Galaxy Digital
30 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.
Customers
CoreWeave, Inc.
earns from · 526 MW of critical IT load by 2028named as a riskWe expect that our AI/HPC data center business will initially be highly dependent on a single customer, CoreWeave, and may continue to derive a significant portion of the revenue of our Data Centers operating business segment from such single customer for the foreseeable future.Risk factors (Item 1A)
Suppliers
Amazon Web Services (AWS)
depends onnamed as a riskA prolonged AWS or Azure service disruption affecting our cloud-native platform would adversely impact our ability to service our customers and could damage our reputation with current and potential customers, expose us to liability, result in substantial costs for remediation, could cause us to lose customers, or otherwise harm our business, financial condition and results of operations.Risk factors (Item 1A)
Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more
Microsoft Azure
depends onnamed as a riskOur technological infrastructure depends, in part, on the virtual cloud infrastructure hosted in AWS and Azure.Risk factors (Item 1A)
Also named by AIOT, AKAM, BLK, DDOG, DOCN, DOCU, EXTR, FFIV and 14 more
AI/HPC data center equipment suppliers
depends onnamed as a riskThere are a limited number of AI/HPC data center equipment suppliers in the market today, and the market price and availability of equipment can be volatile based on market supply and demand dynamics.Risk factors (Item 1A)
Partners and platforms
Maple
concentrated in · $637.2 millionnamed as a riskAs of December 31, 2025, the total amount of digital assets on the digital asset trading platforms listed above was approximately $1.2 billion, of which $637.2 million was held at Maple, $282.6 million was held at Binance, and $255.6 million was held at Fidelity.Market risk (Item 7A)
Binance
concentrated in · $282.6 millionnamed as a riskAs of December 31, 2025, the total amount of digital assets on the digital asset trading platforms listed above was approximately $1.2 billion, of which $637.2 million was held at Maple, $282.6 million was held at Binance, and $255.6 million was held at Fidelity.Market risk (Item 7A)
Fidelity
concentrated in · $255.6 millionnamed as a riskAs of December 31, 2025, the total amount of digital assets on the digital asset trading platforms listed above was approximately $1.2 billion, of which $637.2 million was held at Maple, $282.6 million was held at Binance, and $255.6 million was held at Fidelity.Market risk (Item 7A)
Digital asset trading platforms without SOC reporting
concentrated in · approximately $2.1 billionnamed as a riskAs of December 31, 2025, we held approximately $2.1 billion in digital assets at digital asset trading platforms and decentralized finance protocols or custodians that do not have SOC reporting available.Risk factors (Item 1A)
Cross River Bank
depends onnamed as a riskIn particular, will likely be unable to switch some or all of our customer transactions or accounts from Cross River Bank to another bank because customers hold their accounts directly with Cross River Bank rather than one of our affiliates.Risk factors (Item 1A)
Also named by AFRM
Paxos Trust Company LLC
depends onnamed as a riskOur relationships with Cross River Bank, Paxos, and DriveWealth are an important part of our GalaxyOne business and if we lose these relationships and are not able to switch to another partner, we will not be able to operate GalaxyOne in its current form.Risk factors (Item 1A)
DriveWealth
depends onnamed as a riskOur relationships with Cross River Bank, Paxos, and DriveWealth are an important part of our GalaxyOne business and if we lose these relationships and are not able to switch to another partner, we will not be able to operate GalaxyOne in its current form.Risk factors (Item 1A)
Superstate Services LLC
depends onnamed as a riskOn May 20, 2025, we entered into a Digital Transfer Agency Agreement with Superstate Services LLC as our digital asset transfer agent, pursuant to which it has agreed to create and maintain an “Allowlist” of wallet addresses of individuals and entities who have completed onboarding requirements and are permitted to hold, transfer and facilitate transfers of Tokenized GLXY.Risk factors (Item 1A)
Places
Israel
operates in · Approximately 75 Galaxy employeesnamed as a riskApproximately 75 Galaxy employees are physically located in Israel, a number of whom have military reserve service obligations.Risk factors (Item 1A)
Also named by AIOT, AKAM, AMAT, AMGN, APP, ASTS, AVY, BSX and 31 more
Helios data center campus (West Texas)
concentrated in · over 1.6 GWnamed as a riskSpecifically, our Helios campus could be, from time to time, affected by problems accessing electricity sources, such as planned or unplanned power outages and limitations on transmission or distribution of power.Risk factors (Item 1A)
Commodities and inputs
Bitcoin
exposed to its price · $535.8 millionnamed as a riskAs of December 31, 2025, we held digital intangible assets of $3.6 billion, digital financial assets of $988.6 million, and bitcoin and ether spot ETF investments of $535.8 million.Risk factors (Item 1A)
Digital assets
exposed to its price · +/- $184.0 millionnamed as a riskManagement’s estimate of the effect of digital asset price risk on our Treasury and Corporate digital asset portfolio due to a +/- 20% change in the market prices of digital assets, with all other variables held constant, was +/- $184.0 million and $247.3 million as of December 31, 2025 and December 31, 2024, respectively.Market risk (Item 7A)
Electricity
exposed to its pricenamed as a riskOur AI/HPC data center operations are expected to consume significant amounts of electricity and are dependent on our ability to maintain reliable and economical sources of power.Risk factors (Item 1A)
Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more
USDC and USDT stablecoins
exposed to its pricenamed as a riskWe regularly transact in and hold stablecoins; as of December 31, 2025, USDC and USDT were the only stablecoins that we held in material amounts.Risk factors (Item 1A)
Regulators
Electric Reliability Council of Texas (ERCOT)
subject to · over 1.6 gigawattsIn total, the Electric Reliability Council of Texas (“ERCOT”) has approved over 1.6 gigawatts (“GW”) of gross power capacity at our Helios campus.Business (Item 1)
Also named by CORZ
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskWe acknowledge that a particular digital asset that we transact in may in the future be found by a federal court or alleged by the SEC or a state securities regulator to be a security or involve a securities transaction notwithstanding our prior determination.Business (Item 1)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Commodity Futures Trading Commission (CFTC)
subject tonamed as a riskWe have experienced a significant increase in costs to appropriately comply with swap dealer requirements, with such additional costs factored into broader business planning exercises.Business (Item 1)
Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more
Laws and programs
Project Financing Documents (Galaxy Helios I)
minimum debt service coverage ratio of 1.40named as a riskThe Project Financing Documents also contain a financial maintenance covenant, requiring Galaxy Helios I to maintain a minimum debt service coverage ratio of 1.40 beginning with the first full quarter after Stabilization (as defined in the Credit Agreement) and a maximum loan-to-cost ratio of 80% on the closing date and each fiscal quarter thereafter until Stabilization.Risk factors (Item 1A)
California Digital Financial Assets Law (DFAL)
subject tonamed as a riskNeither Galaxy nor any of its affiliates have applied for a digital financial assets business license in California but expect to do so in advance of July 1, 2026.Business (Item 1)
Also named by HOOD
New York BitLicense (NYDFS)
subject tonamed as a riskNeither Galaxy nor any of its affiliates currently have a BitLicense, or have otherwise received approval to engage in virtual currency business activity in New York.Business (Item 1)
Investment Company Act Section 3(c)(2) exemption
subject tonamed as a riskIf our digital asset financing business was to fail to comply with this exemption, it could result in our being unable to conduct such business and it could also cause us to be deemed an investment company as our own status under the Investment Company Act depends in part on that of our operating subsidiaries that conduct our businesses.Risk factors (Item 1A)
FinCEN / Bank Secrecy Act
subject toA subsidiary of GDH LP, GalaxyOne Prime LLC, is registered as an MSB with FinCEN and has applied for money transmitter licenses in a number of states in order to effect aspects of its trading business.Business (Item 1)
Bahamas DARE Act (Securities Commission of The Bahamas)
subject toOur subsidiary, Galaxy Bahamas Ltd., is registered as a digital asset business under the DARE Act.Business (Item 1)
Technology
Decentralized finance (DeFi) protocols
concentrated in · $1,196.2 millionnamed as a riskAs of December 31, 2025, Galaxy’s digital assets associated with decentralized finance protocols was $1,196.2 million.Risk factors (Item 1A)