Galaxy is committed to responsible environmental, social, and governance (“ESG”) practices as we build our business and help shape a new economic paradigm.
Galaxy helps the world invest in economic progress. Creating change starts with us. Through our actions, we’re building long-term shareholder value and mitigating risk with ESG considerations top of mind.
Galaxy is a young company in growth mode, operating at the forefront of the rapidly maturing crypto economy. As a leader in the space, Galaxy is committed to developing this new frontier in a sustainable manner that prioritizes the issues that matter most to our business and stakeholders, focusing on areas that have the greatest impact.
Manage and improve our environmental footprint by integrating sustainable practices and increasing the use of sustainable energy across our businesses, with a particular focus on Galaxy Mining.
Foster a diverse, equitable, and inclusive culture for our people, stakeholders, and the broader crypto community.
Establish strong corporate governance to maintain a culture of integrity - all while creating value for shareholders and stakeholders.
Sustainability Program Oversight
Sustainability is deeply rooted in Galaxy’s business and is incorporated in our corporate governance structure. Our Board of Directors and its Compensation, Corporate Governance and Nominating (“CGN”) Committee oversee our sustainability framework, strategy, and objectives. Our ESG Steering Committee, comprised of senior executives across business lines and key functions, executes and continuously improves our ESG program initiatives. Supporting our Steering Committee is a dedicated ESG Working Group, which implements the ESG directives and strategy. Corporate governance documents and policies are publicly available on our Investor Relations website.
We completed our first ESG materiality assessment to identify focus areas that are key to our long-term business strategy. Our materiality assessment process included the steps outlined below. The results of the ESG materiality assessment help shape our sustainability program strategy, prioritize our focus, and ensure that our future reporting is aligned with addressing the ESG issues of greatest importance. We will reevaluate these results on an on-going basis.
We reviewed ESG frameworks, standards, raters, and our peers to understand the current ESG landscape and identified potential material ESG topics.
We refined a list of potentially material ESG topics, which were categorized as relevant to Environmental, Social, or Governance issues.
We explored each material ESG topic in detail to understand its relevance to our business and our stakeholders.
We engaged key stakeholders to receive feedback on material ESG topics, including subject-matter experts, employees, and external stakeholders. After gathering feedback, the results were plotted on a graph to create an ESG Materiality Matrix.
The ESG Materiality Matrix was reviewed by the ESG Working Group and Steering Committee and approved by the Board of Directors.
Galaxy is committed to conducting our business based on a strong sustainability framework that prioritizes responsible environmental practices, as we engineer a new economic paradigm in a sustainable manner.
Our New York and Chicago office locations host the majority of our workforce. Both hold LEED Gold Certifications and WELL Health Safety Ratings and are equipped with EnergyStar and WaterSense fixtures that help minimize our energy and water intensity. Our Hong Kong office holds a LEED Silver Certification and achieved an excellent rating in accordance with the Hong Kong Building Environmental Assessment Method. Additionally, we have established paper, plastic, and electronic waste reduction strategies, alongside our wide-scale recycling efforts, to better manage natural resources.
Galaxy is a founding member of the Bitcoin Mining Council (“BMC”), a voluntary and open forum of Bitcoin miners committed to the network and its core principles. The BMC promotes transparency, shares best practices, and educates the public on the benefits of Bitcoin and Bitcoin mining. The BMC believes that transparency around energy usage for mining is important and agree to voluntarily share their energy mix and total hashrate for research and educational purposes.
Galaxy Mining made a public dedication to manage our carbon footprint and increase the use of sustainable energy. In the second quarter of 2022, Galaxy Mining utilized electricity with an over-80% sustainable energy mix. In the same reporting period, the BMC members’ average Bitcoin mining sustainable energy mix was 67% and the global Bitcoin mining network was estimated to be 60%, per the BMC. Galaxy Mining provides quarterly public energy mix updates.
Galaxy Mining maintains a long-term goal to utilize an over-80% sustainable energy mix for all mining operations and is committed to continue to deploy our climate strategy.
We are a diverse team of free thinkers and fast movers united to help investors and creators energize the global economy. Our Diversity, Equity, and Inclusion (“DEI”) strategy is driven by our DEI principles, which are deeply rooted in our people, culture, and business. Our DEI strategy is overseen by the Board of Directors, ESG Steering Committee, and a dedicated DEI Committee led by our Chief Diversity, Equity, Inclusion and Culture Officer (“CDCO”). The CDCO partners with the CEO, Senior Executive Team, and ESG Steering Committee to provide subject matter expertise and internal consultation across business lines and key functions to execute our multi-year DEI strategy.
We have established a Diversity Policy to ensure diverse hiring, development, advancement, and retention. We recognize diverse talent is not only an important social obligation, but also a critical component in creating value, achieving our objectives, and delivering results for our stakeholders. We believe diversity mitigates the risk of groupthink, provides the opportunity to benefit from all available talent, and enhances organizational strength, problem-solving ability, and opportunity for innovation. This framework has established a clear strategic direction for our DEI efforts.
Galaxy is committed to managing and mitigating risk. We approach risk management as an essential business process that is integrated throughout our company. We conduct mandatory annual Compliance, Anti-Money Laundering, Know Your Customer, Market Manipulation, and Cybersecurity training for all employees.
Mitigating information security risks in a constantly evolving environment is fundamental to our ability to run our business and serve our clients. We utilize advanced technology and employ a comprehensive risk-based information security program aligned to best-practice industry security and compliance frameworks. Our disciplined approach to risk management positions us to continue to grow our business and create value for our shareholders and stakeholders.
For any related questions, please contact our Investor Relations team.