We have spent the last eight years building Galaxy around a simple conviction: digital assets and blockchain technology are going to fundamentally reshape global finance and commerce.
Mike Novogratz
Founder & CEO, Galaxy
Dear Stockholders,
Today marks a first for Galaxy: this is the inaugural annual report we have filed as a U.S.-listed company on the Nasdaq. That listing was not just a milestone for us. It was a declaration that the digital economy is real, that it is here, and that Galaxy is built to lead it: from the onchain financial rails being built for the world’s largest banks and asset managers, to Helios, our AI data center campus in West Texas, where we have been approved for over 1.6 gigawatts of capacity to power the next generation of AI and high-performance computing.
Galaxy has been on this journey for eight years. We have navigated bull markets and bear markets, regulatory uncertainty, industry crises, and moments of genuine doubt about whether the broader world would ever catch up to what we saw coming. The answer, increasingly, is yes. Our Nasdaq listing is not the destination. It was the beginning of the next chapter, and we have never been more bullish about the future.
We have spent the last eight years building Galaxy around a simple conviction: digital assets and blockchain technology are going to fundamentally reshape global finance and commerce. That conviction has not wavered. What has changed is the evidence, which has never been stronger. The regulatory framework in the U.S. is finally taking shape. Institutions that once watched from the sidelines are now building. Banks are building. Asset managers are building. Governments, including the U.S. government, are holding Bitcoin on their balance sheets, something that seemed unthinkable just a few years ago. The question is no longer whether this economy will be built on code. It is who will build it, and how fast.
The most consequential shift in this industry right now is the move from narrative to infrastructure. For years, digital assets ran on stories. Those stories were important. They attracted capital, talent, and attention. But stories alone don’t build an economy. We believe the future digital economy will be built on regulated rails, trusted custody solutions, and tokenization platforms that turn promise into practice. That is where we are focused, and that work accelerated throughout 2025. Infrastructure and regulation are converging — and that convergence is what will unlock the next wave of institutional capital moving onchain at scale.
Which brings me to our Data Center Platform. AI is reshaping every industry, and the infrastructure required to run it, including power and scale, is in critically short supply. Helios, our flagship AI data center campus in West Texas, is the most tangible expression of our infrastructure ambitions today. The first 800 megawatts leased to CoreWeave, one of the leading AI cloud providers, represents over $7.5 billion of capital investment alone. Combined with our newly approved 830 megawatts in a build-to-suit model, Helios likely represents well north of $15 billion long-term digital infrastructure investment, making it an asset with durable, high-return characteristics for shareholders. And we aren’t stopping there. Our broader ambition is to build and acquire additional sites — scaling toward a multi-hundred-billion-dollar portfolio of digital infrastructure assets diversified across geographies, tenants, and technologies. Demand for compute is not a cycle. It is a structural condition that will define the next decade. We intend to be one of the companies that meets it.
It would be incomplete to write this letter without acknowledging that 2025 was not without its challenges. Markets were volatile. But if there is one thing the last eight years have taught me, it is that our most consequential moves have come in exactly these moments. We acquired Helios at the lows of 2022. We won our largest mandates when others were retreating. Real builders have always done their best work when the market was forcing everyone else to the sidelines. The internet went through its own version of this, and what followed was the greatest technology buildout in history. The same dynamic is playing out in the digital economy today, and Galaxy is squarely in the middle of it.
As we enter 2026, we are more clear-eyed about our opportunity than we have ever been. The platform we have built, spanning institutional markets, asset management, onchain infrastructure, and AI data centers, is exactly what this moment requires. The digital economy is still in its early innings, and Galaxy intends to be at the center of it for decades to come.
None of this happens without the people who show up every day and do the work. To the Galaxy team: eight years in, your talent, resilience, and commitment to our mission is what makes everything else possible. We are grateful for it.
Thank you for your trust. We do not take it lightly.
Sincerely,
Mike Novogratz
Founder & CEO
Galaxy
Forward-Looking Statements
This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Galaxy intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this letter that do not relate to matters of historical fact should be considered forward-looking statements, including Galaxy’s business plans, expected growth and growth strategy and expected infrastructure investment. These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from what is expressed or implied by the forward-looking statements, including, but not limited to those factors discussed in Part I, Item 1A “Risk Factors” in Galaxy’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as any such factors may be updated from time to time in the Company’s other filings with the SEC. Forward-looking statements speak only as of the date they are made and, except as may be required under applicable law, Galaxy undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
