Galaxy Digital

Galaxy was founded by Mike Novogratz, a former partner at Fortress Investment Group, who has served as chief executive officer since December 2017. The company says it was founded in 2018 by Wall Street veterans who recognized the needs of both traditional financial institutions and the emerging technology-driven financial system, and it developed products and services such as derivatives and venture funds for institutions looking to allocate capital to digital assets.⁠[1][2][2]

On July 31, 2018, Galaxy Digital Holdings Ltd. completed a reverse takeover by way of a plan of arrangement, combining the Canadian listed company Bradmer Pharmaceuticals, Galaxy Digital LP, and First Coin Capital into a new enterprise in the blockchain, digital asset, and cryptocurrency space, and escrowed funds from a previously completed subscription receipt financing were released to Galaxy. Novogratz served as chairman of Galaxy Digital Holdings Ltd. from July 2018 to September 2021 and as a director from July 2018 to May 2025. After the listing, Galaxy Digital Holdings Ltd. held only a minority interest in the operating entity Galaxy Digital Holdings LP, and its ordinary shares traded on the Toronto Stock Exchange under the symbol GLXY.⁠[3][3][4][1][2][4]

In October 2020, Galaxy bought more than 18.5 million LUNA tokens from Terraform Labs at $0.22 each, a discount of nearly 30% to the market price, and from November of that year began promoting LUNA and Terraform on social media. On March 26, 2021, with LUNA at about $18, Novogratz posted that he would get a LUNA tattoo if the price reached $100; LUNA hit $100.84 on December 24, 2021, and he unveiled the tattoo publicly on January 4, 2022. In May 2022, LUNA collapsed, wiping out more than $40 billion of market value within a few days. A 2025 investigation by the New York Attorney General’s office found that Galaxy did not disclose its intention to sell while promoting the token, sold its LUNA holdings over time at a profit of hundreds of millions of dollars, and had exited nearly all of its position before the crash.⁠[5][5][5][5][5][5][5][5]

On May 5, 2021, Galaxy Digital Holdings Ltd. announced a reorganization plan to move its domicile from the Cayman Islands to Delaware and seek a Nasdaq listing, and on the same day signed an agreement to acquire the digital asset custody company BitGo; the reorganization was not conditioned on completing the BitGo acquisition. On March 30, 2022, the two sides amended the agreement, extending the end date to the end of 2022. Because BitGo did not deliver compliant audited 2021 financial statements by July 31, 2022, as agreed, Galaxy announced on August 15, 2022, that it had terminated the acquisition agreement in accordance with its terms, but would still proceed with the reorganization and domestication.⁠[4][4][4][4][4][4][4]

In December 2022, Galaxy acquired from Argo Blockchain the Helios facility in West Texas, then used for bitcoin mining, along with its operations. That same month, investors filed a proposed class action in the Ontario Superior Court of Justice against Galaxy Digital Holdings Ltd., Novogratz, and the then chief financial officer, alleging misrepresentations in the company’s public disclosure regarding its investments in and trading of LUNA.⁠[2][2][2]

In February 2023, Galaxy acquired GK8, a developer of secure technology for self-custody of digital assets by institutions, from the Chapter 11 bankruptcy estates of Celsius Network. In July 2024, the company acquired the assets of the blockchain node operator CMF; in December of that year it acquired the financial application software provider Fierce, which was relaunched in October 2025 under the GalaxyOne brand.⁠[2][2][2]

On March 27, 2025, the office of New York Attorney General Letitia James entered into an Assurance of Discontinuance (No. 25-011) with Galaxy Digital Holdings Ltd., Galaxy Digital Inc., Galaxy Digital Trading Cayman LLC, Galaxy Trading Asia Limited, and Galaxy Digital Trading HK Limited, resolving its investigation under the Martin Act and Executive Law Section 63(12) into Galaxy’s purchases, sales, and promotion of LUNA. The office found that Galaxy, through Novogratz’s actions, violated New York General Business Law Sections 352 and 352-c(1)(b) and (c) and Executive Law Section 63(12); Galaxy neither admitted nor denied the findings, agreed to pay the State of New York $200 million in disgorgement in four installments: $40 million within 15 days of signing, $40 million within one year, $60 million within two years, and $60 million within three years, and agreed to compliance measures related to public statements about cryptocurrency and its purchases and sales.⁠[5][5][5][5][5][5][5][5][5][5][5][2]

Novogratz said the settlement was a carefully considered decision, that Do Kwon and Terraform, the creators of LUNA, had deceived Galaxy and other prominent institutional investors, and that Galaxy had cooperated fully with regulators for years. As of the end of 2025, the company had accrued a legal provision of $151 million for the settlement, against an undiscounted balance of $160 million.⁠[6][6][2]

In April 2025, Galaxy signed a 15-year lease with the cloud computing company CoreWeave to develop the first 133 MW of critical IT load (approximately 200 MW of gross power capacity) for it at the Helios campus. CoreWeave exercised its options in April and August 2025, and the two sides signed Phase II and Phase III leases in August 2025 and January 2026, adding 260 MW and 133 MW of load respectively, which is expected to bring CoreWeave’s contracted capacity at Helios to 526 MW by 2028. The Electric Reliability Council of Texas (ERCOT) has approved over 1.6 GW of gross power capacity at Helios.⁠[2][2][2][2][2][2]

On May 13, 2025, Galaxy completed its reorganization: Galaxy Digital Holdings Ltd. and Galaxy Digital Holdings LP were transferred from the Cayman Islands to Delaware, the ordinary shares of Galaxy Digital Holdings Ltd. were converted into Class A common stock, and the entity then merged into Galaxy Digital Inc., which continued as the surviving public company. After the reorganization, former Galaxy Digital Holdings Ltd. shareholders and former Galaxy Digital Holdings LP unitholders held approximately 37.2% and 62.8% of the voting power, respectively. On May 7 of that year, five people including Michael Daffey were appointed as new board members.⁠[7][7][7][7][7]

On May 16, 2025, Galaxy Digital Inc. succeeded Galaxy Digital Holdings Ltd. as the entity listed on the Toronto Stock Exchange, and its Class A common stock also began trading on the Nasdaq Global Select Market under the ticker GLXY, closing that day at $22.80 per share. Class B common stock is not listed on any exchange.⁠[2][2][2]

On November 25, 2025, Galaxy acquired the staking software developer Alluvial Finance, the development company for the enterprise-grade liquid staking protocol Liquid Collective, for $7.1 million in cash.⁠[2][2]

On July 28, 2026, Galaxy, through its wholly owned subsidiary Galaxy Helios Data Centers II LLC, issued in a private placement $3.507 billion aggregate principal amount of 9.875% senior secured notes due 2031, with proceeds to be used to build two data center buildings at the Helios campus. Around the same time, under a development agreement with the City of McGregor, Galaxy acquired approximately 500 acres in McGregor, McLennan County, Texas, to build its second AI and high-performance computing data center campus in the state, with an initial development phase expected to reach 74 MW. Novogratz said that demand for compute is a structural shift rather than a passing cycle.⁠[8][8][9][9][9][9]

In the second quarter of 2026, Galaxy recorded a net loss of $85.3 million, and a net loss of $301.6 million for the first half; the CoreWeave Phase I lease commenced, generating $18.9 million in data center lease revenue for the quarter. As of June 30, 2026, the company had total equity of $2.7 billion and cash and stablecoin holdings of $2.5 billion.⁠[8][8][8]

Galaxy’s operating businesses are divided into two segments, Digital Assets and Data Centers, supplemented by a Treasury and Corporate segment. Within the Digital Assets segment, the Global Markets business offers spot and OTC derivatives trading, lending, and structured products on a principal basis, as well as investment banking services such as capital raising and M&A advisory; the Asset Management and Infrastructure business offers exchange-traded funds and alternative strategies, with venture brands including Galaxy Interactive, which focuses on video games and virtual worlds, and also provides staking and custody technology. The Data Centers segment builds facilities at the Helios campus for AI and high-performance computing clients. As of the end of 2025, the company had over 700 full-time employees worldwide, approximately 530 of them in the United States.⁠[2][2][2][2][2][2][2][2]

As of April 2, 2026, Novogratz, mainly through Galaxy Group Investments LLC, which he controls, held exchangeable limited partnership units and the corresponding Class B common stock, giving him about 49.25% of the company’s total voting power. As of April 2026, Michael Daffey was chair of the board, Novogratz was chief executive officer and a director, Christopher Ferraro was president and chief investment officer, and Anthony Paquette was chief financial officer.⁠[1][1][4][1][1]

Galaxy: Official website: https://www.galaxy.com/ (opens in a new window).⁠[10]

X: Public account: https://x.com/GalaxyHQ (opens in a new window)⁠[11]

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