends), and uncommitted credit facilities in the period. Active Trading Counterparties: counterparties with whom we have traded within the past 12 months and who are still onboarded with Galaxy's trading business. Pipeline: the number of open engagements and transactions the Investment Banking team has in market. Deal Value of Pipeline: the theoretical aggregate deal value associated with the Investment Banking pipeline. Galaxy Asset Management  Galaxy Asset Management ("GAM") provides investors access to the digital asset ecosystem via a diverse suite of institutional-grade investment vehicles that span passive, active, and venture strategies. GAM management and performance fees were a record $17.8 million in the first quarter, representing a 113% increase QoQ, primarily driven by the management of certain opportunistic mandates. GAM reported assets under management of approximately $7.8 billion as of March 31, 2024, a 50% increase QoQ, driven primarily by net inflows from newly managed opportunistic mandates and market appreciation. On January 11, 2024, GAM, in partnership with Invesco, announced the launch of the Invesco Galaxy Bitcoin ETF (ticker: BTCO). Subsequent to quarter-end, GAM launched two new XTrackers Exchange Traded Commodities ("ETCs") in partnership with DWS Group, giving European investors access to bitcoin and ether. Key Performance Indicators Q1 2024 Q4 2023 Q/Q % Change Management and Performance Fees $17.8M $8.4M 113 % Total AUM $7,777M $5,176M 50 %      Passive AUM $2,730M $1,589M 72 %      Active AUM1 $3,582M $2,170M 65 %      Venture AUM $1,465M $1,418M 3 % Note: In Galaxy's monthly AUM disclosures, the "funds" line item consists of AUM held in GAM's Passive, Active, and Venture funds, excluding opportunistic assets.(1) Includes opportunistic AUM. "Opportunistic" AUM are near-term or mid-term engagements to unwind portfolios managed by GAM. Opportunistic AUM was $3,440M as of March 31, 2024, and $2,078M as of December 31, 2023. _____ KEY TERMS Assets Under Management: all figures are unaudited. AUM is inclusive of sub-advised funds, committed capital closed-end vehicles, seed investments by affiliates, affiliated and unaffiliated separately managed accounts, engagements to unwind portfolios, and fund of fund products. Changes in AUM are generally the result of performance, contributions, withdrawals, liquidations and opportunistic mandate wins. AUM for committed capital closed-end vehicles that have completed their investment period is reported as NAV (Net Asset Value) plus unfunded commitment. AUM for quarterly close vehicles is reported as of the most recent quarter available for the applicable period. AUM for affiliated separately managed accounts is reported as NAV as of the most recently available estimate for the applicable period. Passive Strategies: single- and multi-asset private funds, as well as a suite of regulated spot digital asset exchange-traded funds offered through partnerships with asset managers globally.  Active Strategies: Galaxy's Liquid Crypto Fund and the management of certain opportunistic mandates. Venture Strategies: organized around two investment themes: Interactive Ventures and Crypto Ventures. Galaxy Interactive is GAM's sector-focused venture arm, managing client capital across three funds. GAM's Crypto Ventures sleeve invests client capital across two global, multi-manager venture funds and manages a subset of Galaxy's balance sheet venture investments. Galaxy Digital Infrastructure Solutions  Galaxy Digital Infrastructure Solutions ("GDIS") consists of proprietary and hosted bitcoin mining services, GK8 self-custody technology solutions, and blockchain infrastructure. Mining Mining revenue was a record $31.5 million for the first quarter, a 69% increase QoQ driven by incremental hashrate coming online. We reached 5.7 exahash per second ("EH/s") of Hashrate Under Management ("HUM") across our proprietary and hosted footprint, and remain on track to achieve 6 EH/s of HUM in the third quarter. Our average marginal cost to mine in the first quarter increased relative to prior quarters due to network difficulty reaching all-time highs. For the first quarter, Galaxy mined 373 bitcoin from our proprietary mining operations at an average marginal cost to mine of less than $19,500. Key Performance Indicators Q1 2024 Q4 2023 Q/Q % Change Mining Revenue $31.5M $18.7M 69 % Proprietary Mining Revenue $20.1M $12.4M 62 % Hosted and Other Mining Revenue1 $11.4M $6.2M 84 % Total Hashrate Under Management 5.7 EH/s 4.1 EH/s 41 % Proprietary Mining Hashrate 3.1 EH/s 1.9 EH/s 64 % Hosted Mining Hashrate 2.6 EH/s 2.2 EH/s 21 % Number of Proprietary BTC Mined 373 333 12 % Average Marginal Cost to Mine  <$19.5K <$15.5K N.M. (1) Includes revenue from hosting clients and other mining related activities. Blockchain Infrastructure and GK8 Blockchain Infrastructure and GK8 continue to support the build-out of decentralized networks. Blockchain infrastructure grew its Assets Under Stake ("AUS") by 100% in the first quarter. As of April 30, 2024, AUS increased to $1.5 billion, with Galaxy growing to become the number two validator globally on the Solana network. GK8 has a robust pipeline of enterprise clients and expanded its tokenization capabilities to allow clients to seamlessly and securely tokenize assets. Key Performance Indicators Q1 2024 Q4 2023 Q/Q % Change Assets Under Stake $486M $243M 100 % GK8 Total Client Count 21 21 — % _____ KEY TERMS Hashrate Under Management: the total combined hashrate of active proprietary and hosted mining capacity managed by Galaxy. Proprietary Mining Hashrate: the hashrate attributed to Galaxy owned and operated mining rigs. Hosted Mining Hashrate: the hashrate attributed to third-party machines operated by Galaxy for a client. Number of Proprietary BTC Mined: the total amount of bitcoin mined from proprietary mining operations. Average Marginal Cost to Mine: the marginal cost of production for each bitcoin generated during the period. The calculation excludes depreciation, mark-to-market on power contracts, and corporate overhead. Assets Under Stake: the total notional value of assets bonded to Galaxy validators, based on prices as of the end of the specified period. This includes certain Galaxy balance sheet assets, Galaxy affiliate assets, and third party assets. GDH Ltd.'s Financial Highlights As the only significant asset of GDH Ltd. is its minority interest in GDH LP, its results are driven by the results of GDH LP. GDH Ltd. accounts for its investment in this associate (GDH LP) using the equity method. The investment, initially recorded at cost, is increased or decreased to recognize GDH Ltd.'s share of the earnings and losses of GDH LP. The net comprehensive income (loss) of GDH Ltd. was $110.0 million for the three months ended March 31, 2024. Earnings Conference Call An investor conference call will be held today, May 14, 2024, at 8:30 AM Eastern Time. A live webcast with the ability to ask questions will be available at: https://investor.galaxy.com/. The conference call can also be accessed by investors in the United States or Canada by dialing 1-844-746-0741, or 1-412-317-5107 (outside the U.S. and Canada). A replay of the webcast will be available and can be accessed in the same manner as the live webcast on the Company's Investor Relations website. Through June 14, 2024, the recording will also be available by dialing 1-844-512-2921, or 1-412-317-6671 (outside the U.S. and Canada) and using the passcode: 10188612. About Galaxy Digital Holdings Ltd. (TSX:GLXY) ("GDH Ltd.") and Galaxy Digital Holdings LP ("GDH LP") Galaxy (TSX:GLXY) is a digital asset and blockchain leader providing access to the growing digital economy. We serve a diversified client base, including institutions, startups, and qualified individuals. Since 2018, Galaxy has been building a holistic financial platform spanning three complementary operating businesses: Global Markets, Asset Management, and Digital Infrastructure Solutions. Our offerings include, amongst others, trading, lending, strategic advisory services, institutional-grade investment solutions, proprietary bitcoin mining and hosting services, network validator services, and the development of enterprise self-custodial technology. The company is headquartered in New York City, with global offices across North America, Europe, and Asia. Additional information about Galaxy's businesses and products is available on www.galaxy.com. This press release should be read in conjunction with (i) GDH LP's Management Discussion and Analysis and Consolidated Financial Statements for the three months ended March 31, 2024 and (ii) GDH Ltd.'s Management Discussion and Analysis and Consolidated Financial Statements for the three months ended March 31, 2024 (together, the "Consolidated Financial Statements" and "MD&As"), which have been filed on SEDAR at www.sedarplus.ca. Disclaimers and Additional Information The TSX has not approved or disapproved of the information contained herein. The Ontario Securities Commission has not passed upon the merits of the disclosure record of Galaxy. No Offer or Solicitation  As previously announced, the Company intends to complete its proposed reorganization and domestication to become a Delaware-based company, and subsequently list on the Nasdaq, upon completion of the SEC's ongoing review and subject to stock exchange approval of such listing. The proposed reorganization and domestication is subject to approval by shareholders the Company and applicable regulatory authorities, including the Toronto Stock Exchange. In connection with the proposed reorganization and domestication, the Company has filed a registration statement, including a management information circular/prospectus, with the SEC, which has not yet become effective. SHAREHOLDERS ARE ADVISED TO READ THE FINAL VERSIONS OF SUCH DOCUMENTS, WHEN AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the registration statement (including the management information circular/prospectus) and any other relevant documents from the SEC's website at http://www.sec.gov. Copies of the final versions of such documents can also be obtained, when available, without charge, via Galaxy's investor relations website: https://investor.galaxy.com/ The Company anticipates holding a shareholder meeting to seek approval following the effectiveness of the registration statement, and further details will be included in the management information circular to be mailed to shareholders and posted on the Company's SEDAR profile at www.sedarplus.ca. This document shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the domestication or any of the other proposed reorganization transactions. This document does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. CAUTION ABOUT FORWARD-LOOKING STATEMENTS  The information in this document may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and "forward-looking information" under Canadian securities laws (collectively, "forward-looking statements"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including statements about Galaxy's anticipated use of proceeds from the capital raise, business pipelines for banking and Gk8, mining goals, focus on self custody and validator solutions and our commitment to the future of decentralized networks and the pending domestication and the related transactions (the "transactions"), and the parties, perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the inability to complete the proposed domestication and reorganization transactions, due to the failure to obtain shareholder and stock exchange approvals, or otherwise; (2) changes to the proposed structure of the transactions that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining shareholder or stock exchange approval of the transactions; (3) the ability to meet and maintain listing standards following the consummation of the transactions; (4) the risk that the transactions disrupt current plans and operations; (5) costs related to the transactions, operations and strategy; (6) changes in applicable laws or regulations; (7) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (8) changes or events that impact the cryptocurrency industry, including potential regulation, that are out of our control; (9) the risk that our business will not grow in line with our expectations or continue on its current trajectory; (10) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; and (11) the possibility that there is a disruption in mining impacting our ability to achieve expected results or change in power dynamics impacting our results, (12) any delay or failure to consummate the business mandates or achieve its pipeline goals in banking and Gk8, (13) liquidity or economic conditions impacting our anticipated use of proceeds (14) regulatory concerns, technological challenges, cyber incidents or exploits on decentralized networks (15) those other risks contained in the Annual Information Form for the year ended December 31, 2023 available on the Company's profile at www.sedarplus.ca and its Management's Discussion and Analysis, filed on March 26, 2024. Factors that could cause actual results to differ materially from those described in such forward-looking statements include, but are not limited to, a decline in the digital asset market or general economic conditions; the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of the stated addressable market; the failure or delay in the adoption of digital assets and the blockchain ecosystem; a delay or failure in developing infrastructure for our business or our businesses achieving our banking and Gk8 mandates; delays or other challenges in the mining business related to hosting, power or our mining infrastructure; any challenges faced with respect to decentralized networks, considerations with respect to liquidity and capital planning and its impact on our use of proceeds from our capital raise and changes in applicable law or regulation and adverse regulatory developments. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. We are not undertaking any obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. ©Copyright Galaxy Digital 2024. All rights reserved. Galaxy Digital Holdings LP's Consolidated Statements of Financial Position (unaudited) (in thousands) March 31, 2024 December 31, 2023 Assets Current assets