Galaxy Digital Inc. (GLXY) Q4 2025 Earnings Call Transcript

Michael Wursthorn

All right. Sorry about that, guys. A little bit of a technical difficulty, but we finally got it going. I am the Head of Comms here at Galaxy, Mike Wursthorn. And I just want to start with a little bit of a disclaimer before we get going.

First of all, we’re really excited to be hosting our latest quarterly X Spaces following our Q4 earnings. It’s a great chance to connect with our retail investors and share more of what we’re working on with Galaxy. And today, I’m here joined by our CEO, Mike Novogratz; and our CFO, Tony Paquette. And as always, we’re going to try to answer as many questions as we can. But as usual, there are some that we won’t be able to answer. So we won’t be addressing nonpublic financials or other information that might be inappropriate or

[Technical Difficulty]

Michael Novogratz
Founder, CEO & Director

All right, guys, can you hear us? Sorry about this. The last few times, we seemed to have gotten this thing right. And this time, we are striking out. I hope that doesn’t say a lot for the Bitcoin price action, which has also been pretty s*****. Listen, I’m going to talk to you a little bit about my macro view to start and a quick update on Galaxy, and then we’re going to open up to Q&A.

This is a bear market in crypto right now. We are below every moving average. We had expected better performance last year with gold up. The Bitcoin narratives were working, and we had a good administration, yet