Galaxy Digital Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Galaxy Digital Q4 & Full Year 2024 Earnings Summary

Key Financial Highlights (FY 2024 vs FY 2023)

  • Net income: $365 million ($1.02 per diluted share), including $166 million NY AG settlement charge. Ex-settlement: $532 million ($1.49 per share) vs. combined prior two years.
  • Operating revenues: >$400 million (first year of combined operating businesses profitability and positive EBITDA).
  • Operating expenses (ex-settlement): $782 million, including $240 million staking/interest costs tied to higher activity.
  • Total assets: $7.2 billion; Equity capital: $2.3 billion; Cash + net stablecoins: >$1 billion.
  • AUM + AUS: $10 billion.

Q4 2024 Performance (vs Q3 2024 where noted)

  • Net income: $174 million (ex-settlement: $341 million) on operating revenues of $117 million.
  • Global Markets (Counterparty trading & advisory): $68 million (+26% QoQ); FY total $250 million (+107% YoY from 2023).
  • Lending net revenue: $20 million (+19% QoQ); FY $60 million (+72% YoY). Average loan book: $860 million (+29% QoQ).
  • Staking net rewards: $26 million (+147% QoQ); FY $58 million. AUS grew to $4.2 billion (from $240 million at start of 2024, ~20x growth).
  • Mining revenue: $22 million in Q4; FY $95 million. Marginal cost to mine ~$26,000/BTC for the year.

Strategic Developments & Outlook

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Operator: Good morning, and welcome to the Galaxy Digital Fourth Quarter 2024 Earnings Call. Today's call is being recorded. Later, you have the opportunity to ask questions. [Operator Instructions] At this time, I would like to turn the conference over to Jonathan Goldowsky, Head of Investor Relations. Please go ahead. Jonathan Goldowsky: Good morning, and welcome to Galaxy's fourth quarter and full year 2024 earnings call. Before we begin, please note that our remarks today may include forward-looking statements. Actual results may differ materially from those indicated or implied by our forward looking statements as a result of various factors, including those identified in our filings with the Canadian Securities Regulatory Authority on SEDAR + and available on our website or in future filings we make with other securities regulators. Forward-looking statements speak only as of today and will not be updated. In addition, none of the information on this call constitutes a recommendation, solicitation or offer by Galaxy or its affiliates to buy or sell any securities, including Galaxy securities. With that, I'll turn it over to Mike Novogratz, Founder and CEO of Galaxy. Mike Novogratz: Good morning. Listen, we've got a lot to unpack today. I'm going to dive right in, but not before I tell you it's a beautiful day in New York City. I'm very pleased with our full year 2024 results. I certainly wish they were indented by our settlement with the Attorney General. Our team thoug

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