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Galaxy Announces Third Quarter 2022 Financial Results

Net comprehensive loss of $68.1 million for the quarter
The Company maintains a strong liquidity position of $1.5 billion
The Company continues to onboard counterparties and invest in strategic opportunities
Damien Vanderwilt, Co-President and Head of Global Markets, to transition to Senior Advisor and Board Director

NEW YORK, Nov. 9, 2022 /CNW/ - Galaxy Digital Holdings Ltd. (TSX: GLXY) ("Galaxy Digital", "Galaxy", the "Company" or "GDH Ltd.") today released financial results for the three and nine months ended September 30, 2022 for both itself and Galaxy Digital Holdings LP (the "Partnership" or "GDH LP").

Galaxy Digital Holdings Ltd.  logo (CNW Group/Galaxy Digital Holdings Ltd.)
Galaxy Digital Holdings Ltd. logo (CNW Group/Galaxy Digital Holdings Ltd.)

"While our industry continues to face macroeconomic headwinds and structural evolution, Galaxy remains focused on building for the future state of institutional adoption by taking deliberate steps to transform and simplify our operations," said Michael Novogratz, Founder and CEO of Galaxy Digital.

"Retaining $1.5 billion in liquidity, including over $1.0 billion in cash, the Company continues to be in a position of strength for both organic and inorganic growth, as we focus on building for the future. Additionally, I'd like to thank Damien Vanderwilt for his contributions to the Company and look forward to continuing to work with him as he transitions to being Senior Advisor and Board Director."

Select Financial Highlights for the Third Quarter 2022

  • Net comprehensive loss was $68.1 million, compared to a $517.9 million gain in the prior year period.

  • Partners' Capital was $1.8 billion at the end of the quarter, down 12% from $2.0 billion in the prior year period.

_____________________________

1 Represents coinmarketcap.com total cryptocurrency market capitalization quoted price as of 12:00AM UTC for total market capitalization.

2 Net digital assets includes all digital assets categorized as assets, less all digital assets categorized as liabilities on the statement of financial position, less non-controlling interests liabilities.

Operating Highlights for the Third Quarter 2022

  • Galaxy Trading ("GT") reported continued growth in client count and strong revenue from our counterparty-facing businesses, against continued decreased counterparty trading volumes within the quarter.

  • Galaxy Asset Management ("GAM") reported preliminary assets under management ("AUM")3 of nearly $2.0 billion as of September 30, 2022, a 17% increase from the quarter ended June 30, 2022.

  • Galaxy Investment Banking ("GIB") had a quarter of continued growth of its active deal pipeline, with a number of existing mandates expected to close in the next two quarters.

  • Galaxy Mining ("GM") incurred a net comprehensive loss of $34.9 million in the quarter, largely due to non-cash operating impairments of Mining assets that increased Operating Expense, against the backdrop of our largest third-party hosting provider reducing capacity due to market conditions, rising energy prices and constrained access to capital markets.

  • Principal Investments ("GPI"): The Company now holds 152 investments across 107 portfolio companies as of September 30, 2022. Within the third quarter 2022, GPI made investments in a number of companies including Celestia, one of the leading projects focused on novel, modular blockchain architecture.

_________________________

3 AUM is an internal estimate inclusive of a sub-advised fund, committed capital in a closed-end vehicle, and seed investments by affiliates.

  Changes in AUM are generally the result of performance, contributions, and withdrawals.

Corporate Updates

  • Senior Leadership Update: Effective mid-January 2023, Damien Vanderwilt will step down from his role as Co-President at the Company. Concurrently, he will be named a Senior Advisor to Galaxy and join the Company's Board of Directors. Since joining Galaxy last year, Damien has played a vital role in our efforts to institutionalize the digital asset space, as well as helping the Company navigate through an unprecedented period of global growth and transformation. Damien played an instrumental role in establishing several external partnerships and client relationships. He also contributed to various initiatives underscoring the firm's focus on inclusion, diversity, and sustainability, and played a key part in recruiting, ensuring Galaxy has a deep bench of future leaders for many years to come.

  • US Listing: As previously announced, the Company intends to complete 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 approval of such listing. The company now expects the listing to occur in 2023.

  • Share Repurchase Program: As announced on May 16, 2022, the Company entered into a Share Repurchase Program and as of October 24, 2022, has purchased all 10,596,720 ordinary shares allowable at an average price of $6.65 CAD. The Company will continue to use all available methods to manage its share capital when it believes that the current market price of its shares does not reflect their intrinsic value and if doing so is consistent with the objective of creating long term shareholder value.

  • Update on Exposure to FTX.com: On November 8, 2022, FTX.com ("FTX"), a digital asset exchange on which the Partnership holds cash and digital assets, announced that it entered into a non-binding arrangement with Binance Holdings Ltd. to provide liquidity. As of the date of this filing, the Partnership has an exposure of approximately $76.8 million of cash and digital assets to FTX, of which $47.5 million is currently in the withdrawal process.

GDH Ltd.'s Financial Highlights (Q3 2022)

  • 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 its associate (GDH LP) using the equity method. GDH Ltd. had been carrying its investment at cost initially and subsequently increased or decreased it to recognize GDH Ltd.'s share of the earnings and losses of GDH LP. As of September 30, 2022, an impairment assessment was required under International Financial Reporting Standards and GDH Ltd.'s minority interest in GDH LP was marked down based on the TSX closing share price at quarter end. An impairment expense of $143.5 million was recognized. The net comprehensive loss of GDH Ltd was $332.2 million for the nine months ended September 30, 2022.

Earnings Conference Call

An investor conference call will be held today, November 9, 2022 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 1-877-300-8521, or 1-412-317-6026 (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 November 30, 2022, the recording will also be available by dialing +1-844-512-2921, or 1-412-317-6671 (outside the U.S. and Canada) passcode: 10172419.

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 institutions, startups, and qualified individuals access to the crypto economy. Our full suite of financial services is custom-made for a digitally native ecosystem, spanning multiple synergistic business lines: Trading, Asset Management, Investment Banking, Mining, and Ventures.

Galaxy's CEO and Founder Michael Novogratz leads a team of crypto enthusiasts and institutional veterans working together on a mission to engineer a new economic paradigm. The Company is headquartered in New York City, with offices in Chicago, New Jersey, London, Amsterdam, Hong Kong, Tokyo and the Cayman Islands (reg. office).

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 Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2022 and (ii) GDH Ltd.'s Management Discussion and Analysis and Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2022 (together, the "Consolidated Financial Statements" and "MD&As"), which have been filed on SEDAR at www.sedar.com.

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 Digital.

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 Digital'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.sedar.com.

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 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. Forward-looking statements in this document may include, for example, statements about our mining business and its go-forward strategy, our ability to complete the proposed domestication and reorganization transactions within a particular timeframe, our senior executive transition and our plans with respect to share capital. 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; (11) those other risks contained in the Annual Information Form for the year ended December 31, 2021 available on the Company's profile at www.sedar.com and its Management's Discussion and Analysis, filed on November 9, 2022 and (12) other risks and uncertainties to be indicated from time to time in filings made with the SEC. 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 2022. All rights reserved.

Galaxy Digital Holdings LP's Consolidated Statements of Financial Position (unaudited)

(in thousands)

September 30, 2022


December 31, 2021

Assets




Current assets




Cash and cash equivalent

$                     1,038,176


$                         840,776

Digital assets

865,463


2,420,777

Receivable for digital asset trades

16,208


8,332

Digital assets loans receivable, net of allowance

110,336


192,684

Digital assets receivables

21,012


52,998

Assets posted as collateral

98,976


71,400

Receivables

11,746


26,665

Derivative assets

23,909


45,669

Prepaid expenses and other assets

52,252


25,768

Loans receivable

76,028


190,087

Due from related party


25,023

Total current assets

2,314,106


3,900,179





Digital assets receivables

11,172


18,659

Investments

748,163


1,069,776

Right of use assets

13,234


11,746

Property and equipment

143,116


58,187

Deferred tax asset

20,184


10,259

Intangible assets

2,742


3,087

Goodwill

24,645


24,645

Total non-current assets

963,256


1,196,359

Total assets

$                     3,277,362


$                     5,096,538





Liabilities and equity




Current liabilities




Investments sold short

7,960


11,630

Derivative liabilities

19,334


25,567

Warrant liability

318


20,488

Accounts payable and accrued liabilities

77,795


146,243

Payable to customers

22,771


142,441

Taxes payable

16,981


42,341

Payable for digital asset trades

4,589


13,216

Digital assets loans payable

501,119


905,013

Loans payable

112,528


33,289

Collateral payable

206,187


480,088

Due to related party

24,703


Lease liability

3,660


2,164

Non-controlling interest liability

56,652


161,536

Total current liabilities

1,054,597


1,984,016





Notes payable

425,629


475,330

Deferred tax liability

9,256


25,608

Lease liability

12,792


13,233

Total non-current liabilities

447,677


514,171

Total liabilities

1,502,274


2,498,187





Equity




Partners' capital

1,775,088


2,598,351

Total equity

1,775,088


2,598,351





Total liabilities and equity

$                     3,277,362


$                     5,096,538

Galaxy Digital Holdings LP's Consolidated Statements of Comprehensive Income (unaudited)

(in thousands)

Three months
ended

September 30,
2022

Three months
ended

September 30,
2021

Nine months
ended

September 30,
2022

Nine months
ended September 30,
2021

Income





Advisory and management fees

$                 4,608

$                 3,524

$               22,710

$                 7,881

Net realized gain on digital assets

4,715

130,465

128,558

698,639

Net realized gain (loss) on investments

(8,776)

32,557

64,153

225,058

Income from lending

6,395

14,027

31,086

39,395

Net derivative gain

17,825

32,078

179,821

105,355

Income from mining

5,614

3,799

26,370

7,700

Other income

2,295

619

4,297

5,163


32,676

217,069

456,995

1,089,191






Operating expenses





Compensation and compensation related

37,247

53,146

112,447

136,780

Equity based compensation

27,738

24,192

81,634

44,839

General and administrative

49,281

4,004

101,389

19,526

Professional fees

(4,260)

21,054

15,271

37,147

Profit share arrangement expense

1,867

14,032

Interest

8,543

19,386

33,417

51,646

Notes interest expense

7,504

22,113


(126,053)

(123,649)

(366,271)

(303,970)






Net unrealized gain (loss) on digital assets

69,437

355,245

(664,206)

222,540

Net unrealized (loss) gain on investments

(39,299)

177,894

(372,318)

401,229

Net (loss) gain on notes payable - derivative

(1,041)

56,556

Net gain (loss) on warrant liability

307

9,352

20,005

(24,802)

Foreign currency gain (loss)

2,579

(229)

3,293

1,566

(Gain) loss attributable to non-controlling interests
liability

(8,857)

(89,723)

105,160

(164,730)


23,126

452,539

(851,510)

435,803






(Loss) income before income taxes

(70,251)

545,959

(760,786)

1,221,024

Income taxes

(2,357)

28,126

(26,984)

28,126

Net (Loss) income for the period

$             (67,894)

$            517,833

$           (733,802)

$         1,192,898






Other comprehensive income (loss)





Foreign currency translation adjustment

$                   (222)

$                      40

$                   (710)

$                    338






Net comprehensive (loss) income for the period

$             (68,116)

$            517,873

$           (734,512)

$         1,193,236

 


Three months
ended

September 30, 2022

Three months
ended

September 30, 2021

Nine months
ended

September 30, 2022

Nine months
ended

September 30, 2021

Net income (loss) per unit:





Basic

$                           (0.21)

$                             1.62

$                           (2.24)

$                             3.77

Diluted

(0.21)

1.48

(2.29)

3.43

Weighted average units:





Basic

326,187,757

319,815,465

327,599,342

316,314,861

Diluted

326,187,757

349,210,552

342,921,483

348,041,169

Reportable segments (unaudited)

Income and expenses by each reportable segment of GDH LP for the three months ended September 30, 2022 are as follows (in thousands):

(in thousands)

Trading

Principal
Investments

Asset
Management

Investment
Banking

Mining

Corporate

 and Other

Totals

Income (loss)








Advisory and
management fees

383

3,374

851

4,608

Net realized gain (loss)
on digital assets

29,738

(17,226)

(7,797)

4,715

Net realized gain (loss)
on investments

(6,568)

(2,208)

(8,776)

Income from lending

6,260

135

6,395

Net derivative gain

17,825

17,825

Income from mining

5,614

5,614

Other income

796

1,453

46

2,295


48,434

(17,846)

(4,377)

851

5,614

32,676









Operating expenses

37,144

1,767

12,890

2,464

40,517

31,271

126,053









Net unrealized gain
(loss) on digital assets

36,257

15,366

17,814

69,437

Net unrealized gain
(loss) on investments

2,499

(41,161)

(637)

(39,299)

Net gain on notes
payable - derivative

(1,041)

(1,041)

Net gain on warrant
liability

307

307

Foreign currency gain

2,739

(160)

2,579

Loss attributable to
non-controlling
interests liability

(8,857)

(8,857)


41,495

(25,795)

8,320

(894)

23,126









Income (loss) before
income taxes

$           52,785

$          (45,408)

$            (8,947)

$            (1,613)

$          (34,903)

$          (32,165)

$          (70,251)

Income tax benefit

(2,357)

(2,357)

Net income (loss) for
the period

$           52,785

$          (45,408)

$            (8,947)

$            (1,613)

$          (34,903)

$          (29,808)

$          (67,894)

Foreign currency
translation adjustment

(222)

(222)

Comprehensive
income (loss) for the
period

$           52,785

$          (45,408)

$            (8,947)

$            (1,613)

$          (34,903)

$          (30,030)

$          (68,116)

Income and expenses by each reportable segment of GDH LP for the three months ended September 30, 2021 are as follows (in thousands):

(in thousands)

Trading

Principal
Investments

Asset
Management

Investment
Banking

Mining

Corporate

 and Other

Totals

Income (loss)








Advisory and
management fees

$                  62

$                  —

$             3,462

$                  —

$                  —

$                  —

$             3,524

Net realized gain (loss)
on digital assets

100,314

13,227

16,924

$         130,465

Net realized gain (loss)
on investments

12,675

19,821

61

$           32,557

Income from lending

13,739

288

$           14,027

Net derivative gain
(loss)

32,078

$           32,078

Income from mining

3,799

$             3,799

Other income

619

$                619


159,487

33,336

20,447

3,799

217,069









Operating expenses

55,227

4,937

10,667

2,283

2,689

47,846

123,649









Net unrealized gain
(loss) on digital assets

244,146

44,387

66,712

355,245

Net unrealized gain
(loss) on investments

(385)

183,472

(5,193)

177,894

Net gain (loss) on
warrant liability

9,352

9,352

Foreign currency gain

(219)

(10)

(229)

(Gain) loss attributable
to non-controlling
interests liability

(89,723)

(89,723)


243,542

227,849

(28,204)

9,352

452,539









Income (loss) before
income taxes

$         347,802

$         256,248

$         (18,424)

$           (2,283)

$             1,110

$         (38,494)

$         545,959

Income tax expense

28,126

28,126

Net income (loss) for
the period

$         347,802

$         256,248

$         (18,424)

$           (2,283)

$             1,110

$         (66,620)

$         517,833

Foreign currency
translation adjustment

40

40

Comprehensive
income (loss) for the
period

$         347,802

$         256,248

$         (18,424)

$           (2,283)

$             1,110

$         (66,580)

$         517,873

Assets and liabilities by reportable segment of GDH LP as of September 30, 2022 are as follows (in thousands):

(in thousands)

Trading

 Principal
Investments

Asset
Management

Investment
Banking

Mining

Corporate and
Other

Totals

Total assets

$        1,931,023

$           822,108

$             86,938

$             22,853

$           349,598

$             64,842

$        3,277,362









Total liabilities

$           876,591

$                  242

$             56,886

$               2,102

$               3,037

$           563,416

$        1,502,274

Assets and liabilities by reportable segment of GDH LP as of December 31, 2021 are as follows (in thousands):

(in thousands)

Trading

 Principal
Investments

Asset
Management

Investment
Banking

Mining

Corporate and Other

Totals

Total assets

$       2,971,090

$       1,277,707

$          193,436

$            10,727

$          292,942

$          350,636

$        5,096,538









Total liabilities

$       1,666,488

$                 174

$          171,784

$                 122

$              3,202

$          656,417

$        2,498,187

Select statement of financial position information

The fair value of each asset class by reporting segment of GDH LP as of September 30, 2022 is as follows (in thousands):

(in thousands)

Trading

Principal
Investments

Asset
Management

Investment
Banking

Mining

Corporate
and Other

Totals

Digital assets

$          776,609

$            29,363

$             59,491

$                 —

$             —

$                —

$          865,463

Digital assets receivables

7,647

24,537

32,184

Digital assets posted as
collateral

98,976

98,976

Investments:








Pre-Launch Network

2,500

4,300

6,800

Convertible Notes

5,368

14,643

20,011

Preferred Stock

297,331

2,100

299,431

Common Stock

8,379

114,139

390

122,908

LP/LLC Interests

298,979

298,979

Warrants/Trust
Units/Trust Shares

34

34


$          899,479

$          783,326

$             59,491

$               390

$        2,100

$                —

$       1,744,786

The fair value of each asset class by reporting segment of GDH LP as of December 31, 2021 is as follows (in thousands):

(in thousands)

Trading

Principal
Investments

Asset
Management

Investment
Banking

Mining

Corporate
and Other

Totals

Digital assets

$     2,121,772

$        123,210

$        165,300

$                 —

$          10,495

$                 —

$     2,420,777

Digital assets receivables

71,657

71,657

Digital assets posted as
collateral

71,400

71,400

Investments:








Pre-Launch Network

6,393

6,393

Convertible Notes

9,768

9,768

Preferred Stock

382,182

382,182

Common Stock

34,991

236,303

271,294

LP/LLC Interests

383,279

383,279

Warrants/Trust Units

7,963

8,897

16,860


$     2,236,126

$     1,221,689

$        165,300

$                 —

$          10,495

$                 —

$     3,633,610

Net Digital Assets Position

Net digital assets includes all digital assets categorized as assets, less all digital assets categorized as liabilities on the statement of financial position, less non-controlling interests liabilities, and is included in the Company's liquidity measure. Net digital assets as of September 30, 2022 is as follows (in thousands):

(in thousands)

As of

September 30, 2022

As of

December 31, 2021

Assets



Digital assets

$                          865,463

$                       2,420,777

Digital asset loans receivable, net of allowance

110,336

192,684

Digital assets receivable, current

21,012

52,998

Digital assets receivable, noncurrent

11,172

18,659

Assets posted as collateral

98,976

71,400


1,106,959

2,756,518

Liabilities



Payables to customers1

13,112

18,565

Digital asset loans payable

501,119

905,013

Collateral payable1

113,515

458,949

Non-controlling interests liability

56,652

161,536


684,398

1,544,063

Digital assets, net

$                          422,561

$                       1,212,455

Stablecoins, net

$                          235,839

$                          240,634

Digital assets, net excl. stablecoins

$                          186,722

$                          971,821

1 Excludes cash portion of consolidated balance on the Partnership's balance sheet.

All figures are in U.S. Dollars unless otherwise noted.

SOURCE Galaxy Digital Holdings Ltd.

Cision
Cision

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