Galaxy Digital Inc. (GLXY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

these statements as a result of various factors, including those identified in the disclaimers in our earnings release or other filings, which have been filed with the U.S. Securities and Exchange Commission and on CDAR+. Forward-looking statements speak only as of today and will not be updated. Additionally, we may discuss references to non-GAAP metrics, the reconciliations of which can all cities, not two cities. And so I'm going to start with the shiny one. Listen, our There is not a lot of 830-megawatt new sites of power being granted in the United States. We are engaging with potential tenants and, you know, hopefully in the next, you know, period of time have news on who's going to occupy that site. At the same time, we've got over 1,000 employees or 1,000 workers, I should say, they're not the site for CoreWeave. We hope to have, or we will have, our first data halls delivered by the end of Q1. And so the data center business will start cash flowing, you know, quite quickly. On top of that, you know, we're engaged in conversations with other sites, both in Texas and in other states. And so the data center business is growing. It is A macro environment still where the demand for power is strong. You see that in everywhere you're reading and looking. It's usually the same five or six major players. But underneath that, there are a whole lot of other players that are, you know, building out data centers themselves. And so could it be more bullish on the data center business? You know, the crypto business or the digital assets business, that itself is a tale of two cities. both internally at Galaxy and broadly macro. So macro-wise, you have the crypto coins, Bitcoin, Ethereum, Solana, you name them, have been in a bear market. When we cracked 100 in Bitcoin, there...