Risk Sleuth
GLXY · 10-K filed 26 Feb 2026 · year to 31 Dec 2025

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 risk
We 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)

Also named by APLD, CORZ

Suppliers

Amazon Web Services (AWS)

depends onnamed as a risk
A 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 risk
Our 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 risk
There 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 risk
As 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 risk
As 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 risk
As 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 risk
As 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 risk
In 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 risk
Our 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 risk
Our 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 risk
On 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 risk
Approximately 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 risk
Specifically, 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 risk
As 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)

Also named by ARLP, BLK, BMNR, COIN, MSTR, SNEX, XYZ

Digital assets

exposed to its price · +/- $184.0 millionnamed as a risk
Management’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)

Also named by GPGI, MELI

Electricity

exposed to its pricenamed as a risk
Our 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 risk
We 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 gigawatts
In 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 risk
We 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 risk
We 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

FINRA

subject tonamed as a risk
GDP, GSL and FIN2 are all members of, and are subject to periodic examinations and investigations by, FINRA.Risk factors (Item 1A)

Also named by AJG, ARES, BGC, CBOE, CG, JXN, KKR, LNC and 7 more

U.K. Financial Conduct Authority (FCA)

subject tonamed as a risk
Failure by GD UK to comply with these obligations may result in investigations and enforcement action by the FCA or other regulatory authorities in the U.K.Risk factors (Item 1A)

Also named by ARES, BEN, BX, COIN, JEF, MCO, PYPL, SPGI

Laws and programs

Project Financing Documents (Galaxy Helios I)

minimum debt service coverage ratio of 1.40named as a risk
The 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 risk
Neither 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 risk
Neither 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 risk
If 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 to
A 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 to
Our 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 risk
As of December 31, 2025, Galaxy’s digital assets associated with decentralized finance protocols was $1,196.2 million.Risk factors (Item 1A)