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Jack Henry Hosts Inaugural Developer Conference

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Event to foster industry collaboration and explore future trends in financial technology

MONETT, Mo., Nov. 4, 2024 /PRNewswire/ — Jack Henry (Nasdaq: JKHY) is launching its first-ever Developer Conference (Devcon) on November 20, 2024, at the Will Rogers Memorial Center in Fort Worth, Texas.

Jack Henry Devcon will bring together developers and leaders from fintechs, financial institutions, and technology companies currently building or planning to build on Jack Henry’s developer platform. While the recent Jack Henry Connect event focused on financial institution leadership, Devcon is designed for a more technical audience, providing an opportunity to dive deeper into Jack Henry’s APIs and explore the tools, features, and insights necessary to create innovative solutions.

Participants will hear from Jack Henry leaders about the present state and potential future of financial technology, while also learning about best practices they can implement in their organizations. In addition, the event will offer valuable networking opportunities, enabling developers to connect, exchange ideas, and foster relationships that could lead to future collaborations.

“While many conferences take a broad, high-level approach, Jack Henry Devcon offers an invaluable opportunity for the technical teams at financial institutions and fintechs to delve into the details of new innovations and technology,” said Amanda Horton, SVP, Director of Digital Banking Development at Simmons Bank. “We’re excited for the opportunity to engage with this community and look forward to insightful conversations that will help us continue delivering modern banking experiences that better serve our accountholders.”

This event further supports Jack Henry’s technology modernization strategy, which is centered on the company’s ongoing development of a single, modern, open-banking platform that enables easy access to a broad ecosystem of Jack Henry solutions and third-party fintechs. To date, the company has integrated more than 1,000 fintechs into its ecosystem.

The ability to integrate technology is especially important to financial institutions making buying decisions – more than 90 percent plan to embed third-party technology into their digital banking experiences, according to research from Jack Henry’s 2024 Benchmark Study.

Jack Henry remains committed to fostering a collaborative ecosystem that offers financial institutions an open environment to innovate, along with access to hundreds of fintechs, ensuring they stay relevant and competitive both now and in the future,” said Chad Killingsworth, Head of Engineering with Jack Henry. “Jack Henry’s Devcon supports this strategy by creating a space for developers across the industry to collaborate, explore new possibilities, and uncover capabilities they may not have considered before.”

For more information and to register for Jack Henry Devcon, visit here.

About Jack Henry & Associates, Inc.® 
Jack Henry™ (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 48 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,500 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.

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Knexus Closes Growth Equity Funding Round with Scare the Bear Capital

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NATIONAL HARBOR, Md., Nov. 7, 2024 /PRNewswire/ — Knexus, a leading provider of artificial intelligence (AI) solutions, announced today that it has closed an equity investment from Scare the Bear Capital, an investment firm focused on driving growth within the small business community. 

Over the past year, Knexus has made strides in leveraging its past performance and expertise in AI solutions to help government entities incorporate AI methods and capabilities into their workflow.  Knexus’ partnership with Google has enabled the company to rapidly develop AI solutions, demonstrating to government customers how the combination of Knexus’ expertise with Google’s commercial grade technology shows how government entities can extract value from AI.

“In 2023, we rolled out our Knexus 2.0 strategy, building on the foundation of the company’s 17 year history, and wrapping our AI expertise around the Google AI Tech Stack,” said Knexus CEO Adam Lurie.  “Our approach has not just yielded results, but drove demand at a pace where we knew we needed a partner.  Scare the Bear Capital is perfect.  Our collective vision for the company aligns and we are excited to move forward with them by our side.”

Scare The Bear Capital targets GovCon companies with the potential to grow, improve their operations, and ultimately compete and win larger, more significant contract opportunities. Knexus’ recent contract win at the DLA is a demonstration of the company’s ability to deliver on its strategy.

“Knexus has demonstrated exceptional execution and a deep understanding of the market, “said Matthew Dean, Scare the Bear Managing Partner.  “We are proud to be part of their journey and look forward to helping them scale the company.”

This strategic investment positions Knexus to further capitalize on the growing demand for AI solutions within the government sector. By combining Scare the Bear Capital’s resources and expertise with Knexus’ technical capabilities and track record of innovation, the company is poised for significant expansion in delivering cutting-edge AI solutions to solve the government’s toughest challenges.

About Knexus

For nearly two decades, Knexus has worked with dozens of agencies across the US Government as a trusted partner to deliver tailored AI solutions to mission-critical problems. With four patents and 100+ peer reviewed scientific papers, the scientists and engineers of Knexus are routinely smashing through the barriers between human and machine intelligence.  As a Google Cloud partner, Knexus offers its customers expertise in working with Google Cloud’s AI products, such as the Vertex AI platform and Gemini models to deliver AI solutions to the public sector.  

About Scare the Bear Capital

Scare the Bear Capital (STB) is a private investment firm focusing on small to mid-tier businesses. Scare the Bear provides capital combined with focused advisory support to partner with small businesses, helping them show the strength and maturity of mid to large size companies. Value is created through focusing on 12 value drivers.  Businesses can then command the level of valuation typically reserved for their larger counterparts.

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Galaxy Announces Third Quarter 2024 Financial Results

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Subsequent to quarter-end, Galaxy executed a non-binding term sheet with a U.S.-based hyperscaler to host high-performance computing at its Helios campus in West Texas.

NEW YORK, Nov. 7, 2024 /CNW/ – Galaxy Digital Holdings Ltd. (TSX: GLXY) (the “Company” or “GDH Ltd.”) today released financial results for the three months and nine months ended September 30, 2024, for both itself and Galaxy Digital Holdings LP (the “Partnership” or “GDH LP”). In this press release, a reference to “Galaxy”, “we”, “our” and similar words refer to GDH Ltd., its subsidiaries and affiliates including GDH LP, or any one of them, as the context requires.

Corporate and Business Updates

Financial Highlights: In the third quarter, Galaxy reported a net loss of $54 million, representing a significant narrowing of our net loss from the second quarter. We generated operating revenue growth of over 30% quarter-over-quarter (“QoQ”), despite industry spot trading volumes declining 15% and ether declining 24% in the quarter. For the nine months ended September 30, 2024, Galaxy reported net income of $191 million, driven by strong operating performance and positive digital asset markets. Galaxy’s equity capital was $2.1 billion as of September 30, 2024.

Helios: Subsequent to quarter-end, Galaxy executed a non-binding term sheet with a U.S.-based hyperscaler to host high-performance computing at its Helios campus in West Texas. The term sheet includes options to allocate all of Helios’ 800 megawatts of currently approved power capacity to HPC hosting and support. The consummation of the transaction is subject to execution of definitive documents, customary due diligence and approvals of the parties.

US Listing and Reorganization: Galaxy continues to work on completing its proposed reorganization and domestication to become a Delaware-incorporated company and subsequently list on the Nasdaq, upon completion of ongoing SEC review and subject to stock exchange, shareholder and applicable regulatory approvals of such transactions. On July 26, 2024, Galaxy filed an amendment to its registration statement responding to SEC comments, which is under review.

Select GDH LP Financial Metrics

Q3 2024

Q2 2024

Q/Q % Change

Q3 YTD

Equity Capital

$2,081M

$2,129M

(2) %

Liquidity

$1,506M

$1,312M

15 %

Cash & Net Stablecoins1

$475M

$409M

16 %

Net Digital Assets Excluding Stablecoins2

$562M

$485M

16 %

Spot Bitcoin and Ethereum ETFs

$469M

$418M

12 %

Net Income (loss)

($54M)

($177M)

N.M.3

$191M

Book Value Per Share in CAD4

$8.24 CAD

$8.45 CAD

(2) %

Note: Throughout this document, totals may not sum due to rounding. Quarter-over-quarter and year-over-year percentage change calculations are based on unrounded results.

(1)

Includes Cash Equivalents.

(2)

Refer to page 16 of this release for a breakout of our net digital assets position; Excludes non-current net digital assets.

(3)

Abbreviation for “Not Meaningful”.

(4)

Calculated as equity capital divided by outstanding Class A and Class B Units multiplied by the end of period foreign exchange rate.

Galaxy Global Markets

Galaxy Global Markets (“GGM”) offers institutional-grade expertise and access to a broad range of digital asset products, including digital asset spot and derivatives trading, financing, M&A advisory, and equity and debt capital markets services. GGM operates in two discrete business units – Trading and Investment Banking.

Trading reported counterparty trading revenue of $54 million in the third quarter, a 117% increase quarter-over-quarter (“QoQ”), despite a 20% decrease in trading volumes, primarily driven by increased revenue from derivatives and lending activity. Galaxy’s average loan book size expanded to $863 million, a 23% increase QoQ driven by increased demand from both new and existing counterparties, who relied on our lending desk to provide them with margin-based financing. Galaxy continues to onboard new counterparties, including large traditional asset managers and hedge funds, and ended the third quarter with 1,280 total trading counterparties.

Investment Banking successfully closed one deal subsequent to quarter-end, serving as the exclusive financial advisor to an existing client on a small buyside acquisition. Galaxy is executing against a pipeline of mandates representing $2.4 billion in potential deal value.

Key Performance Indicators

Q3 2024

Q2 2024

Q/Q % Change

Q3 YTD

Counterparty Trading Revenue

$54M

$25M

117 %

$146M

Loan Book Size (Average)

$863M

$699M

23 %

$742M

Total Trading Counterparties

1,280

1,212

6 %

Active Trading Counterparties

296

294

1 %

Investment Banking Deals Closed

0

2

(100) %

3

Pipeline

21

19

11 %

Deal Value of Pipeline

$2.4B

$2.1B

14 %

____

KEY TERMS

Counterparty Trading Revenue: revenue from counterparty-facing activities from our Derivatives, Credit, Over-the-Counter Trading, and Quantitative Trading businesses, net of associated funding charges.

Loan Book Size (Average): average market value of all open loans, unfunded arrangements to finance delayed trading/settlement (for example over weekends), and uncommitted credit facilities in the period. As of September 30, 2024, unfunded, uncommitted facilities accounted for approximately $156M of total Loan Book Size (Average).

Active Trading Counterparties: counterparties with whom we have traded within the past 12 months and who are still onboarded with Galaxy’s trading business.

Pipeline: the number of open engagements and transactions the Investment Banking team has in market.

Deal Value of Pipeline: the theoretical aggregate deal value associated with the Investment Banking pipeline. 

Galaxy Asset Management

Galaxy Asset Management (“GAM”) provides investors access to the digital asset ecosystem via a diverse suite of institutional-grade investment vehicles that span passive, active, and venture strategies. 

GAM management and performance fees were $8.1 million in the third quarter, representing a 44% decrease QoQ, primarily driven by the nearing completion of an opportunistic mandate to unwind portfolios on behalf of the FTX estate. GAM reported assets under management (“AUM”) of approximately $4.6 billion, a 2% increase QoQ, driven primarily by net inflows into GAM’s passive and active ETF strategies, which were offset by net market depreciation. In the quarter, GAM, in partnership with State Street Global Advisors, announced the launch of three actively managed digital asset and disruptive technology focused ETFs that offer investors exposure to digital asset and disruptive technology equities, spot cryptocurrencies, derivatives, cash, and cash-like instruments (tickers: DECO, HECO, TEKX). 

Key Performance Indicators

Q3 2024

Q2 2024

Q/Q % Change

Q3 YTD

Management and Performance Fees

$8.1M

$14.5M

(44) %

$40.5M

Total AUM1

$4,608M

$4,503M

2 %

     Passive AUM

$2,466M

$2,392M

3 %

     Active AUM2

$647M

$629M

3 %

     Venture AUM

$1,495M

$1,482M

1 %

(1) In Galaxy’s monthly AUM disclosures, the “funds” line item consists of AUM held in GAM’s Passive, Active, and Venture funds, excluding opportunistic assets. Total AUM for Q2 2024 was updated from what was previously reported as AUM for quarterly close vehicles are reported as of the most recent information available for the applicable period.

(2) Includes opportunistic AUM. “Opportunistic” AUM are near-term or mid-term engagements to unwind portfolios managed by GAM. Opportunistic AUM was $429M as of September 30, 2024 and $520M as of June 30, 2024.

____

KEY TERMS

Assets Under Management: all figures are unaudited. AUM is inclusive of sub-advised funds, committed capital closed-end vehicles, seed investments by affiliates, affiliated and unaffiliated separately managed accounts, engagements to unwind portfolios, and fund of fund products. Changes in AUM are generally the result of performance, contributions, withdrawals, liquidations and opportunistic mandate wins.

AUM for committed capital closed-end vehicles that have completed their investment period is reported as NAV (Net Asset Value) 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.

Passive Strategies: single- and multi-asset private funds, as well as a suite of regulated spot digital asset exchange-traded funds offered through partnerships with asset managers globally. 

Active Strategies: Galaxy’s Liquid Crypto Fund, the management of certain opportunistic mandates, and a suite of actively managed and regulated digital asset and disruptive technology exchange-traded funds offered through a partnership with State Street Global Advisors.

Venture Strategies: organized around two investment themes: Interactive Ventures and Crypto Ventures. Galaxy Interactive invests at the intersection of content, technology, and social commerce, managing client capital across three funds. GAM’s Crypto Ventures sleeve includes Galaxy’s inaugural crypto venture fund, which is focused on investing in early-stage companies across crypto protocols, software infrastructure, and financialized applications, as well as two global, multi-manager venture funds and a subset of Galaxy’s balance sheet venture investments. 

Galaxy Digital Infrastructure Solutions

Galaxy Digital Infrastructure Solutions (“GDIS”) consists of proprietary and hosted bitcoin mining services, GK8 self-custody technology solutions, and blockchain infrastructure.

Subsequent to quarter-end, Galaxy executed a non-binding term sheet with a U.S.-based hyperscaler to host high-performance computing at its Helios campus in West Texas. The term sheet includes options to allocate all of Helios’ 800 megawatts of currently approved power capacity to HPC hosting and support. The consummation of the transaction is subject to execution of definitive documents, customary due diligence and approvals of the parties.

Mining

Mining revenue was $18.5 million for the third quarter, relative to expenses, net of curtailment credits, of $10.0 million, resulting in a 46% direct mining profit margin. Mining revenue and cost to mine were impacted by the Bitcoin halving, elevated mining difficulty and seasonal curtailment. Galaxy initiated fiber construction at Helios and, beyond the current approved capacity of 800MW, expects approval on a portion of the 1.7 gigawatts currently under study in the first half of 2025.

Key Performance Indicators

Q3 2024

Q2 2024

Q/Q % Change

Q3 YTD

Mining Revenue

$18.5M

$24.1M

(23) %

$72.8M

Proprietary Mining Revenue

$11.4M

$16.3M

(30) %

$47.9M

Hosted Revenue

$7.0M

$7.8M

(10) %

$24.9M

Total Hashrate Under Management

6.2 EH/s

5.6 EH/s

11 %

Proprietary Mining Hashrate

3.5 EH/s

2.9 EH/s

21 %

Hosted Mining Hashrate

2.7 EH/s

2.6 EH/s

4 %

Number of Proprietary BTC Mined

176

242

(27) %

790

Average Marginal Cost to Mine 

<$38.0K

<$22.5K

N.M.

<$23.0K

Blockchain Infrastructure and GK8

Blockchain Infrastructure and GK8 continue to build and invest in the technology that powers the digital assets ecosystem. Blockchain Infrastructure expanded its Assets Under Stake by 58% QoQ to $3.4 billion as of September 30th, with Galaxy maintaining its position as one of the largest validators globally on the Solana network. Blockchain rewards, net of staking costs, were $10.7 million in the third quarter, up 26% QoQ. GK8 added one new client in the quarter.

Key Performance Indicators

Q3 2024

Q2 2024

Q/Q % Change

Q3 YTD

Assets Under Stake

$3,394M

$2,144M

58 %

$3,394M

GK8 Total Client Count

23

22

5 %

____

KEY TERMS

Hashrate Under Management: the total combined hashrate of active proprietary and hosted mining capacity managed by Galaxy.

Proprietary Mining Hashrate: the hashrate attributed to Galaxy owned and operated mining machines.

Hosted Mining Hashrate: the hashrate attributed to third-party machines operated by Galaxy for a client. 

Number of Proprietary BTC Mined: the total amount of bitcoin mined from proprietary mining operations.

Average Marginal Cost to Mine: the average marginal cost of production for each bitcoin generated during the period. The calculation excludes depreciation, mark-to-market on power contracts, and corporate overhead.

Assets Under Stake: all figures are unaudited. AUS reflects the total notional value of assets bonded to Galaxy validators, based on prices as of the end of the specified period. This includes certain Galaxy balance sheet assets, Galaxy affiliate assets, and third-party assets.

GK8 Total Client Count: the total number of clients contracted to use GK8’s technology solutions.

Summary of Operating Expenses

Operating expenses

Q3 2024

Q2 2024

Q/Q % Change

Q3 YTD

Compensation and compensation related

$40M

$43M

(7) %

$125M

Equity based compensation

$13M

$12M

8 %

$42M

General and administrative

$48M

$45M

7 %

$143M

Mining costs

$10M

$10M

— %

$36M

Trading, commission and custody expenses

$6M

$6M

— %

$19M

Technology

$8M

$7M

14 %

$21M

Depreciation and amortization

$16M

$14M

14 %

$40M

Other

$8M

$9M

(11) %

$27M

Professional fees

$11M

$14M

(21) %

$38M

Staking costs

$39M

$30M

30 %

$70M

Interest

$29M

$21M

38 %

$70M

Notes interest expense

$7M

$7M

— %

$21M

Note: Quarter-over-quarter percentage change calculations are based on unrounded results.

Overview of Third Quarter Operating Expenses:

Compensation and compensation related expenses of $40 million decreased by approximately $3 million QoQ, primarily driven by adjustments to cash bonus accrual.Equity based compensation of $13 million was roughly flat QoQ.General and administrative expenses increased by approximately $3 million from the second quarter of 2024, driven primarily by $2 million of higher depreciation and amortization costs, reflecting the additional depreciation from new mining machines and electrical infrastructure that were energized during the prior quarter.Professional fees of $11 million decreased by approximately $3 million QoQ, primarily driven by $2 million of lower legal expense.Staking costs increased by approximately $9 million QoQ, reflecting the continued expansion of Galaxy’s validation services including the acquisition of the assets of CryptoManufaktur in July 2024. Despite the increase in staking costs, Galaxy’s blockchain rewards, net of staking costs, increased by 26% QoQ.Interest expense increased approximately $8 million QoQ, reflecting our ability to source non-dilutive wholesale financing to help fund our counterparty trading business, where our revenue increased by approximately $29 million QoQ.

Net Digital Assets Position Summary

Net digital assets includes all digital assets categorized as assets, less all digital assets categorized as liabilities on the statement of financial position and is included in the Company’s liquidity measure. Net digital assets as of September 30, 2024 is as follows:

(1) Includes associated tokens such as wBTC. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold BTC, including bitcoin futures ETFs, Galaxy sponsored BTC funds, Mt. Gox Investment Fund LP, and Xapo Holdings Limited, net of associated investment liabilities.

(2) Includes associated tokens such as wETH and stETH. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold ETH, including spot ETFs and Galaxy sponsored ETH funds.

(3) Includes $8.2 million net SOL and $45.9 million net TIA digital assets, net. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold digital assets, including the Galaxy sponsored Galaxy Digital Crypto Vol Fund LLC (includes $93.0 million SOL and $23.1 million of AVAX) and Ripple Lab Inc.

GDH Ltd.’s Financial Highlights

As the only significant asset of GDH Ltd. is its minority interest in GDH LP, its results are driven by the results of GDH LP. GDH Ltd. accounts for its investment in this associate (GDH LP) using the equity method. The investment, initially recorded at cost, is increased or decreased to recognize GDH Ltd.’s share of the earnings and losses of GDH LP. The net comprehensive income (loss) of GDH Ltd. was $(16.4) million for the three months ended September 30, 2024 and $44.1 million for the nine months ended September 30, 2024.

Earnings Conference Call

An investor conference call will be held today, November 7, 2024, at 8:30 AM Eastern Time. A live webcast with the ability to ask questions will be available at: https://investor.galaxy.com/. The conference call can also be accessed by investors in the United States or Canada by dialing 1-800-715-9871, or 1-646-307-1963 (outside the U.S. and Canada) using the Conference ID: 9649375. A replay of the webcast will be available and can be accessed in the same manner as the live webcast on the Company’s Investor Relations website.

About Galaxy Digital Holdings Ltd. (TSX: GLXY) (“GDH Ltd.”) and Galaxy Digital Holdings LP (“GDH LP”)

Galaxy (TSX: GLXY) 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. Since 2018, Galaxy has been building a holistic financial platform spanning three complementary operating businesses: Global Markets, Asset Management, and Digital Infrastructure Solutions. Our offerings include, amongst others, trading, lending, strategic advisory services, institutional-grade investment solutions, proprietary bitcoin mining and hosting services, network validator services, and the development of enterprise self-custodial technology. The company is headquartered in New York City, with global offices across North America, Europe, and Asia. Additional information about Galaxy’s businesses and products is available on www.galaxy.com.

This press release should be read in conjunction with (i) GDH LP’s Management Discussion and Analysis and Consolidated Financial Statements for the three and nine months ended September 30, 2024 and (ii) GDH Ltd.’s Management Discussion and Analysis and Consolidated Financial Statements for the three and nine months ended September 30, 2024 (together, the “Consolidated Financial Statements” and “MD&As”), which have been filed on SEDAR at www.sedarplus.ca.

Disclaimers and Additional Information

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.

This press release is not an offer to buy or sell, nor is it a solicitation of an offer to buy or sell, interests in any Galaxy sponsored 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 in a Galaxy sponsored fund is made, it will be pursuant to the confidential offering memorandum of the fund (the Offering Memorandum or fund prospectus (“Prospectus”)). Any decision to make an investment in any Galaxy sponsored fund should be made after reviewing such Offering Memorandum or Prospectus, 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 finalization of the transactions contemplated by the non-binding term sheet with Helios are contingent upon the successful negotiation and execution of definitive agreements, satisfactory completion of due diligence, and receipt of all necessary consents and approvals. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated.

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 at http://www.sec.gov. Copies of the final versions of such documents can also be obtained, when available, without charge, via Galaxy’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 at www.sedarplus.ca.

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 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 Galaxy’s business pipelines for banking, expectations for increased load capacity at the Helios site, mining goals and our ability to capture adjacent opportunities, including in high-performance computing and the Helios transaction, focus on self-custody and validator solutions and our commitment to the future of decentralized networks 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 Company 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 out 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; and (11) the possibility that there is a disruption in mining impacting our ability to achieve expected results or change in power dynamics impacting our results or our ability to increase load capacity, (12) any delay or failure to consummate the business mandates or achieve its pipeline goals in banking and Gk8, (13) liquidity or economic conditions impacting our business, (14) regulatory concerns, technological challenges, cyber incidents or exploits on decentralized networks (15) the failure to enter into definitive agreements or otherwise complete the anticipated transactions with respect to the non-binding term sheet for Helios, (16) those other risks contained in the Annual Information Form for the year ended December 31, 2023 available on the Company’s profile at www.sedarplus.ca and its Management’s Discussion and Analysis, filed on November 7, 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 our banking and Gk8 mandates; delays or other challenges in the mining business related to hosting, power or our mining infrastructure, or our ability to capture adjacent opportunities; any challenges faced with respect to decentralized networks, considerations with respect to liquidity and capital planning 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.

©Copyright Galaxy Digital 2024. All rights reserved.

Galaxy Digital Holdings LP’s Consolidated Statements of Financial Position (unaudited)

(in thousands)

September 30, 2024

December 31, 2023

Assets

Current assets

Cash and cash equivalent

$                         271,977

$                         316,610

Digital assets

2,490,335

1,078,587

Receivable for digital asset trades

986

41,339

Digital assets loans receivable, net of allowance

305,276

104,504

Digital assets receivables

43,118

14,686

Investments (includes $57.0 million and $0 of equity method
investments, respectively)

594,564

Assets posted as collateral

227,050

318,195

Receivables

23,629

15,983

Derivative assets

141,961

173,209

Prepaid expenses and other assets

31,078

37,910

Loans receivable, net of allowance

398,510

377,105

Due from related party

7,420

5,007

Total current assets

4,535,904

2,483,135

Digital assets receivables

7,015

6,174

Investments (includes $393.7 million and $290.4 million of equity method
investments, respectively)

704,542

735,103

Restricted digital assets

26,989

41,356

Digital asset loans receivable, non-current

18,376

Loans receivable, non-current

10,259

Property and equipment

259,899

259,965

Other non-current assets

115,279

95,000

Goodwill

49,450

44,257

Total non-current assets

1,181,550

1,192,114

Total assets

$                     5,717,454

$                     3,675,249

Liabilities and equity

Current liabilities

Investments sold short

160,146

25,295

Derivative liabilities

112,136

160,642

Accounts payable and accrued liabilities

81,884

69,212

Payable to customers

96,864

3,503

Taxes payable

5,176

25,936

Payable for digital asset trades

23,269

4,176

Digital assets loans payable

1,163,768

398,277

Loans payable

248,818

93,069

Collateral payable

1,154,471

581,362

Due to related party

92,722

67,953

Lease liability

3,772

3,860

Total current liabilities

3,143,026

1,433,285

Notes payable

434,306

408,053

Deferred tax liability

51,841

33,894

Lease liability

7,524

10,236

Total non-current liabilities

493,671

452,183

Total liabilities

3,636,697

1,885,468

Equity

Partners’ capital

2,080,757

1,789,781

Total equity

2,080,757

1,789,781

Total liabilities and equity

$                     5,717,454

$                     3,675,249

 

Galaxy Digital Holdings LP’s Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (unaudited)

(in thousands)

Three months ended

Nine months ended

September 30,
2024

September 30,
2023

September 30,
2024

September 30,
2023

Income

Fee revenue

$                 20,693

$                   9,525

$                 75,303

$                 34,207

Net realized gain (loss) on digital assets

(53,623)

(67,617)

55,038

18,681

Net realized gain (loss) on investments

73,819

22,355

(86,189)

68,711

Lending and staking revenue

73,673

14,005

157,984

35,323

Net derivative gain

16,340

15,737

205,302

80,462

Revenue from proprietary mining

11,435

8,848

47,875

20,672

Other income

686

127

1,159

333

143,023

2,980

456,472

258,389

Operating expenses

Compensation and compensation related

39,673

30,995

125,037

96,247

Equity based compensation

12,517

18,769

42,107

57,694

General and administrative

47,678

30,461

142,732

60,108

Mining costs

10,013

3,886

35,734

9,840

Trading and commission expense

5,990

2,811

18,912

6,097

Technology

7,576

4,948

21,424

13,942

Depreciation and amortization

15,552

8,130

40,484

19,895

Impairment reversal

(12,489)

Other

8,547

10,686

26,178

22,823

Professional fees

10,927

7,911

38,247

26,514

Staking costs

39,330

287

69,538

826

Interest

28,935

5,797

69,710

15,670

Notes interest expense

7,105

6,851

21,121

20,372

(186,165)

(101,071)

(508,492)

(277,431)

Other

Net unrealized gain (loss) on digital assets

44,334

26,196

184,047

24,451

Net unrealized gain (loss) on investments

(60,515)

(25,380)

61,023

(8,517)

Net loss on notes payable – derivative

(2,858)

1,082

(15,144)

(1,022)

Foreign currency gain (loss)

95

(768)

1,448

(843)

(18,944)

1,130

231,374

14,069

Income before income taxes

(62,086)

(96,961)

179,354

(4,973)

Income taxes expense (benefit)

(8,446)

(3,240)

(11,661)

586

Net income for the period

$               (53,640)

$               (93,721)

$              191,015

$                 (5,559)

Other comprehensive income

Foreign currency translation adjustment

(118)

$                      419

972

3

Comprehensive income for the period

$               (53,758)

$               (93,302)

$              191,987

$                 (5,556)

 

Three months ended

Nine months ended

September 30,
2024

September 30,
2023

September 30,
2024

September 30,
2023

GDH LP Net income (loss) per unit:

Basic

$                        (0.16)

$                        (0.29)

$                          0.57

$                        (0.02)

Diluted

(0.16)

(0.29)

0.54

(0.02)

Weighted average units:

Basic

341,208,229

322,656,584

334,883,094

321,154,802

Diluted

341,208,229

322,656,584

352,126,364

323,154,802

Reportable segments (unaudited)

Income and expenses by each reportable segment of GDH LP for the three months ended September 30, 2024 are as follows:

(in thousands)

Global
Markets

Asset
Management

Digital
Infrastructure
Solutions

Corporate

 and Other

Totals

Income (loss)

Fee revenue(1)

Mining hosting fees

$                   —

$                   —

$                  7,024

$                   —

$              7,024

Licensing fees

1

801

(121)

681

Management and performance fees

5,526

8,094

(708)

12,912

Advisory fees

76

76

Total fee revenue

5,602

8,095

7,825

(829)

20,693

Lending and staking revenue

Lending income

22,429

95

1,111

7

23,642

Blockchain rewards

4,001

1,859

49,432

(5,261)

50,031

Total lending and staking revenue

26,430

1,954

50,543

(5,254)

73,673

Net realized gain on digital assets

(55,660)

2,037

(53,623)

Net realized gain (loss) on investments

72,503

(1,107)

2,423

73,819

Net derivative gain

16,414

(74)

16,340

Revenue from proprietary mining

11,435

11,435

Other income

654

27

5

686

Total revenues and gain (loss) from operations

65,943

11,006

72,157

(6,083)

143,023

Operating expenses

81,269

11,025

82,189

11,682

186,165

Net unrealized gain on digital assets

18,257

25,916

161

44,334

Net unrealized gain (loss) on investments

(35,029)

(24,701)

(785)

(60,515)

Net loss on notes payable – derivative

(2,858)

(2,858)

Foreign currency loss

95

95

(16,677)

1,215

(624)

(2,858)

(18,944)

Income (loss) before income taxes

$           (32,003)

$              1,196

$               (10,656)

$           (20,623)

$           (62,086)

Income tax expense

(8,446)

(8,446)

Net income (loss)

$           (32,003)

$              1,196

$               (10,656)

$           (12,177)

$           (53,640)

Foreign currency translation adjustment

(118)

(118)

Comprehensive income (loss)

$           (32,003)

$              1,196

$               (10,656)

$           (12,295)

$           (53,758)

(1)Asset Management fee revenue includes management fees generated off the Partnership’s balance sheet venture investments. Licensing fees are attributable to GK8, and include license fees paid by the Partnership for the use of GK8’s technology. All intercompany transactions are eliminated in the Corporate & Other segment.

Income and expenses by each reportable segment of GDH LP for the nine months ended September 30, 2024 are as follows:

(in thousands)

Global
Markets

Asset
Management

Digital
Infrastructure
Solutions

Corporate

 and Other(1)

Totals

Income (loss)

Fee revenue (1)

Mining hosting fees

$                   —

$                   —

$                24,940

$                   —

24,940

Licensing fees

1

1

2,219

(360)

1,861

Management and performance fees

9,220

40,466

(2,190)

47,496

Advisory fees

1,006

1,006

Total fee revenue

10,227

40,467

27,159

(2,550)

75,303

Lending and staking revenue

Lending income

55,185

101

1,112

19

56,417

Blockchain rewards

9,663

12,904

93,008

(14,008)

101,567

Total lending and staking revenue

64,848

13,005

94,120

(13,989)

157,984

Net realized gain on digital assets

35,838

18,404

796

55,038

Net realized gain (loss) on investments

(100,820)

12,208

2,423

(86,189)

Net derivative gain

204,509

793

205,302

Revenue from proprietary mining

47,875

47,875

Other income

805

60

294

1,159

215,407

84,144

173,460

(16,539)

456,472

Operating expenses

214,302

40,610

192,299

61,281

508,492

Net unrealized gain on digital assets

202,839

(15,442)

(3,350)

184,047

Net unrealized gain (loss) on investments

63,451

(1,593)

(835)

61,023

Net loss on notes payable – derivative

(15,144)

(15,144)

Foreign currency loss

1,448

1,448

267,738

(17,035)

(4,185)

(15,144)

231,374

Income (loss) before income taxes

$          268,843

$            26,499

$               (23,024)

$           (92,964)

$          179,354

Income tax expense

(11,661)

(11,661)

Net income (loss)

$          268,843

$            26,499

$               (23,024)

$           (81,303)

$          191,015

Foreign currency translation adjustment

972

972

Comprehensive income (loss)

$          268,843

$            26,499

$               (23,024)

$           (80,331)

$          191,987

(1)Asset Management fee revenue includes management fees generated off the Partnership’s balance sheet venture investments. Licensing fees are attributable to GK8, and include license fees paid by the Partnership for the use of GK8’s technology. All intercompany transactions are eliminated in the Corporate & Other segment.

Income and expenses by each reportable segment of GDH LP for the three months ended September 30, 2023 are as follows:

(in thousands)

Global
Markets

Asset
Management

Digital
Infrastructure
Solutions

Corporate

 and Other

Totals

Income (loss)

Fee revenue (1)

Mining hosting fees

5,173

$           5,173

Licensing fees

416

(90)

326

Management and performance fees

4,686

(711)

3,975

Advisory fees

51

51

Other fee revenues

Total fee revenue

51

4,686

5,589

(801)

9,525

Lending and staking revenue

Lending income

13,431

7

13,438

Blockchain rewards

390

177

567

Total lending and staking revenue

13,821

184

14,005

Net realized gain on digital assets

(67,232)

(385)

(67,617)

Net realized gain (loss) on investments

22,001

354

22,355

Net derivative gain

15,667

70

15,737

Revenue from proprietary mining

8,848

8,848

Other income (expense)

75

32

199

(179)

127

Total revenues and gain (loss) from operations

(15,617)

4,871

14,706

(980)

2,980

Operating expenses

43,510

12,131

21,933

23,497

101,071

Net unrealized gain (loss) on digital assets

26,919

(723)

26,196

Net unrealized gain on investments

(4,052)

(20,949)

(379)

(25,380)

Net loss on notes payable – derivative

1,082

1,082

Foreign currency loss

(768)

(768)

22,099

(21,672)

(379)

1,082

1,130

Income (loss) before income taxes

$       (37,028)

$           (28,932)

$                (7,606)

$        (23,395)

$       (96,961)

Income tax expense

(3,240)

(3,240)

Net income (loss)

$       (37,028)

$           (28,932)

$                (7,606)

$        (20,155)

$       (93,721)

Foreign currency translation adjustment

419

419

Comprehensive income (loss)

$       (37,028)

$           (28,932)

$                (7,606)

$        (19,736)

$       (93,302)

(1)Asset Management fee revenue includes management fees generated off the Partnership’s balance sheet venture investments, which are eliminated in the Corporate & Other segment.

Income and expenses by each reportable segment of GDH LP for the nine months ended September 30, 2023 are as follows:

(in thousands)

Global
Markets

Asset
Management

Digital
Infrastructure
Solutions

Corporate

 and Other

Totals

Income (loss)

Fee revenue (1)

Mining hosting fees

$                —

$                    —

$               17,990

$                 —

$         17,990

Licensing fees

1,234

(118)

1,116

Management and performance fees

13,833

(2,093)

11,740

Advisory fees

2,316

2,316

Other fee revenues

(54)

1,099

1,045

Total fee revenue

2,262

13,833

20,323

(2,211)

34,207

Lending and staking revenue

Lending income

32,509

24

32,533

Blockchain rewards

1,344

1,446

2,790

Total lending and staking revenue

33,853

1,470

35,323

Net realized gain on digital assets

14,261

4,420

18,681

Net realized gain (loss) on investments

46,100

22,611

68,711

Net derivative gain

78,985

1,542

(65)

80,462

Revenue from proprietary mining

20,672

20,672

Other income (expense)

210

(131)

254

333

Total revenues and gain (loss) from operations

175,671

43,745

41,184

(2,211)

258,389

Operating expenses

126,613

42,109

38,995

69,714

277,431

Net unrealized gain (loss) on digital assets

25,476

(1,025)

24,451

Net unrealized gain on investments

13,079

(27,868)

6,272

(8,517)

Net loss on notes payable – derivative

(1,022)

(1,022)

Foreign currency loss

(843)

(843)

37,712

(28,893)

6,272

(1,022)

14,069

Income (loss) before income taxes

$         86,770

$           (27,257)

$                 8,461

$        (72,947)

$         (4,973)

Income tax expense

586

586

Net income (loss)

$         86,770

$           (27,257)

$                 8,461

$        (73,533)

$         (5,559)

Foreign currency translation adjustment

3

3

Comprehensive income (loss)

$         86,770

$           (27,257)

$                 8,461

$        (73,530)

$         (5,556)

(1)Asset Management fee revenue includes management fees generated off the Partnership’s balance sheet venture investments, which are eliminated in the Corporate & Other segment.

Assets and liabilities by reportable segment of GDH LP as of September 30, 2024 are as follows:

(in thousands)

Global
Markets

Asset
Management

Digital
Infrastructure
Solutions

Corporate and
Other

Totals

Total assets

$        4,610,799

$           619,779

$           348,283

$           138,593

$        5,717,454

Total liabilities

$        2,975,526

$                  389

$             14,577

$           646,205

$        3,636,697

Assets and liabilities by reportable segment of GDH LP as of December 31, 2023 are as follows:

(in thousands)

Global
Markets

Asset
Management

Digital
Infrastructure
Solutions

Corporate and
Other

Totals

Total assets

$       2,726,950

$          575,056

$          321,322

$            51,921

$        3,675,249

Total liabilities

$       1,289,792

$            10,968

$              9,817

$          574,891

$        1,885,468

Select statement of financial position information

Select assets by reporting segment of GDH LP as of September 30, 2024 is as follows:

(in thousands)

Global
Markets

Asset
Management

Digital
Infrastructure
Solutions

Corporate and
Other

Totals

Digital assets

$     2,454,030

$          63,294

$                     —

$                 —

$     2,517,324

Digital assets receivables

8,240

40,798

1,095

50,133

Assets posted as collateral

227,050

227,050

Loans receivable

722,162

722,162

Investments

790,695

497,458

10,953

1,299,106

Property and equipment

254,445

5,454

259,899

$     4,202,177

$        601,550

$            266,493

$            5,454

$     5,075,674

Select assets by reporting segment of GDH LP as of December 31, 2023 is as follows:

(in thousands)

Global
Markets

Asset
Management

Digital
Infrastructure
Solutions

Corporate
and Other

Totals

Digital assets

$     1,052,013

$          67,930

$                     —

$                 —

$     1,119,943

Digital assets receivables

6,506

13,135

1,219

20,860

Assets posted as collateral

318,195

318,195

Loans receivable

491,868

491,868

Investments

244,807

476,262

14,034

735,103

Property and equipment

109

252,552

7,304

259,965

$     2,113,498

$        557,327

$            267,805

$            7,304

$     2,945,934

Net Digital Assets Position

Net digital assets includes all digital assets categorized as assets, less all digital assets categorized as liabilities on the statement of financial position and is included in the Company’s liquidity measure. Net digital assets as of September 30, 2024 and December 31, 2023 is as follows:

(in thousands)

BTC (3)

ETH (4)

Stablecoin

Other (5)

As of

September 30,
2024(6)

Assets

Digital assets

$           1,656,466

$              369,032

$              210,864

$              253,973

$           2,490,335

Digital asset loans receivable, net of
allowance

634

18,684

280,258

24,076

323,652

Digital assets receivable, current

43,118

43,118

Digital assets receivable, non-current

7,015

7,015

Assets posted as collateral – Digital
assets(1)

189,353

26,814

452

216,619

Restricted digital assets, non-current(2)

26,989

26,989

1,846,453

414,530

491,122

355,623

3,107,728

Liabilities

Digital asset loans payable

657,964

97,039

270,577

138,188

1,163,768

Collateral payable(1)

798,452

164,418

17,967

83,653

1,064,490

Payables to customers

61,785

61,785

1,518,201

261,457

288,544

221,841

2,290,043

Digital assets, net

$              328,252

$              153,073

$              202,578

$              133,782

817,685

Stablecoins, net

$                       —

$                       —

$              202,578

$                       —

202,578

Digital assets, net excl. stablecoins

$              328,252

$              153,073

$                       —

$              133,782

$              615,107

Digital asset investment vehicles
included in investments

$              382,861

$               24,893

$                       —

$              147,287

555,041

(1) Excludes cash portion of balance on the Partnership’s statement of financial position.

(2) Represents TIA and SOL tokens that are subject to a sale restriction of greater than one year.

(3) Includes associated tokens such as wBTC. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold BTC, including spot ETFs, Galaxy sponsored BTC funds, Mt. Gox Investment Fund LP, and Xapo Holdings Limited, net against associated investment liabilities, reflected in the last row of this table.

(4) Includes associated tokens such as wETH and stETH. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold ETH, including spot ETFs and Galaxy sponsored ETH funds, reflected in the last row of this table.

(5) Includes $8.2 million net SOL and $45.9 million net TIA digital assets, net. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold digital assets, including the Galaxy sponsored Galaxy Digital Crypto Vol Fund LLC (includes $93.0 million SOL and $23.1 million of AVAX) and Ripple Lab Inc., reflected in the last row of this table.

(6) The Partnership also held digital asset derivative positions not reflected in this table.

 

(in thousands)

BTC (4)

ETH (5)

Stablecoin

Other (5)

As of

December 31,
2023(6)

Assets

Digital assets

$              589,011

$              174,978

$              179,222

$              135,376

$           1,078,587

Digital asset loans receivable, net of allowance

3,044

87,252

12,000

2,208

104,504

Digital assets receivable, current

14,686

14,686

Digital assets receivable, non-current

6,174

6,174

Assets posted as collateral – Digital assets(1)

197,092

119,012

316,104

Restricted digital assets, non-current(2)

41,356

41,356

789,147

381,242

191,222

199,800

1,561,411

Liabilities

Digital asset loans payable

48,202

14,603

297,762

37,710

398,277

Collateral payable(1)

437,889

116,723

9,457

5,926

569,995

486,091

131,326

307,219

43,636

968,272

Digital assets, net

$              303,056

$              249,916

$            (115,997)

$              156,164

593,139

Stablecoins, net(3)

$                       —

$                       —

$            (115,997)

$                       —

(115,997)

Digital assets, net excl. stablecoins

$              303,056

$              249,916

$                       —

$              156,164

$              709,136

Bitcoin spot ETFs included in Investments

$                       —

$                       —

$                       —

$                       —

$                       —

(1) Excludes cash portion of balance on the Partnership’s statement of financial position.

(2) Represents TIA tokens that are subject to a sale restriction of greater than one year.

(3) As of December 31, 2023, stablecoin liabilities were greater than stablecoin assets.

(4) Includes associated tokens such as wBTC. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold BTC, including bitcoin futures ETFs, Galaxy sponsored BTC funds, Mt. Gox Investment Fund LP, and Xapo Holdings Limited, net of associated investment liabilities, reflected in the last row of this table.

(5) Includes associated tokens such as wETH and stETH. In addition to Digital assets, net, the Partnership also held interests in investment vehicles designed to hold ETH, including Galaxy sponsored ETH funds, reflected in the last row of this table.

(6) Includes $12.0 million net SOL and $68.5 million net TIA. In addition to digital assets, net, the Partnership also held interests in investment vehicles designed to hold digital assets, including Ripple Lab Inc., reflected in the last row of this table.

(7) The Partnership also held digital asset derivative positions not reflected in this table.

All figures are in U.S. Dollars unless otherwise noted.

 

SOURCE Galaxy Digital Holdings Ltd.

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Element451 Launches StudentHub: AI-first Platform to Drive Student Success

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Revolutionary AI-first platform delivers personalized guidance and real-time voice interaction, transforming the student experience.

RALEIGH, N.C., Nov. 7, 2024 /PRNewswire/ —  Element451 announces the launch of StudentHub, an AI-first platform that revolutionizes how students engage with their academic and campus life. With 24/7 AI-powered tools and real-time voice assistance, StudentHub enables students to get immediate, personalized support—drastically improving retention and success rates.

“StudentHub redefines how students engage with their academic journey,” said Ardis Kadiu, CEO of Element451. “We’re meeting students where they are—on their devices, on their own schedule. What we are building is not just another platform; it’s a transformative solution that empowers students to succeed and helps institutions build stronger connections at every step of the student experience.”

StudentHub provides a suite of key features designed to enhance the student experience and drive success.

Real-Time Voice AI allows for natural, conversational interactions that provide instant guidanceBolt AI Assistants deliver personalized, 24/7 support for navigating tasks, events, and course needsThe platform’s mobile-first design ensures that students can engage with essential academic and campus resources anytime, anywhereMulti-language support guarantees accessibility for all students, regardless of their background.Proactive interventions powered by AI insights identify at-risk students early, prompting timely outreach to keep them on track.

Powering Student Success with AI-First Tools

What sets StudentHub apart is its AI-first approach to student support and engagement. Not only does it act as a central command center for students, but it also gives them access to AI-powered tools that offer personalized, 24/7 assistance and proactive outreach. By guiding students through every step of their educational journey—from selecting programs to managing deadlines—StudentHub ensures that no student falls through the cracks. The platform’s AI-first design allows institutions to anticipate student needs and deliver timely interventions, significantly improving retention and student satisfaction.

About Element451

Element451 is the leading AI-first CRM and student engagement platform, designed to help higher education institutions attract, engage, and support students at every stage of their educational journey. From admissions and marketing to student success, Element451 provides a comprehensive suite of tools that help schools thrive in the digital age, using AI to personalize and streamline student engagement across the entire student journey.

For more information about how Element451 can benefit your institution, visit www.element451.com.

Media Contact: Brandon Hurter, brandon.hurter@element451.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/element451-launches-studenthub-ai-first-platform-to-drive-student-success-302286149.html

SOURCE Element451

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