Galaxy Digital : Overview

galaxy.com

Q4 · 23

As of December 31, 2023

Disclaimer

This document, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates ("Galaxy Digital") solely for informational purposes. This document may not be reproduced or redistributed in whole or in part, in any format, without the express written approval of Galaxy Digital. Neither the information, nor any opinion contained in this document, constitutes an offer to buy or sell, or a solicitation of an offer to buy or sell, any advisory services, securities, futures, options or other financial instruments or to participate in any advisory services or trading strategy. Nothing contained in this document constitutes investment, legal or tax advice. You should make your own investigations and evaluations of the information herein. Any decisions based on information contained in this document are the sole responsibility of the reader.

Certain statements in this document reflect Galaxy Digital's views, estimates, opinions or predictions (which may be based on proprietary models and assumptions, including, in particular, Galaxy Digital's views on the current and future market for certain digital assets), and there is no guarantee that these views, estimates, opinions or predictions are currently accurate or that they will be ultimately realized. To the extent these assumptions or models are not correct or circumstances change, the actual performance may vary substantially from, and be less than, the estimates included herein. None of Galaxy Digital nor any of its affiliates, shareholders, partners, members, directors, officers, management, employees or representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Galaxy Digital and, Galaxy Digital, does not assume responsibility for the accuracy of such information. Affiliates of Galaxy Digital may have owned or may own investments in some of the digital assets, companies and protocols discussed in this document and the inclusion herein is not an endorsement of such asset or company. Except where otherwise indicated, the information in this document is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof.

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.

This document contains certain pre-released first quarter 2024 financial information (the "pre-released financial information"). The pre-released financial information contained in this document is preliminary and represents the most current information available to management. The Partnership's actual consolidated financial statements for such period may result in material changes to the pre-released financial information summarized in this press release (including by any one financial metric, or all of the financial metrics) as a result of the completion of normal quarter accounting procedures and adjustments or due to other risks contained in the Annual Information Form for the year ended December 31, 2023. Although the Company believes the expectations reflected in this press release are based upon reasonable assumptions, the Company can give no assurance that actual results will not differ materially from these expectations.

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 athttp://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 atwww.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 pre-released financial information, predictions for 2024, Galaxy's business pipelines, mining goals, focus on self custody and validator solutions and our commitment to the future of decentralized networks, industry outlook, and the pending domestication and the related transactions (the "transactions"), and the parties, perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the inability to complete the proposed domestication and reorganization transactions, due to the failure to obtain shareholder and stock exchange approvals, or otherwise; (2) changes to the proposed structure of the transactions that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining shareholder or stock exchange approval of the transactions; (3) the ability to meet and maintain listing standards following the consummation of the transactions; (4) the risk that the transactions disrupt current plans and operations; (5) costs related to the transactions, operations and strategy; (6) changes in applicable laws or regulations; (7) the possibility that the Partnership 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 outside 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, which could impact revenue and resources; (11) the risk that revenue or expense estimates may not be met or may be materially less or more than those anticipated; (12) any delay or failure to consummate GK8 and banking mandates or achieve their pipelines; (13) the possibility that Galaxy Asset Management does not achieve its goals with respect to its strategies; (14) the possibility that there is a disruption in mining impacting our ability to achieve expected results, impact of halving in the 2nd quarter or 2024, power-mix goals and strategy, (15) the risk that lending counterparties default; (16) regulatory concerns, technological challenges, cyber incidents or exploits on decentralized networks; (17) any impact on our operating results and financial condition due to market-wide liquidity problems and instability in the global banking system;

Disclaimer

(18) any impact to our operations from global conflict and effect on global economic markets; and (19 those other risks contained in the Annual Information Form for the year ended December 31, 2023 available on the Company's profile atwww.sedar.comand its Management's Discussion and Analysis, filed on March 26, 2024 .

Factors that could cause actual results to differ materially from those described in such forward-looking statements include, but are not limited to, a decline in the digital asset market or general economic conditions; the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of the stated addressable market; the failure or delay in the adoption of digital assets and the blockchain ecosystem; a delay or failure in developing infrastructure for our business or our businesses achieving mandates; delays or other challenges in the mining business related to hosting, power or our mining infrastructure; any challenges faced in achieving asset management goals; any challenges faced with respect to decentralized networks; the impact of new and ongoing global conflicts and their effect on global economic markets; and changes in applicable law or regulation and adverse regulatory developments.. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. We are not undertaking any obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.

Securities transactions are effected through Galaxy Digital Partners LLC, a member of FINRA and SIPC.

©Copyright Galaxy Digital 2024 All rights reserved.

®Registered Service Mark of Galaxy Digital Holdings LP

Galaxy manages a number of funds, including the Galaxy Crypto Index Fund, Galaxy Ethereum Fund, the Galaxy Bitcoin Funds, the Galaxy Liquid Crypto Fund, the Galaxy Interactive Family of Funds and the Galaxy Vision Hill Family of Funds (each a "Fund" and together "Galaxy Funds") which invests in digital assets. The Information is not an offer to buy or sell, nor is it a solicitation of an offer to buy or sell, interests in the Fund or any advisory services or any other security or to participate in any advisory services or trading strategy. If any offer and sale of securities is made, it will be pursuant to the confidential offering memorandum of the Fund (the Offering Memorandum). Any decision to make an investment in the Fund should be made after reviewing such Offering Memorandum, conducting such investigations as the investor deems necessary and consulting the investor's own investment, legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment. The performance of the Fund will vary from the performance of the relevant Index that it tracks. None of the Information has been filed with the U.S. Securities and Exchange Commission, any securities administrator under any state securities laws or any other governmental or self-regulatory authority. No governmental authority has opined on the merits of the offering of any securities by the Fund or Galaxy, or the adequacy of the information contained herein. Any representation to the contrary is a criminal offense in the United States.

Investing in the Funds and digital assets involves a substantial degree of risk. There can be no assurance that the investment objectives of the Fund will be achieved. Any investment in the Fund may result in a loss of the entire amount invested. Investment losses may occur, and investors could lose some or all of their investment. Neither historical returns nor economic, market or other performance is an indication of future results.

Decentralized Finance (or DeFi) refers to a variety of blockchain-based applications or protocols that provide for peer-to-peer financial services using smart contracts and other technology rather than such services being offered by central intermediaries. Common DeFi applications include borrowing/lending Digital Assets and providing liquidity or market making in Digital Assets. Because DeFi applications rely on smart contracts, any errors, bugs, or vulnerabilities in smart contracts used in connection with DeFi activities may adversely affect such activities. DeFi lending is subject to counterparty risk and credit risk, but because lending is automated through the DeFi protocol, rather than individual decisions made by a portfolio manager on behalf of a Fund, such risks may be exacerbated, particularly if there are flaws in DeFi protocol's code or operation. DeFi applications may involve regulated financial products or regulated activities, however because of their decentralized nature, there is generally no entity subject to regulatory supervision. Accordingly, DeFi applications may be subject to more risks than engaging in similar activities through regulated financial intermediaries. In addition, in certain decentralized protocols, it may be difficult or impossible to verify the identity of a transaction counterparty necessary to comply with any applicable anti-money laundering, countering the financing of terrorism, or sanctions regulations or controls. All of these risks could cause the value of DeFi tokens held by a fund to decline, including to zero.

Additional Information

By receiving and reviewing this presentation, you acknowledge that (1) you have knowledge and experience in financial and business matters and in investments and you are capable of evaluating the merits and risks of making an informed investment decision, (2) you are a "qualified institutional buyer" ("Qualified Institutional Buyer") within the meaning of Rule 144A promulgated under the Securities Act, and (3) if you are a "U.S. person" as defined in Regulation S ("Regulation S") under the Securities Act, you furthermore are a "qualified purchaser" ("Qualified Purchaser") within the meaning of Section 3(c)(7) of the Investment Company Act of 1940 (the "1940 Act").

Any interests in Galaxy Digital or any affiliate that may be offered or sold have not been registered under the applicable securities laws of the United States. Consequently, any interests in Galaxy Digital or any affiliate may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, "U.S. persons" as defined in Regulation S under the U.S. Securities Act of 1933, as amended, absent registration or an exemption from registration thereunder. No public offering of any shares in the Galaxy Digital or any affiliate is being, or has been, made in the United States in the absence of a registration statement declared effective by the SEC. Any interest in Galaxy Digital or any affiliate may not be purchased by an "employee benefit plan" within the meaning of the U.S. Employee Retirement Income Security Act of 1974, as amended (ERISA), including (i) an investor using assets of: (A) an "employee benefit plan" as defined in Section 3(3) of ERISA that is subject to Title I of ERISA; (B) a "plan" as defined in Section 4975 of the U.S. Internal Revenue Code, as amended (the IRC), including an individual retirement account or other arrangement that is subject to Section 4975 of the IRC; or (C) an entity which is deemed to hold the assets of any of the foregoing types of plans, accounts or arrangements that is subject to Title I of ERISA or Section 4975 of the IRC. No governmental authority has opined on the adequacy of the information contained herein. Any representation to the contrary is a criminal offense in the United States. Neither Galaxy Digital nor any of its affiliates is, or expects to be, registered as an investment company under the U.S. Investment Company Actof1940, as amended (the Investment Company Act), and purchasers of any securities will not be entitled to the benefits of the Investment Company Act.

Company Snapshot

Galaxy is a digital asset and blockchain leader providing access to the growing digital economy. We serve a diversified client base, including institutions, startups, and qualified individuals.

6+

Year Operating Track Record

$296M

2023 Net Income

430+

Employees Globally

8

Offices across three continents+

Note: All figures as of December 31, 2023.

Complementary offerings across three main operating businesses:

Global Markets

Institutional-grade expertise and access to the digital asset ecosystem, including trading, derivatives and structured products; M&A advisory; and capital markets advisory services.

Asset Management

A global asset management platform offering a suite of institutional-grade investment vehicles that span passive, active, and venture strategies.

Digital Infrastructure Solutions

We are an industry leader in proprietary bitcoin mining and hosting services, critical network validator services, and the development of enterprise-grade custodial technology.

(1) Inclusive of offices in New York, Texas, Israel, London, Chicago, Hong Kong, Bahamas, and San Francisco.

We believe there are decades of growth ahead for digital assets

Expansive Addressable Market

Key Trends

16% 580M $11T $3B

of adults in the United States hold crypto1

global crypto users (up from 516M in June 2023)2

the amount settled onchain by stablecoins3

the value of non-stablecoin real-world-assets onchain 4

(1) "Cryptocurrency adoption in 56 different countries worldwide," Statista (August 2023). (2) "Crypto Market Sizing Report," Crypto.com (January 2024). (3) The Relentless Rise of Stablecoins, Brevan Howard Digital, 2022. (4) DeFiLlama, rwa.xyz, CoinGecko, December 31, 2023. (5) Broad money is the sum of currency outside of banks; demand deposits other than those of the central government; the time, savings, and foreign currency deposits of resident sectors other than the central government; bank and traveler's checks; and other securities such as certificates of deposit and commercial paper. The World Bank (2020). (6) FactSet market data for combined US technology services and finance sectors as of December 31, 2023. (7) Chart Market Capitalization of Gold and Bitcoin, in USD trn, In Gold We Trust (December 2023). (8) Represents coinmarketcap.com total cryptocurrency market capitalization quoted price as of 23:59 UTC on September 30, 2023, for total market capitalization.

Top-Line Predictions for 2024

According toGalaxy Research's 2024 Watch This Space Report.

Bitcoin ETFs will see significant inflows and reshape how bitcoin markets work in the United States.

The Bitcoin halving will challenge miners but ultimately serve as a powerful marketing narrative for BTC.

Ethereum will continue down its modular path and face challenges from alternative layer one blockchains.

Decentralized Finance will not be a challenger to traditional finance in 2024.

2024 Elections will make it more difficult for draft legislation and bills to progress through Congress.

Stablecoin supplies will begin to grow again as a resurgent crypto market drives demand for on and off ramps.

Crypto and AI will be a notable source of activity in the crypto ecosystem.

U.S. Spot Bitcoin ETFs: A New Era of Adoption

The approval of spot BTC ETFs has fundamentally altered the crypto landscape in the U.S.

Adoption Metrics1

Total AUM

$58B

Total Net Inflows

$12B

Average Daily Volume Traded

$3B

(1)Source: Bloomberg; as of March 15, 2024.

Enhances accessibility for retail and institutional investors and paves the way for financial advisors to guide their clients towards investing in bitcoinAddresses many of the regulatory and compliance concerns that previously deterred institutions from holding bitcoin

Significantly grows the bitcoin investor base, alters the way bitcoin is traded, and fosters a more committed holder base that should help stabilize volatility

Galaxy is well-positioned to capture market share and be at the forefront of the digital asset revolution

Key Differentiators

Institutional Partners

Risk Management

Proven market discipline and resilience through every major crypto cycle over the past 6+ years, driven by our robust risk management and governance practices.

Diversified Platform

Galaxy operates three unique divisions within its business, providing diversified exposure to the growth of the digital asset ecosystem.

Transparency

Galaxy is a public company with a strong firmwide regulatory framework, balance sheet, and regular public reporting.

Crypto Expertise

Crypto-focused and native specialists uniquely equipped to navigate a rapidly-evolving space. Over 430 employees, who share the same passion of promoting the responsible adoption of digital assets globally.

Galaxy Leadership Team - Deep bench of experts in capital markets, asset management, digital assets, investing and technology:

Mike Novogratz Founder & CEO

Michael Ashe

Head of Investment Banking

Francesca Don Angelo Deputy General Counsel & Corporate Secretary

Alexander Field VP of Engineering

Tom Harrop Chief Risk Officer

Chris Ferraro President & CIO

Leinee Hornbeck Chief People Officer

Alex Ioffe

Chief Financial Officer

Steve Kurz

Global Head of Asset Management

Leon Marshall

CEO of Galaxy Europe and Global Head of Sales

Erin Brown

Chief Operating Officer

Eddie Schwartz

Chief Security Officer

Andrew Siegel General Counsel &

Chief Compliance Officer

Andrew Taubman Deputy Chief Operations Officer

Jason Urban

Global Head of Trading

Key Financial Metrics

FY 2023

$1.8B

$296M $0.90

$5.2B

2023 Year-End Book Value

2023 Net Income

2023 Earnings Per Share, DilutedAssets Under Management1

Feb. 2024 YTD1

$2.1B

$300M

$10.1B

YTD Book Value

YTD Net Income

Assets Under Management2

Note: All FY 2023 figures as of December 31, 2023, unless otherwise noted.

• (1) This preliminary, unaudited quarter-to-date financial information is as of February 29, 2024. Financial results include impacts of non-cash equity based compensation but exclude completion of the full quarterly valuation process of our investment portfolio. This data is subject to change as management completes its quarterly close procedures.

• (2) AUM is inclusive of sub-advised funds, committed capital closed-end vehicles, seed investments by affiliates, affiliated and unaffiliated separately managed accounts, and fund of fund products. Changes in AUM are generally the result of performance, contributions, withdrawals, and acquisitions. Preliminary AUM associated with GVH Multi-Strategy FOF LP is based on management's most recent estimate. AUM for committed capital closed-end vehicles that have completed their investment period is reported as NAV plus unfunded commitment. AUM for quarterly close vehicles is reported as of the most recent quarter available for the applicable period. AUM for affiliated separately managed accounts is reported as NAV as of the most recently available estimate for the applicable period