Management’s discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated interim financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q. Some of the information contained in this Quarterly Report on Form 10-Q includes forward-looking statements that involve risks and uncertainties. You should read the sections titled “Special Note Regarding Forward-Looking Statements” and “Risk Factors” for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview Galaxy is a global financial services and infrastructure company focused on digital assets and high performance computing (“HPC”). We aim to facilitate efficient access and adoption of digital assets by institutional clients through our Global Markets and Asset Management & Infrastructure Solutions businesses within our Digital Assets segment. We also develop and operate HPC data center infrastructure to meet the rising global demand for reliable power and scalable compute capacity driven by accelerated artificial intelligence (“AI”) growth. Our Digital Assets operating business segment provides new products and capabilities such as staking, margin-based financing and active exchange-traded funds. Galaxy has relationships with approximately 1,700 trading counterparties spanning both crypto-native and traditional finance, with approximately $7.6 billion in assets across our platform as of June 30, 2026. Our full suite of services spans across two operating business segments: Digital Assets and Data Centers. Our Digital Assets operating business segment includes: •Our Global Markets business, which provides over-the-counter (“OTC”) spot and derivatives trading, lending, structured products, as well as mergers and acquisitions (“M&A”) advisory and equity and debt capital markets services. •Our Asset Management & Infrastructure Solutions business encompasses our investment management division and blockchain infrastructure products and services, with approximately $7.6 billion in assets across the platform as of June 30, 2026. Our Asset Management business manages a diverse suite of ETF and Alternatives strategies, taking the investing DNA that has been core to Galaxy since our founding and externalizing it for institutional allocators and individuals. Our Infrastructure Solutions business enables our clients to participate in an increasingly on-chain and decentralized future through staking, tokenization and custodial technology. Our Data Centers operating business segment develops and operates HPC infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry. Galaxy’s Helios data center campus, located in the panhandle region of West Texas, has developed the first 133 megawatts (“MW”) of critical IT load, utilizing approximately 200 MW of gross power capacity, for CoreWeave, Inc. (“CoreWeave”) under a 15-year lease agreement (the “Lease Agreement”) entered into in April 2025. In total, the Electric Reliability Council of Texas (“ERCOT”) has approved over 1.6 gigawatts (“GW”) of gross power capacity at our Helios campus. In addition to the initial 200 MW described above, 600 MW of this gross power capacity will support the incremental 393 MW of critical IT load leased to CoreWeave under the Phase II (the “Phase II Lease”) and Phase III (the “Phase III Lease”) leases pursuant to the Lease Agreement, and is expected to be delivered starting in the second quarter of 2027. The remaining 830 MW of approved power capacity remains available to be contracted. Our operating business segments are supplemented by our Treasury and Corporate segment, which includes Galaxy’s diversified portfolio of digital assets, venture, private equity, and fund investments. Financial and Operational Highlights •Galaxy generated Net loss of $85.3 million and Net loss of $301.6 million for the three and six months ended June 30, 2026, respectively, compared to Net income of $30.7 million and Net loss of $264.7 million for the three and six months ended June 30, 2025, respectively. 52 Table of Contents •Galaxy generated Adjusted EBITDA of $(77.3) million and $(264.8) million for the three and six months ended June 30, 2026, respectively, compared to Adjusted EBITDA of $211.1 million and $(78.4) million for the three and six months ended June 30, 2025, respectively. •Total equity was $2.7 billion and cash and stablecoin holdings were $2.5 billion as of June 30, 2026. Recent Developments On July 28, 2026, Galaxy, through its wholly-owned subsidiary, Galaxy Helios Data Centers II LLC (“Galaxy Data Centers”), completed the issuance and sale of $3.507 billion aggregate principal amount of 9.875% Senior Secured Notes due in 2031 (the “Notes”) in a private offering exempt from registration under Rule 144A and Regulation S of the Securities Act. In connection with the Notes, Galaxy Data Centers, Galaxy Helios II LLC, a wholly owned direct subsidiary of Galaxy Data Centers (the “Guarantor”), and Galaxy Helios II Qualified Opportunity Zone Business, LLC, the direct parent company of the Company entered into an indenture (the “Indenture”) with The Bank of New York Mellon, as trustee and collateral agent. The proceeds of the Notes will be used to finance the construction of two data center buildings at the Helios campus (the “Project”). The Notes bear interest at a rate of 9.875% per annum, payable semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on February 1, 2027, and will mature on August 1, 2031, unless earlier redeemed or repurchased in accordance with their terms. The Notes will amortize on a semi-annual basis on February 1 and August 1 at the rates specified in the Indenture, with the first payment date to occur at least ten months after the completion of the Project. The Notes are fully and unconditionally guaranteed by the Guarantor, and will constitute the senior secured obligations of Galaxy Data Centers and the Guarantor. The Notes and related note guarantee will be secured by first-priority liens on (i) substantially all assets of Galaxy Data Centers and the Guarantor, other than certain excluded property and (ii) all equity interests of Galaxy Data Centers held by the direct parent company of Galaxy Data Centers. In connection with the Notes, GDH LP provided a customary, uncapped completion guarantee with respect to the Project. Our Business Model Galaxy’s business generates revenue through a variety of channels, creating a diversified and resilient cash flow base that is not directly correlated to any single asset, token, or business line. Within the Digital Assets operating business segment, the Global Markets business earns revenue from spreads on client trades, net interest income from lending activities, and fees from M&A and capital raising transactions. Galaxy’s Asset Management & Infrastructure Solutions business generates management and performance fees on assets under management, fees on assets staked to our validator nodes and licensing fees from institutions who leverage our proprietary self-custody technology. Within our Data Centers operating business segment, we expect the majority of revenue to come from long-term lease agreements with cloud service provider clients that Galaxy may obtain from time to time for HPC. We expect this segment to become a significant and diversified source of long-term, predictable revenue for Galaxy, uncorrelated to the prices of digital assets, particularly as we continue to deliver critical IT load for CoreWeave (and potentially other future tenants). We recognized our first lease revenue from this segment in the second quarter. We also earn revenue by managing a diversified portfolio of digital assets, venture, private equity, and fund investments on our balance sheet, as well as through our bitcoin mining operations, all of which are reported within the Treasury and Corporate segment. Non-GAAP Financial Measures To supplement our condensed consolidated interim financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our business. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Adjusted EBITDA is a non-GAAP financial measure that is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision-making. We believe Adjusted EBITDA provides investors with additional useful information in evaluating Galaxy’s operating performance, as well as a useful measure for period-to-period comparisons of our business performance. Adjusted EBITDA is defined as Net income / (loss), excluding (i) equity-based compensation, (ii) notes interest and other expense, (iii) tax expense / (benefit), (iv) depreciation and amortization expense, (v) gains and losses on the embedded derivative on our Exchangeable Notes which ceased to exist upon consolidation as a result of the Reorganization 53 Table of Contents Transactions, (vi) mining-related impairment loss / loss on disposal of mining equipment, and (vii) other discrete items which are not individually significant that we believe are not indicative of our ongoing results. The above items are excluded from our Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. This non-GAAP financial measure does not have any standardized meanings prescribed by GAAP and may not be comparable to similar measures presented by other companies in our industry. This non-GAAP financial measure has been prepared by, and is the responsibility of, Galaxy’s management, and has not been audited or reviewed by our independent registered public accounting firm. You should not place undue reliance on this non-GAAP financial measure. The following tables present a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, Net income / (loss): (in thousands) Digital Assets Data Centers Treasury and Corporate Three Months Ended June 30, 2026 Net income / (loss) $ (19,048) $ 31,155 $ (97,423) $ (85,316) Add back: Equity based compensation 9,218 657 6,331 16,206 Notes interest and other expense — 7,365 17,732 25,097 Tax expense / (benefit) (1,704) (32,450) (8,717) (42,871) Depreciation and amortization expense 1,650 4,762 2,749 9,161 Other (1) (646) — 1,111 465 Adjusted EBITDA $ (10,530) $ 11,489 $ (78,217) $ (77,258) (in thousands) Digital Assets Data Centers Treasury and Corporate Three Months Ended June 30, 2025 Net income / (loss) $ (2,535) $ — $ 33,226 $ 30,691 Add back: Equity based compensation 11,826 — 6,957 18,783 Notes interest and other expense — — 12,042 12,042 Tax expense / (benefit) — — 11,470 11,470 Depreciation and amortization expense 3,560 — 3,898 7,458 Mining related impairment loss / loss on disposal — — 15 15 Unrealized (gain) / loss on notes payable – derivative — — 125,150 125,150 Other (1) — — 5,506 5,506 Adjusted EBITDA $ 12,851 $ — $ 198,264 $ 211,115 (in thousands) Digital Assets Data Centers Treasury and Corporate Six Months Ended June 30, 2026 Net income / (loss) $ (53,352) $ 29,608 $ (277,883) $ (301,627) Add back: Equity based compensation $ 20,189 1,294 12,822 34,305 Notes interest and other expense — 7,365 35,308 42,673 Tax expense / (benefit) (1,704) (32,450) (26,963) (61,117) Depreciation and amortization expense 4,814 4,762 5,424 15,000 Other (1) 162 — 5,809 5,971 Adjusted EBITDA $ (29,891) $ 10,579 $ (245,483) $ (264,795) 54 Table of Contents (in thousands) Digital Assets Data Centers Treasury and Corporate Six Months Ended June 30, 2025 Net income / (loss) $ 995 $ (2,899) $ (262,836) $ (264,740) Add back: Equity based compensation 17,768 471 10,559 28,798 Notes interest and other expense — — 28,311 28,311 Tax expense / (benefit) — — 5,358 5,358 Depreciation and amortization expense $ 7,115 $ 1,251 $ 11,705 20,071 Mining related impairment loss / loss on disposal — — 57,030 57,030 Unrealized (gain) / loss on notes payable – derivative — — 35,544 35,544 Other (1) — — 11,229 11,229 Adjusted EBITDA $ 25,878 $ (1,177) $ (103,100) $ (78,399) ______________ (1)Includes non-operating income and expenses, as well as other discrete items not indicative of ongoing operating performance, none of which were individually significant. Key Factors Affecting Our Performance The growth and success of our business as well as our financial condition and operating results have been, and will continue to be, affected by a number of factors, including: Price and volatility of digital assets Values of digital assets have been highly volatile. Effects from speculation regarding the future appreciation or depreciation in the value of digital assets, making their market prices more volatile, may materially and adversely affect the value of our digital asset inventory. Changing investor confidence and resultant fluctuations in the price of various digital assets may cause uncertainty in the market and could negatively impact trading volumes of digital assets, which would negatively impact our business and operating results. Adoption of digital assets The launch of Bitcoin ETFs in 2024 coupled with a shift in U.S. government policy in 2025 enabled wider institutional adoption of bitcoin and other digital assets through increased market access and regulatory clarity. The initially retail-driven adoption of cryptocurrencies has evolved to include institutional holders, utilizing digital assets as both a store of value and for commercial applications. According to the National Cryptocurrency Association 2026 State of Crypto Holders Report, the number of U.S. cryptocurrency owners was over 67 million, or one in four American adults. Additionally, in a report released by EY Parthenon in March 2026, 68% of institutional investors intended to increase their allocations to digital assets in 2026. Institutional engagement has increasingly extended beyond directional exposure to the tokenization of real-world assets, including tokenized U.S. Treasuries, money market funds, private credit, and, more recently, tokenized equities and securities. Industry trackers estimate that the aggregate value of tokenized real-world assets (excluding stablecoins) grew to approximately $33.0 billion as of June 30, 2026, up from roughly $12.1 billion a year earlier, with growth driven primarily by institutional rather than retail participation. Bitcoin's price nonetheless remains volatile; its trailing five-year compounded annual growth rate was approximately 10.9% as of June 30, 2026, reflecting a meaningful drawdown over the trailing twelve months. Historical trends are not indicative of future adoption, and it is possible that the adoption of digital assets and blockchain technology may slow, take longer to develop, or never be broadly adopted, which would negatively impact our business and operating results. Strategic acquisitions and investments We intend to continue to use our scale, expertise and balance sheet to identify and execute on acquisitions across our business lines. A series of acquisitions has diversified our product offerings and revenue sources. This includes the acquisition of the Helios bitcoin mining facility and its operations from Argo Blockchain in December 2022. In February 2023, we completed the acquisition of GK8, a developer of secure technology solutions for self-custody of digital assets by institutions, from the Chapter 11 bankruptcy estates of Celsius Network, LLC and its affiliated debtors in possession. In July 2024, we acquired the assets of CMF, a blockchain node operator that provides trusted, secure services to decentralized protocols across the digital assets ecosystem. In December 2024, we acquired Fierce, a financial application 55 Table of Contents software provider that we relaunched in October 2025 as GalaxyOne. Any such acquisitions of, or investments in, companies with complementary products and technologies may affect our future operating results. Regulation in U.S. and international markets Our financial prospects and continued growth depend in part on our ability to continue to operate in a manner compliant with regulations. Our business is subject to the oversight of numerous regulatory agencies in the U.S. and other jurisdictions, including, but not limited to, FinCEN, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”). In July 2025, the GENIUS Act was signed into law, establishing the first federal framework for payment stablecoins, and the U.S. House of Representatives passed the CLARITY Act, which would delineate SEC and CFTC jurisdiction over digital assets. Comprehensive market-structure legislation remained under consideration in the Senate as of June 30, 2026. While these developments have provided greater regulatory clarity, the framework governing digital assets continues to evolve, and many of these agencies have issued consumer advisories regarding the risks posed by digital assets to investors. Our strategy is to continue to invest in our finance, legal, compliance, and security functions in order to remain at the forefront of digital asset policy initiatives and regulatory trends. We primarily service institutional customers potentially mitigating some of the compliance risks. However, as the industry matures, we may experience fluctuations in our operating results as a result of changes in the laws and regulations that are applicable to our business. Components of Results of Operations Revenue •Digital assets sales: Gross sales proceeds from sales of digital intangible assets. •Fees: Performance and management fees for unconsolidated funds, for which the Company acts as the general partner and / or manager. Additionally, this includes fees received for investment advisory services including mergers and acquisition advisory, as well as fees earned through technology licensing, mining hosting operations, and mining equipment lease income. •Blockchain rewards: Gross amount of blockchain generated digital assets and transaction fees earned for proof-of-stake validation, also referred to as staking. •Proprietary mining: Bitcoin rewards from proprietary digital asset mining. •Data center operator revenue: Additional revenues, primarily pass-through operating costs, in the data centers segment. •Interest income: The return that is earned from digital assets and fiat currencies lent to counterparties. Gains / (losses) from operations •Net gain / (loss) on digital assets: Realized and unrealized gains / (losses) from changes in the fair value of digital assets that are measured using fair value in accordance with our accounting policies. This includes net gains resulting from the return of Digital intangible assets borrowed and Collateral payable. Digital assets borrowed and Collateral payable digital asset liabilities each contain an embedded derivative that is valued based on the market prices of the underlying digital assets; certain corresponding Digital intangible assets may be held at the lower of cost or lowest observable fair value. Upon repayment of the digital asset loans, the impaired digital intangible assets have a lower carrying value than the liabilities and a gain is recorded on extinguishment of the Digital asset loans payable. Other digital asset balances such as Digital assets receivable, digital assets posted as collateral, and Digital assets loan receivable, net of allowance are also measured at the fair value of the underlying digital assets and the resulting fluctuations are also included in Net gain / (loss) on digital assets. •Net gain / (loss) on investments: Gains / (losses) from the changes in fair value of investments, as well as the gain / (loss) from sales of investments held by the Company. •Net gain / (loss) on derivatives trading: Change in fair value of derivative assets and liabilities, resulting from contracts held by the Company for trading and hedging purposes. 56 Table of Contents Data center leasing revenue •Base rental income from the lease of HPC facilities in the data centers segment. Operating expenses Operating expenses consist of transaction expenses, impairment of digital assets, compensation and benefits, general and administrative, depreciation and amortization, technology, professional fees, and notes interest expense. Transaction expenses Transaction expenses consist of the following: •Digital assets sales costs: Carrying value of digital assets sold, net of impairment if applicable, allocated on a first-in-first-out basis. •Blockchain reward distributions: As a principal in the provision of staking services, the Company recognizes the amount of staking rewards earned by third-parties utilizing the Company’s validation infrastructure as part of its operating expenses. •Borrowing costs: Costs of borrowing digital assets and fiat from clients and counterparties. Borrowed digital assets and fiat are utilized in our trading and lending operations. •Mining and hosting costs: Mining power costs, including realized and unrealized gains and losses on power purchase agreements, hosting fee expense and costs of mining equipment recognized through sales-type finance leases. •Data center operator cost: Primarily pass-through operating costs in the data centers segment. •Other transaction expenses: Trading commissions, custody, and exchange fees incurred by the Company. Impairment of digital assets Impairment loss from digital intangible assets which have been marked to the lower of cost or lowest observable fair value in the current period. Results of Operations Below is a discussion of our results of operations for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. The results of operations presented below should be reviewed in conjunction with our condensed consolidated interim financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q. 57 Table of Contents Three and Six Months Ended June 30, 2026 Compared to Three and Six Months Ended June 30, 2025 The table below presents our results of operations for the three and six months ended June 30, 2026 and 2025. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 Change % Change 2026 2025 Change % Change Revenues $ 8,557.3 $ 8,661.6 $ (104.2) (1) % $ 18,598.8 $ 21,637.8 $ (3,039.0) (14) % Gains / (losses) from operations 134.3 395.1 (260.8) (66) % 306.1 274.8 31.3 11 % Data center leasing revenue 18.9 — 18.9 n/m 18.9 — 18.9 n/m Revenues and gains / (losses) from operations 8,710.5 9,056.6 (346.1) (4) % 18,923.8 21,912.5 (2,988.8) (14) % Operating expenses: Transaction expenses 8,485.8 8,629.9 (144.1) (2) % 18,502.6 21,576.9 (3,074.4) (14) % Impairment of digital assets 181.3 127.5 53.9 42 % 465.8 239.9 225.8 94 % Compensation and benefits 84.0 65.0 19.0 29 % 167.5 121.9 45.6 37 % General and administrative 18.8 11.8 7.0 59 % 33.3 85.7 (52.4) (61) % Depreciation and amortization 9.2 7.5 1.7 23 % 15.0 20.1 (5.1) (25) % Technology 16.3 11.6 4.7 41 % 31.0 21.5 9.5 44 % Professional fees 19.0 22.8 (3.8) (17) % 30.0 43.6 (13.5) (31) % Notes interest expense 25.1 14.2 10.9 77 % 42.7 28.3 14.4 51 % Total operating expenses 8,839.5 8,890.3 (50.8) (1) % 19,287.9 22,138.0 (2,850.0) (13) % Other income / (expense): Unrealized gain / (loss) on notes payable – derivative — (125.2) 125.2 n/m — (35.5) 35.5 n/m Other income / (expense), net 0.7 0.9 (0.2) (22) % 1.4 1.6 (0.2) (13) % Total other income / (expense) 0.7 (124.2) 125.0 n/m 1.4 (34.0) 35.4 n/m Net income / (loss) before taxes $ (128.2) $ 42.2 $ (170.3) (404) % $ (362.7) $ (259.4) $ (103.4) (40) % Income taxes expense / (benefit) (42.9) 11.5 (54.3) (472) % (61.1) 5.4 (66.5) (1,231) % Net income / (loss) $ (85.3) $ 30.7 $ (116.0) (378) % $ (301.6) $ (264.7) $ (36.9) (14) % Revenues and gains from operations Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 Change % Change 2026 2025 Change % Change Digital assets sales $ 8,483.0 $ 8,565.0 $ (81.9) (1) % $ 18,447.7 $ 21,414.5 $ (2,966.9) (14) % Fees 18.1 17.0 1.1 6 % 39.7 28.5 11.2 39 % Blockchain rewards 17.7 41.2 (23.4) (57) % 45.3 112.3 (66.9) (60) % Proprietary mining 2.6 0.9 1.6 171 % 3.3 12.2 (8.9) (73) % Blockchain rewards from non-customers(1) 0.7 5.2 (4.5) (87) % 0.8 10.6 (9.8) (92) % Interest Income 29.4 32.2 (2.8) (9) % 56.2 59.6 (3.4) (6) % Data center operator revenue 5.8 — 5.8 n/m 5.8 — 5.8 n/m Total revenues $ 8,557.3 $ 8,661.6 $ (104.2) (1) % $ 18,598.8 $ 21,637.8 $ (3,038.9) (14) % ______________ (1)Includes blockchain rewards earned from decentralized finance protocols and third-party staking infrastructure. 58 Table of Contents Total revenues were $8.6 billion and $18.6 billion, a decrease of $0.1 billion and a decrease of $3.0 billion, or 1% and 14%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The decrease for the three months ended June 30, 2026 was primarily driven by a $0.1 billion decrease in Digital assets sales. The decrease for the six months ended June 30, 2026, was driven by a $3.0 billion decrease in Digital assets sales. Galaxy recognizes revenue from transactions with customers, which include centralized trading platforms, and the corresponding Digital asset sales cost, on a gross basis because of its role as principal in sales and purchases of digital intangible assets. The significant volume of Galaxy’s digital intangible asset transactions results in significant Digital assets sales revenue with corresponding significant digital asset sales cost reflected in Transaction expenses. As a result, the magnitude of changes in Revenue on the Company’s statement of operations overshadow other parts of the business, but are predominantly offset by Transaction expenses in Net income / (loss). Digital assets sales were $8.5 billion and $18.4 billion, a decrease of $0.1 billion and a decrease of $3.0 billion, or 1% and 14%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The decrease for the three and six months ended June 30, 2026 was driven primarily by lower trading volumes and decreased digital asset prices. Digital assets sales associated with external customer facing trades are reflected in the Digital Assets segment. Sales of bitcoin, ether and tether made up 87% and 84%, versus 91% and 85% of Digital assets sales for the three and six months ended June 30, 2026 and the three and six months ended June 30, 2025, respectively. Approximately 48% of Digital asset sales revenue for the three months ended June 30, 2026 was comprised of the sale of bitcoin, compared to 60% of Digital assets sales revenue for the three months ended June 30, 2025. Approximately 9% of Digital asset sales revenue for the three months ended June 30, 2026 was comprised of the sale of ether, compared to 14% of Digital assets sales revenue for the three months ended June 30, 2025. Approximately 52% of Digital asset sales revenue for the six months ended June 30, 2026 was comprised of the sale of bitcoin, compared to 54% of Digital assets sales revenue for the six months ended June 30, 2025. Approximately 8% of Digital asset sales revenue for the six months ended June 30, 2026 was comprised of the sale of ether, compared to 13% of Digital assets sales revenue for the six months ended June 30, 2025. Fee revenue was $18.1 million and $39.7 million, an increase of $1.1 million and an increase of $11.2 million, or 6% and 39%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. For the three and six months ended June 30, 2026, the increase was primarily attributable to additional management service fees earned during the period. Blockchain rewards from customers were $17.7 million and $45.3 million, a decrease of $23.4 million and $66.9 million, or 57% and 60%, for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively. These decreases were primarily attributable to a lower average price of digital assets during the 2026 periods. Galaxy retained up to 10% of the net portion of blockchain rewards earned on third party digital assets bonded to Galaxy validator nodes, including the Galaxy Digital Crypto Vol Fund (“CPO”), as of June 30, 2026. Blockchain rewards generated by the Digital Assets segment on Treasury and Corporate digital assets are eliminated on consolidation within the Treasury and Corporate segment. Blockchain rewards earned from non-customers are primarily generated from participation in various decentralized finance protocols. The yield generated from these activities is primarily driven by the value of the underlying digital asset at the time of receipt and the various incentives provided by the protocols to participants. Proprietary mining was $2.6 million and $3.3 million, an increase of $1.6 million and a decrease of $8.9 million, or 171% and 73%, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The increase for the three months ended June 30, 2026 was primarily related to more favorable mining conditions in the period. The decrease for the six months ended June 30, 2026 was attributable to the cessation of proprietary mining at the Helios site at the end of the first quarter of 2025. The Company’s remaining mining activities are reflected within the Treasury and Corporate segment. Interest income was $29.4 million and $56.2 million, a decrease of $2.8 million and a decrease of $3.4 million, or 9% and 6%, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. This decrease was primarily attributable to a reduction in average interest rate, partially offset by an increase in size of the loan book. The average loan book size for the three and six months ended June 30, 2026 was $1.4 billion compared to $1.1 billion and $991.3 million for the three and six months ended June 30, 2025. External lending revenue is reflected within the Digital Assets segment. Data center operator revenue was $5.8 million for the three and six months ended June 30, 2026, attributable to pass-through operating costs related to the CoreWeave lease. 59 Table of Contents Gains / (losses) from operations Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 Change % Change 2026 2025 Change % Change Net gain / (loss) on digital assets $ 237.3 $ 134.9 $ 102.4 76 % $ 516.3 $ 116.7 $ 399.6 342 % Net gain / (loss) on investments $ (114.5) $ 195.4 $ (309.9) (159) % $ (327.1) $ 62.2 $ (389.3) (626) % Net gain / (loss) on derivatives trading $ 11.6 $ 64.8 $ (53.2) (82) % $ 116.9 $ 95.8 $ 21.1 22 % Net gain / (loss) from operations $ 134.4 $ 395.1 $ (260.7) (66) % $ 306.1 $ 274.7 $ 31.4 11 % Net gain / (loss) on digital assets was $237.3 million and $516.3 million for the three and six months ended June 30, 2026, respectively, compared to a Net gain / (loss) on digital assets of $134.9 million and $116.7 million for the three and six months ended June 30, 2025, respectively. The net gain on digital assets during the three months ended June 30, 2026 was primarily driven by net gains of approximately $95.5 million on ether including associated DeFi assets, net gains of approximately $57.5 million on HYPE, including associated DeFi assets as well as restricted tokens, and net gains of approximately $46.4 million on bitcoin including associated DeFi assets. The net gain on digital assets during the six months ended June 30, 2026 was primarily driven by net gains of approximately $193.5 million on bitcoin, including associated DeFi assets, net gains of approximately $87.0 million on HYPE, including associated DeFi assets, and net gains of approximately $70.9 million on ether, including associated DeFi assets. Galaxy transacts significantly in and holds net long positions predominantly in bitcoin, which decreased in value by 14% and 33% in the three and six months ended June 30, 2026, and in ether, which decreased in value by 25% and 47% in the three and six months ended June 30, 2026, respectively. The net gain or loss on digital assets not measured at fair value depends on the difference in value of the underlying digital asset between the time of recognition and derecognition. Net gain / (loss) on digital assets is reflected in both the Digital Assets and Treasury and Corporate segments depending on the underlying activity. The primary drivers for the net gains and losses on digital assets were as follows: Three months ended June 30, Six Months Ended June 30, (in millions) 2026 2025 Change % Change 2026 2025 Change % Change Net gain/(loss) on digital intangible assets measured at fair value $ 117.7 $ (35.5) $ 153.1 (431.3) % $ 163.0 $ (152.0) $ 315.0 207.2 % Net gain/(loss) on digital intangible assets not measured at fair value (1) 116.9 189.2 (72.3) (38.2) % 346.6 269.7 76.9 28.5 % Net gain/(loss) on digital financial assets measured at fair value(2) 2.8 (18.8) 21.6 (114.9) % 6.7 (1.0) 7.7 770.0 % Net gain/(loss) on digital assets $ 237.3 $ 134.9 $ 102.4 75.9 % $ 516.3 $ 116.7 $ 399.6 342.4 % _______________ (1)Includes gain on derecognition of impaired digital assets. (2)Includes gains and losses on tokenized financial assets such as U.S. Treasuries as well as tokenized variable debt tokens. Net loss on investments was $114.5 million and $327.1 million for the three and six months ended June 30, 2026, respectively, compared to a Net gain on investments of $195.4 million and $62.2 million for the three and six months ended June 30, 2025, respectively. The net loss for the three months ended June 30, 2026 was primarily attributable to net unrealized losses on Bitcoin ETFs and private investments. The net loss for the six months ended June 30, 2026 was primarily attributable to net unrealized losses on Bitcoin ETFs, private investments and Galaxy sponsored investment funds. The net gain for the three months ended June 30, 2025 was primarily attributable to net unrealized gains on bitcoin ETFs, Ripple Labs, Inc. and Mt. Gox Investment Fund LP as well as realized gains on bitcoin ETFs, FTX bankruptcy claim residuals, and the sponsored Galaxy Digital Crypto Vol Fund. The net gain for the six months ended June 30, 2025 was primarily attributable to unrealized gains on Ripple Labs, Inc., the Galaxy sponsored investment funds, and Candy Digital as well as realized gains on bitcoin ETFs, Xapo and the sponsored Galaxy Digital Crypto Vol Fund. Net gain on derivatives trading was $11.6 million and $116.9 million, a decrease of $53.2 million and an increase of $21.1 million, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, respectively. Derivatives trading gains include proprietary trading and hedging activities. The decrease for the three months ended June 30, 2026 was primarily attributable to a $72.1 million increase in realized and unrealized losses on 60 Table of Contents settled and unsettled digital asset derivatives, partially offset by a $42.4 million increase in realized and unrealized gains on settled and unsettled equity securities derivatives. The increase for the six months ended June 30, 2026 was primarily attributable to a $59.4 million increase in realized and unrealized gains on settled and unsettled equity securities derivatives, partially offset by $26.0 million and $20.7 million increases in realized and unrealized losses on settled and unsettled foreign currency and interest rate derivatives, respectively. Net gain / (loss) on derivatives is reflected in both the Digital Assets and Treasury and Corporate segments dependent on the underlying activity. Net derivative gain represents gains / (losses) from settled derivative trades and gains / (losses) on open derivatives. It was driven by the following free-standing derivatives: Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 (in thousands) Gains / (losses) on open derivatives Gains / (losses) from settled derivative trades Net gain on derivatives trading Gains / (losses) on open derivatives Gains / (losses) from settled derivative trades Net gain on derivatives trading Digital assets(1) $ (18,698) $ 3,383 $ (15,315) $ (77,145) $ 149,553 $ 72,408 Foreign currencies (1,934) (3,242) (5,176) (4,546) 2,963 (1,583) Interest rates 7,141 (2,953) 4,188 (657) (16,989) (17,646) Equity securities 275 28,066 28,341 13,604 51,507 65,111 Commodities (535) 62 (473) (2,415) 1,046 (1,369) Total $ (13,751) $ 25,316 $ 11,565 $ (71,159) $ 188,080 $ 116,921 ________________ (1)Galaxy actively hedged its exposure to restricted digital assets and digital asset receivables, which contributed $(2.4) million and $37.1 million to Net derivative gain (loss) in the three and six months ended June 30, 2026. Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 (in thousands) Gains / (losses) on open derivatives Gains / (losses) from settled derivative trades Net gain on derivatives trading Gains / (losses) on open derivatives Gains / (losses) from settled derivative trades Net gain on derivatives trading Digital assets(1) $ 30,250 $ 26,486 $ 56,736 $ 83,138 $ (23,512) $ 59,626 Foreign currencies (2,182) 19,855 17,673 1,737 22,635 24,372 Interest rates (178) 1,683 1,505 (672) 3,703 3,031 Equity securities (2,956) (11,065) (14,021) (4,364) 10,048 5,684 Commodities 629 2,240 2,869 134 2,975 3,109 Total $ 25,563 $ 39,199 $ 64,762 $ 79,973 $ 15,849 $ 95,822 _______________ (1)Galaxy actively hedged its exposure to restricted digital assets and digital asset receivables, which contributed $54.6 million and $64.4 million to Net derivative gain in the three and six months ended June 30, 2025, respectively. Data Center Revenue Data center lease revenue was $18.9 million for the three and six months ended June 30, 2026, attributable to the commencement of the CoreWeave Phase I lease agreement. 61 Table of Contents Operating expenses Transaction expenses Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 Change % Change 2026 2025 Change % Change Digital assets sales costs $ 8,439.5 $ 8,546.8 $ (107.3) (1) % $ 18,410.9 $ 21,385.9 $ (2,975.0) (14) % Blockchain reward distributions 13.1 33.4 (20.3) (61) % 32.6 89.8 (57.2) (64) % Borrowing costs 18.8 41.7 (22.9) (55) % 36.3 75.5 (39.3) (52) % Mining costs 2.6 0.7 1.9 271 % 3.4 6.3 (2.9) (46) % Other transaction expenses 5.9 7.3 (1.4) (19) % 13.6 19.4 (5.9) (30) % Data center operator cost 5.8 — 5.8 n/m 5.8 — 5.8 n/m Transaction expenses $ 8,485.8 $ 8,629.9 $ (144.2) (2) % $ 18,502.6 $ 21,576.9 $ (3,074.5) (14) % Digital assets sales costs were $8.4 billion and $18.4 billion, a decrease of $0.1 billion and a decrease of $3.0 billion, or 1% and 14%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. This was primarily driven by lower trading volumes and decreased digital asset prices compared to the three and six months ended June 30, 2025. Digital assets sales costs must be analyzed in conjunction with Impairment of digital assets and Net gain/(loss) on digital assets. As a percentage of Digital assets sales and Net gain/(loss) on digital assets, Digital assets sales costs and Impairment of digital assets collectively were approximately 100% for each of the three and six months ended June 30, 2026 and 2025. Digital assets sales cost associated with external customer facing trades are reflected in the Digital Assets segment. Blockchain reward distributions were $13.1 million and $32.6 million, a decrease of $20.3 million and a decrease of $57.2 million, or 61% and 64%, respectively, for the three and six months ended June 30, 2026 compared to $33.4 million and $89.8 million for the three and six months ended June 30, 2025, respectively. Galaxy launched validators in 2023 (reflected within the Digital Assets segment) to which third party and proprietary digital assets may be bonded on PoS networks to generate blockchain rewards. Blockchain reward distributions represent the staking rewards earned on third party assets staked on Galaxy validators which are passed on to the third parties, net of the fees which Galaxy charges. Blockchain rewards and the associated Blockchain reward distributions both decreased in the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025, driven by lower average digital asset prices. Galaxy retained up to 10% of the net portion of blockchain rewards earned on third party digital assets bonded to Galaxy validator nodes, including the CPO, as of June 30, 2026. Blockchain reward distributions generated by the Digital Assets segment on Treasury and Corporate digital assets are eliminated on consolidation within the Treasury and Corporate segment. Borrowing costs were $18.8 million and $36.3 million, a decrease of $22.9 million and $39.3 million, or 55% and 52%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, primarily due to lower average borrowing volumes. The decline in borrowing volumes reflects broader de-leveraging across the digital asset lending market. Mining costs were $2.6 million and $3.4 million, an increase of $1.9 million and a decrease of $2.9 million, or 271% and 46%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The increase for the three months ended June 30, 2026 is primarily due to increased power utility cost. The decrease for the six months ended June 30, 2026 is primarily related to the cessation of proprietary mining at the Helios site at the end of the first quarter of 2025. Other transaction expenses were $5.9 million and $13.6 million, a decrease of $1.4 million and a decrease of $5.9 million, or 19% and 30%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. Other transaction expenses include exchange, custodial and trading fees. Data center operator cost of $5.8 million for the three and six months ended June 30, 2026 was attributable to pass-through operating costs related to the CoreWeave lease. 62 Table of Contents Impairment of digital assets was $181.3 million and $465.8 million, an increase of $53.9 million and an increase of $225.8 million, or 42% and 94%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. This increase was primarily attributable to lower digital asset prices during the period as well as the mix of digital intangible assets with which the Company transacted; specifically higher exposure to digital assets which convey enforceable rights to Galaxy over the underlying assets, such as digital assets from many decentralized finance protocols and wrapped tokens, during the three and six months ended June 30, 2026, as compared to the same period last year, resulted in higher impairment as the associated assets typically do not qualify for fair value treatment under ASU 2023-08. Impairment of digital assets includes expense associated with digital intangible assets held at lower of cost or market that were sold during the period and those digital intangible assets still held by Galaxy at the end of the period. Compensation and benefits were $84.0 million and $167.5 million, an increase of $19.0 million and an increase of $45.6 million, or 29% and 37%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The increase for the three months ended June 30, 2026 was due to an increase in headcount. General and administrative expenses were $18.8 million and $33.3 million, an increase of $7.0 million and a decrease of $52.4 million, or 59% and 61%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The increase for the three months ended June 30, 2026 was primarily driven by increased expenses associated with our infrastructure build out. The decrease for the six months ended June 30, 2026 was primarily driven by the absence of the $49.2 million impairment of proprietary mining equipment and infrastructure recorded in the first quarter of 2025. Depreciation and amortization expenses were $9.2 million and $15.0 million, an increase of $1.7 million and decrease of $5.1 million, or 23% and 25%, respectively, for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025. The increase for three months ended June 30, 2026 was primarily driven by Data Center assets placed in service in the period. The decrease for six months ended June 30, 2026 was primarily driven by the lower cost basis of assets currently in use compared to 2025 as well as the write-off of certain mining assets in 2025. Net Income/(Loss) Galaxy generated Net losses of $85.3 million and $301.6 million for the three and six months ended June 30, 2026 compared to Net income of $30.7 million and Net loss of $264.7 million for the three and six months ended June 30, 2025. The primary drivers of Net loss for the three and six months ended June 30, 2026 were losses in investments and digital assets held in our Treasury and Corporate segment. Galaxy transacts significantly in bitcoin which decreased in value by 14% and 33% during the three and six months ended June 30, 2026, and ether which decreased in value by 25% and 47% during the three and six months ended June 30, 2026. The primary drivers of Net income for the three months ended June 30, 2025 were net income on our investment and digital assets portfolios, partially offset by operating expenses and the fluctuation of the value of the embedded derivative on the Exchangeable Notes (which ceased to exist upon the May 13th, 2025 reorganization). The primary drivers of Net loss for the six months ended June 30, 2025 were impairment of our mining equipment in the first quarter and operating expenses. 63 Table of Contents The following table represents select financial data and a discussion of significant changes for the past eight quarters: (in millions) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net gain / (loss) on digital assets $ 237.3 $ 279.0 $ 171.9 $ 453.8 $ 134.9 $ (18.2) $ 198.2 $ 112.0 Net gain / (loss) on investments $ (114.5) $ (212.6) $ (482.5) $ 297.8 $ 195.4 $ (133.2) $ 284.0 $ 13.3 Quarter over quarter fluctuation Bitcoin (14)% (22)% (23)% 6% 30% (12)% 48% 1% Ether (25)% (29)% (28)% 67% 36% (45)% 28% (24)% Cryptocurrency market capitalization (13)% (20)% (24)% 16% 24% (18)% 51% (4)% Bitcoin price(1) $58,559 $68,233 $87,509 $114,056 $107,144 $82,549 $93,429 $63,329 Ether price(1) $1,570 $2,105 $2,967 $4,146 $2,486 $1,823 $3,333 $2,603 Cryptocurrency market capitalization(2) $2,120,863 $2,425,658 $3,047,610 $3,993,636 $3,429,992 $2,766,428 $3,393,595 $2,250,803 (1)Represents coinmarketcap.com quoted price as of 23:59 UTC for bitcoin and ether. Presented in whole dollars. (2)Represents market capitalization data from coinmarketcap.com for periods through September 30, 2024 and from coingecko.com for the periods through June 30, 2026. Net gain / (loss) on digital assets and investments have historically been correlated with fluctuations in the prices of bitcoin and ether as demonstrated in the table above. As Galaxy’s operating businesses in the Digital Assets and Data Center segments mature, digital asset prices are anticipated to have a proportionally less significant impact on Net income in the future. Components of Financial Position The following represents selected financial data and a discussion of significant changes. As of (in millions) June 30, 2026 December 31, 2025 Change % Change Digital intangible assets(1) $ 2,461.8 $ 3,553.0 $ (1,091.2) (31) % Digital financial assets 1,055.7 988.6 67.1 7 % Digital assets loans receivable 786.7 1,078.9 (292.2) (27) % Assets posted as collateral — digital assets 163.2 200.1 (36.9) (18) % Digital assets receivable(1) 6.4 8.5 (2.1) (25) % Digital assets subtotal 4,473.8 5,829.1 $ (1,355.3) (23) % Digital assets borrowed(1) 1,514.5 2,417.3 (902.8) (37) % Collateral payable — digital assets 1,814.7 1,960.9 (146.2) (7) % Digital asset liabilities subtotal 3,329.2 4,378.2 $ (1,049.0) (24) % Investments(1) 1,542.1 1,732.3 (190.2) (11) % Property and equipment 2,218.2 1,423.1 795.1 56 % Total assets $ 10,844.0 $ 11,348.1 $ (504.1) (4) % Total liabilities $ 8,123.9 $ 8,313.3 $ (189.4) (2) % (1) Includes current and non-current portion. 64 Table of Contents As of June 30, 2026, our digital assets balance was $4.5 billion, a decrease of $1.4 billion from December 31, 2025. This decrease was primarily driven by a decrease in digital asset prices. These same drivers also drove the decrease of $1.0 billion in our digital assets liabilities balance which totaled $3.3 billion as of June 30, 2026. The Company’s largest digital asset holding as of both June 30, 2026 and December 31, 2025 was bitcoin. During the six months ended June 30, 2026, the price of bitcoin decreased by 33%. Investments decreased $190.2 million during the six months to $1.5 billion as of June 30, 2026. This decrease was primarily due to a decrease in fair value of private investments as well as bitcoin ETF investments. As of June 30, 2026, Galaxy’s largest investments were bitcoin spot ETF investments of $441.2 million and limited partner interests in Galaxy-sponsored funds totaling $271.1 million. As of December 31, 2025, Galaxy’s largest investments were bitcoin and ether spot ETF investments of $535.8 million and limited partner interests in Galaxy-sponsored funds of $259.3 million. Property and equipment increased $795.1 million during the six months to $2.2 billion as of June 30, 2026. The increase was primarily due to investment in AI/HPC infrastructure to build out our data center hosting facility at Helios in West Texas. We capitalize costs, including direct labor and materials, associated with the development and construction of our AI/HPC data center infrastructure while the assets are being prepared for their intended use. Total assets decreased by $504.1 million during the six months to $10.8 billion as of June 30, 2026, primarily due to the $1.4 billion decrease in digital assets balances partially offset by the $795.1 million increase in Property and equipment described above. Total liabilities decreased by $189.4 million during the six months to $8.1 billion as of June 30, 2026, primarily due to the $902.8 million and $146.2 million decrease in digital assets borrowed and digital asset collateral payable, respectively, partially offset by an increase in notes payable and loans payable. Liquidity and Capital Resources We finance our operations primarily through our operating results, net proceeds from the sale of exchangeable senior notes, investments from our private investors, and net proceeds from offerings of equity and debt securities. In addition, in May 2026, we entered into a Sales Agreement with Jefferies LLC, BNY Mellon Capital Markets, LLC and UBS Securities LLC, as sales agents, establishing an “at-the-market” equity offering program (the “ATM Program”). The ATM Program provides for the sale of shares of our Class A common stock having an aggregate offering price of up to $500.0 million. Any sales under the ATM Program will be dilutive to existing stockholders and could adversely affect the price of our Class A common stock. From the inception of the ATM Program in May 2026 through June 30, 2026, we did not make any sales under the ATM Program. We held $895.7 million in cash and cash equivalents as of June 30, 2026, a decrease of $350.5 million, or 28%, as compared to December 31, 2025. The following table provides a breakdown of the Company’s cash and cash equivalents balances by location: (in millions) June 30, 2026 December 31, 2025 Digital asset trading platforms 53.6 77.5 Other financial institutions(1) 842.2 1,168.7 Total $ 895.7 $ 1,246.2 __________________ (1)Includes banks, other trading platforms, and broker-dealers Working capital (current assets less current liabilities) was $2.4 billion and Total equity was $2.7 billion as of June 30, 2026, compared to working capital of $3.2 billion and Total equity of $3.0 billion as of December 31, 2025. As of June 30, 2026 and December 31, 2025, we held total gross digital intangible and financial assets with a carrying value of $3.5 billion and $4.5 billion, respectively. On October 30, 2025, Galaxy issued $1.3 billion (including $150 million issued upon the exercise in full of the initial purchasers’ option to purchase additional 2031 Exchangeable Notes) of 0.50% Exchangeable Senior Notes due 2031. From time to time and subject to the terms of the indenture governing the 2031 Exchangeable Notes, the 2031 Exchangeable Notes are exchangeable for shares of Class A common stock. We are utilizing the net proceeds from the offering to support the build-out of high-performance computing infrastructure at our Helios data center in West Texas and for general corporate purposes. See Note 16 of the Company’s condensed consolidated interim financial statements included elsewhere in this Quarterly Report for additional information on the 2031 Exchangeable Notes. 65 Table of Contents On October 10, 2025, Galaxy entered into investment agreements with certain institutional investors for a $460 million private strategic investment in the Company’s Class A common stock (the “October Private Placement”), consisting of a purchase of 9,027,778 shares of Class A common stock from the Company and 3,750,000 shares of Class A common stock from certain of its executive officers, at $36.00 per share. The October Private Placement closed on October 17, 2025. On August 15, 2025, Galaxy Helios I LLC (“Galaxy Helios I”) entered into the Credit Agreement with Deutsche Bank AG providing for a senior secured term loan facility in an aggregate principal amount of up to $1.4 billion. The intended use for this facility is to finance the construction and development of a data center project in Dickens County, Texas and related costs. As of June 30, 2026, the outstanding amount drawn under the Credit Agreement was $1.3 billion, which is recognized within Notes payable in the Company’s condensed consolidated interim statements of financial position. See Note 16 of the Company’s condensed consolidated interim financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information on the Credit Agreement. In June 2025, the Company and certain selling stockholders sold 35,980,967 shares of Class A common stock in an underwritten public offering, of which 26,400,000 shares were offered by the Company and the remaining sold by the selling stockholders (including pursuant to the underwriter’s option to purchase additional shares), at an offering price of $19.00 per share. Net proceeds to the Company from the offering were approximately $477.8 million after deducting underwriting discounts and offering costs. We are utilizing the net proceeds from this offering to finance the continued expansion of our AI/HPC infrastructure at the Helios data center campus and general corporate purposes. In November 2024, Galaxy issued $402.5 million of 2.500% Exchangeable Senior Notes due 2029. From time to time and subject to the terms of the indenture governing the 2029 Exchangeable Notes, the 2029 Exchangeable Notes are exchangeable for shares of Class A common stock. We are utilizing the net proceeds from the offering to support the build-out of high-performance computing infrastructure at our Helios data center in West Texas and for general corporate purposes. See Note 16 of the Company’s condensed consolidated interim financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information on the 2029 Exchangeable Notes. In April 2024, Galaxy raised C$169.4 million from a syndicate of underwriters, led by Canaccord Genuity Corp. Galaxy issued 12,100,000 ordinary shares pursuant to the transaction. We are utilizing the net proceeds for working capital and general corporate purposes. In the general course of business, we make commitments to invest in our managed funds and to purchase equipment. From time to time, we receive cash inflows from our investments via strategic disposal and redemptions, as well as via distributions. On a net cash basis, we expect to continue to make investments in our sectors as we find compelling opportunities, balanced by conservatively managing our liquidity. As we grow our business, we expect our operating expenses to increase. In addition, we make investments in early-stage companies and coin networks in the digital assets space. Individual investments tend to be small but in the aggregate, these investments can constrain our liquidity. We consider our liquidity position and projected liquidity needs when committing to new investments. The $314.7 million decrease in Total equity during the six months ended June 30, 2026 was primarily due to Net loss during the period of $301.6 million as well as repurchases of outstanding Class A common stock. (in thousands) June 30, 2026 December 31, 2025 Total assets $ 10,843,981 $ 11,348,081 Total liabilities 8,123,873 8,313,304 Total equity 2,720,108 3,034,777 We may be required to return borrowed digital assets or counterparty collateral held to secure our loans receivable. As of June 30, 2026 and through the date of this filing, we have not experienced any difficulties meeting counterparty requests to return loans or collateral. To meet our estimated capital expenditure requirements related to the conversion of the existing bitcoin mining infrastructure at our Helios campus to AI/HPC data center infrastructure, we will need to obtain additional debt, equity and/or equity-linked financing. For example, in July 2026, Galaxy Helios II issued $3.507 billion aggregate principal amount of 9.875% Senior Secured Notes due 2031. The final terms and availability of any such financing will depend on various factors, including market conditions at the time. Beyond the Helios campus conversion, we believe that our existing cash and cash equivalents and cash flows from operations will be sufficient to support working capital requirements for at least the next 12 months. We expect these sources will be sufficient to fund our long-term contractual obligations and capital needs. However, this is subject, to a certain extent, to general economic, financial, competitive, regulatory, and other 66 Table of Contents factors that are beyond our control. See “Item 1A. Risk Factors—Risks Related to Our Operations—Our expansion into the AI/HPC data center business has required, and will continue to require, substantial additional capital. We may be unable to obtain additional financing for this or for other areas of business development on acceptable terms or at all” in this Quarterly Report on Form 10-Q. In the event there is insufficient working capital to support the growth of the business, we may sell digital assets to generate cash to meet obligations as they come due, or may exit all or a portion of an investment if an exit price is advantageous to us. We may also seek additional sources of financing in the future, including but not limited to, issuing equity, convertible notes or a debt facility. On February 6, 2026, our board of directors authorized a share repurchase program to purchase up to $200 million of our Class A common stock (the “Share Repurchase Program”). Under the Share Repurchase Program, we may repurchase shares of our outstanding Class A common stock from time to time through open market purchases, privately negotiated transactions, pre-paid puts or other methods in accordance with applicable securities laws and regulations. The timing, manner, price, and amount of any repurchases will be determined by the Company at its discretion and will depend upon business, economic and market conditions, corporate, legal and regulatory requirements, prevailing stock prices, and other considerations. The Share Repurchase Program has a term of 12 months, may be suspended, discontinued at any time, and does not obligate us to acquire any amount of Class A common stock. Cash Flows The following table summarizes our cash flows for the periods presented: For the Six Months Ended (in thousands) June 30, 2026 June 30, 2025 Net cash provided by (used in) operating activities 288,645 329,289 Net cash provided by (used in) investing activities (1,213,063) (342,577) Net cash provided by (used in) financing activities 573,922 242,516 Six Months Ended June 30, 2026 Cash and cash equivalents for the six months ended June 30, 2026 decreased from $1.2 billion to $895.7 million. The Company utilized $1,213.1 million for its investing activities, which was primarily due to purchases of property, equipment and intangible assets of $736.7 million. Net cash provided by financing activities was $573.9 million primarily due to $339.2 million of proceeds from Notes payable, net of issuance costs as well as $233.8 million net cash from margin loans payable, partially offset by $90.8 million of cash used in connection with repurchases of Class A common stock and settlement of equity awards. Operating activities provided an additional $288.6 million. Six Months Ended June 30, 2025 Cash and cash equivalents during the six months ended June 30, 2025 increased from $462.1 million to $691.3 million. The Company utilized $342.6 million from its investing activities, which was primarily due to purchases of investments of $1.3 billion and purchases of property, equipment and intangible assets of $396.5 million partially offset by proceeds and distributions from investments of $1.4 billion. Net cash provided by financing activities was $242.5 million primarily due to $477.0 million, net of costs, from share issuances partially offset by $160.1 million net cash returned related to margin loans payable. Operating activities provided an additional $329.3 million. Off-Balance Sheet Arrangements As of June 30, 2026 and December 31, 2025, we did not have any other off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our results of operations or financial position. 67 Table of Contents Contractual Obligations and Commitments The following table presents a summary of our contractual obligations as of June 30, 2026: (in thousands) Payments Due by Period Contractual Obligations and Commitments Footnote Reference(3) Total Less than 1 year 1 - 3 years 4 - 5 years After 5 years Loans and collateral payable(1) 5, 6, 11, 16 $ 3,734,250 $ 3,706,690 $ 27,560 $ — $ — Lease obligations 13 22,802 3,854 17,112 1,836 — Notes payable 16, 24 3,415,757 445,000 1,268,257 402,500 $ 1,300,000 Data center commitments 15 1,489,233 1,489,233 — — Legal settlement 15 120,000 60,000 60,000 — — Other obligations(2) 8, 15 125,603 81,980 43,623 — — Total Contractual Obligations and Commitments $ 8,907,645 $ 5,786,757 $ 1,416,552 $ 404,336 $ 1,300,000 __________________ (1)Includes fiat and digital asset payables. Loans and collateral with terms of less than one year and those without a prespecified maturity date are included in the Less than 1 year category. However, these balances are generally extended and rolled into new loans and/or collateral. (2)Includes obligations to fund capital commitments to six portfolio companies. Excludes other liabilities related to goods and services required in the ordinary course of business. (3)The numbers within this column refer to the applicable footnote to reference for further information within the condensed consolidated interim financial statements included in this Quarterly Report. Critical Accounting Policies and Estimates Our unaudited condensed consolidated interim financial statements are prepared in accordance with GAAP. In preparing the condensed consolidated interim financial statements, we apply accounting policies and make estimates that affect the reported amounts and related disclosures. Inherent in such policies are certain key assumptions and estimates made by management, which we believe best reflect our underlying business and economic conditions. Our estimates are based on historical experience and various other factors and assumptions that we believe are reasonable under the circumstances. We regularly re-evaluate our estimates used in the preparation of the condensed consolidated interim financial statements based on our latest assessment of the current and projected business and economic environment. By their nature, these estimates and judgments are subject to an inherent degree of uncertainty and actual results could differ materially from the amounts reported based on these estimates. There have been no material changes to our critical accounting policies and estimates as compared to the critical accounting policies and estimates included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.