Galaxy Digital Inc. (GLXY) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.738 these statements as a result of various factors, including those identified in the disclaimers 00:00:04.738 -- 00:00:08.544 in our earnings release or other filings, which have been filed with the U.S. 00:00:08.544 -- 00:00:12.710 Securities and Exchange Commission and on CDAR+. 00:00:12.710 -- 00:00:16.135 Forward-looking statements speak only as of today and will not be updated. 00:00:16.135 -- 00:00:17.938 Additionally, 00:00:17.938 -- 00:00:24.485 we may discuss references to non-GAAP metrics, the reconciliations of which can all 00:00:59.414 -- 00:01:01.414 cities, 00:01:01.427 -- 00:01:05.653 not two cities. And so I'm going to start with the shiny one. 00:01:05.653 -- 00:01:07.874 Listen, our 00:01:36.860 -- 00:01:40.763 There is not a lot of 830-megawatt 00:01:41.246 -- 00:01:45.670 new sites of power being granted in the United States. 00:01:46.094 -- 00:01:49.519 We are engaging with 00:01:49.519 -- 00:01:54.847 potential tenants and, you know, hopefully in the next, you know, period of time have 00:01:54.847 -- 00:02:00.675 news on who's going to occupy that site. At the same time, we've got over 1,000 00:02:00.675 -- 00:02:06.509 employees or 1,000 workers, I should say, they're not 00:02:06.509 -- 00:02:08.752 the site for CoreWeave. 00:02:08.752 -- 00:02:14.778 We hope to have, or we will have, our first data halls delivered by the end of Q1. 00:02:14.778 -- 00:02:17.221 And so the 00:02:17.221 -- 00:02:22.267 data center business will start cash flowing, you know, quite quickly. 00:02:22.267 -- 00:02:27.372 On top of that, you know, we're engaged in conversations with other sites, both in Texas 00:02:27.372 -- 00:02:33.499 and in other states. And so the data center business is growing. 00:02:33.499 -- 00:02:39.089 I...