Galaxy ESG Report  2022
1 
Published October 2023
Galaxy’s 2022 ESG Report provides a detailed overview of Environmental, Social, and Governance (ESG) issues that matter most 
to Galaxy and our stakeholders. The data included in this report is as of December 31, 2022, unless otherwise noted. 
Annual        
ESG Report
2022

Galaxy ESG Report  2022
2 
Table of Contents
01 Overview	
3
	Message From Our Founder & CEO	
4
	About Galaxy	
5 
	Our Mission, Vision, and Values	
6
	Our ESG Strategy	
7
Our First ESG Materiality Assessment	
8
About the Artwork in This Report 	
10
02 Governance	
11
	Corporate Governance	
12
	ESG Program Oversight	
17
	Business Ethics and Compliance	
19
	Business Resilience and Risk Management	
21
	Cybersecurity	
22
	Public Policy Practices and Government Engagement	
24
03 Social	
26
	Employee Development, Engagement, and Retention	
27	
	 	
	Employee Diversity, Equity, Inclusion, and Belonging 	
29	
	 	
	Financial Inclusion and Education	
37	
	   
	Human Rights	
41	
	 	 	
04 Environmental	
42	
	Bitcoin Mining	
43
Galaxy's Carbon Footprint	
45
	Waste Reduction and Recycling	
46
05 Appendix	
48	
Supporting the United Nations Sustainable Development Goals (SDGs)	
 49
	Global Reporting Initiative (GRI) and Sustainable Accounting Standards Board (SASB) Index	
52
	Task Force on Climate-Related Financial Disclosures (TCFD) Index	
   57
	Apex Group Assurance Letter	
65

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Galaxy ESG Report 2022
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Overview
01
Message from 
Our Founder & CEO
001
About Galaxy
002
Our Mission, 
Vision, and Values
003
Our ESG Strategy
004
Our ESG Materiality  
Assessment
005
About the Artwork
in This Report
006

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Message From Our Founder & CEO
We at Galaxy recognize that the journey to revolutionize financial systems 
goes hand in hand with our responsibility to cultivate a more sustainable, 
transparent, and equitable future. The work we do plays a critical role in 
the new digital economy, and our dedicated team of nearly 400 employees 
around the world is united by a singular purpose: accelerating the institutional 
adoption of digital assets and blockchain technology in a sustainable manner.
We believe that our commitment to cultivating a sustainable business 
model is not only integral to our responsibility as corporate citizens, but also 
paramount to generating long-term value for our shareholders. Sustainability 
is a strategic imperative that enhances operational efficiency, mitigates risks, 
and paves the way for positive innovation. 
In this context, Galaxy’s ESG Program – and our continued commitment to 
responsible environmental practices, a robust governance strategy, and an 
equitable, inclusive environment for our employees and the communities in 
which we operate – anchors our ability to offer long-term value creation and 
growth that optimizes returns for our valued shareholders.
To this end, I am excited to share our 2022 ESG Report – 
a testament to our unwavering commitment to harness 
the power of digital assets and blockchain technology 
to create lasting positive impacts that extend far beyond 
financial markets.
Just as ESG seeks to create an ecosystem of long-term sustainability and 
well-being, the digital assets space – built on the tenants of transparency, 
decentralization, and empowerment – mirrors the same fundamental pursuits.
Message from Our Founder & CEO
Mike Novogratz, Founder & CEO, Galaxy
Galaxy ESG Report 2022
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About Galaxy
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 custodial 
technology. The company is headquartered 
in New York City, with offices across North 
America, Europe, and Asia.
About Galaxy
The Company is headquartered in New York City, with offices in Dickens County (Texas), 
Chicago, San Francisco, Tel Aviv, London, Hong Kong, and the Bahamas.
Operating Businesses
Locations
Global Markets
Trading · Lending · Derivatives · Advisory
Asset Management
Passive · Active · Venture Strategies
Digital Infrastructure Solutions
Mining · Validator Services · Custodial Technology

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Our Mission, Vision, and Values
Our mission is to engineer a new economic paradigm, a globally 
interconnected digital economy that democratizes access to 
ownership through decentralized networks and blockchain 
technologies. In this new paradigm, technology and finance work as 
one, creators connect with their communities, and users become 
partners with builders. By merging Wall Street savvy with Silicon 
Valley ingenuity, we enable innovations that will democratize access to 
ownership, reestablishing trust and transparency within communities 
and markets.
As we execute our mission, we do so with a responsibility to generate 
long-term shareholder value, while capturing opportunities and 
mitigating risks that may arise from ESG factors. Our core principles 
are the driving forces powering our mission and establish the 
foundation of our vision for a society where value and ownership flow 
as freely as information.
To engineer a new economic paradigm.
At Galaxy, we are connecting 
financial expertise with 
technological sophistication, 
institutions with Web3 innovations, 
and Silicon Valley agility with 
Wall Street savvy.
A globally interconnected digital economy that 
democratizes access to ownership through 
decentralized networks and blockchain technologies.
Our Mission, Vision, and Values

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Our ESG Strategy
Environmental
Managing and improving our environmental 
and carbon footprint by integrating 
sustainable practices and increasing the use 
of sustainable energy across our operations. 
Governance
Establishing strong corporate governance 
to maintain a culture of integrity, all while 
creating value for all our stakeholders.
Social
Investing in our people by fostering a diverse, 
equitable and inclusive culture and ensuring 
our employees are inspired by our mission.
Our ESG Strategy
Galaxy is a young company in hyper-growth mode, operating at the forefront of the rapidly maturing 
digital asset ecosystem. 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.
Our ESG program focuses on the following three key tenets:

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Our First ESG Materiality Assessment
001 · Identify
We reviewed ESG frameworks, standards, rating agencies, and our 
peers to better understand the current ESG landscape and focus 
areas of each of these groups. 
002 ·  Categorize
We refined a list of potentially material ESG topics and categorized 
them as Environmental, Social, or Governance issues.
003 · Assess Impact
We researched each ESG topic in detail to understand its relevance 
to our business and our stakeholders. 
004 ·  Gather Feedback
We engaged key stakeholders to collect feedback on what ESG 
topics they felt were most material to the long-term sustainability of 
our business. After gathering feedback, the results were plotted on a 
graph to create an ESG Materiality Matrix. 
005 · Engage Management
The ESG Materiality Matrix was reviewed by Galaxy’s ESG Steering 
Committee, a group of senior executives across business lines and 
regions who are charged with ensuring the effective implementation 
and oversight of the Company’s ESG strategy at the business level. The 
Matrix was also reviewed and approved by Galaxy’s Board of Directors, 
who have overall responsibility for oversight of Galaxy’s ESG strategy.
On a biennial basis, Galaxy conducts an 
ESG materiality assessment to deepen our 
understanding of the ESG-related topics 
that matter most to our stakeholders. 
Our last materiality assessment was 
conducted in 2021, and included the steps 
as listed on the right. The results of the ESG 
materiality assessment help shape our 
ESG program strategy, prioritize our focus, 
and ensure that our reporting is aligned 
with addressing the ESG issues of greatest 
importance to our stakeholders.
Our First ESG Materiality Assessment

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ESG Materiality Matrix
Our First ESG Materiality Assessment
ESG Material Topic Categories:
Environmental
Social
Governance
Internal Stakeholder Perspective
(Prioritization Level)
Waste Reduction 
and Recycling
ESG/Sustainability Strategy
Climate Change, Energy,
and GHG Emissions
Public Policy 
Practices and
Government 
Engagement
Business Resilience
and Risk Management
Employee Diversity, Equity,
Inclusion, and Belonging
Corporate Governance
Cybersecurity
Business Ethics 
and Compliance
LOW
H IG H
HIGH
External Stakeholder Perspective
(Prioritization Level)
Employee Development, 
Engagement, and Retention
Employee Health and Safety
and Working Conditions
Human Rights

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Claudia Pawlak is the artist behind the artwork in Galaxy’s ESG Report. This collection of 
images, “Imprints of Existence,” explores the intricate relationship between communities and 
their environment by leveraging AI to generate botanical specimens. These digital renditions, 
consistent in their pale pink tones, yet varied in shape and size, represent a confluence of nature 
and technology, reflecting our simultaneous physical and digital existences.
Each AI-generated plant specimen conveys a narrative – some whisper tales of hope, showcasing 
resilience and adaptation amidst challenges; others murmur warnings, their forms marred by the 
imprints of pollution, climate change, and the inexorable march of human progress. Together, they 
echo the symbiosis between humanity and technology, reminding us of our shared responsibility 
in shaping and preserving our world.
This collection is more than just a visual exploration; it's a reflection on the dual roles communities 
play in the Anthropocene. We are both the preservers of history and the architects of the future. 
In the vast diversity of AI-rendered flora, one sees a parallel to our own communities: a rich 
tapestry of individual entities coming together in unity, each with a unique role, each essential.
As you journey through this digital archive, let it serve as an invitation to ponder our place in this 
epoch, our shared narratives, and the footprints we leave in the sands of time. We hope you enjoy 
her work as you read our report. 
ABOUT THE ARTWORK IN THIS REPORT
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About the Artwork in This Report
An Intersection of Art, 
Technology, and History
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Governance
001
Corporate Governance
002
ESG Program Oversight
003
Business Ethics and Compliance
004
Business Resilience and Risk Management
005
Cybersecurity
006
Public Policy Practices and Government Engagement
Governance
02
Corporate Governance
001
ESG Program Oversight
002
Business Resilience 
and Risk Management
004
Business Ethics 
and Compliance
003
Cybersecurity
005
Public Policy Practices and 
Government Engagement
006

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Corporate Governance
The strength of Galaxy’s results and resilience of our business model are directly linked to our strong corporate governance 
framework and diverse, experienced, and engaged Board of Directors.  
Galaxy’s corporate governance framework is a set of principles and practices that we believe will drive growth in each of 
our operating businesses, consistent financial performance, and long-term value for all our stakeholders. Our framework 
reflects federal and local regulatory requirements in each of the jurisdictions in which we operate, Toronto Stock Exchange 
(TSX) listing standards, and effective oversight by our senior leadership team and Board of Directors. We recognize that 
corporate governance standards evolve over time, which is why our Board reviews our corporate governance framework, 
Committee Charters, and other governance policies periodically, and approves them as necessary and appropriate. The 
Board met 16 times in 2022. 
Galaxy’s Board of Directors is committed to maintaining the highest standards of corporate governance at the Company. 
Our Board plays an integral role in the development of our strategy and acts as a key governing body that challenges our 
leadership team to continually evolve, execute on our mission, and build for a more decentralized future, so that we can 
deliver value for all our stakeholders. Galaxy’s Board of Directors possesses deep expertise in capital markets, digital 
assets, risk management, cybersecurity, and technology. Galaxy’s Compensation, Corporate Governance and Nominating  
Committee (CGN) oversees the Director nomination and evaluation process, and considers a wide variety of skills, 
professional experience, and diverse backgrounds and perspectives as critical components to a strong and effective Board. 
Corporate Governance

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Mike spent over 25 years in the financial services sector at Goldman Sachs. Most recently, he was a Partner, Chairman 
of the Global Markets Division and a member of the Management Committee at Goldman Sachs. Mike built his career 
in the trading division at Goldman Sachs, rising to top roles, including leading equities sales globally as well as fixed 
income and foreign exchange sales for Europe, Middle East, and Africa. He also served as a member of Goldman’s 
European Management Committee, Firmwide Client and Business Standards Committee, and Global Markets Executive 
Committee. Prior to this, Mike was the Global Co-Chief Operating Officer of Goldman’s Equities business. Mike holds a 
bachelor’s degree in economics and finance from the University of New South Wales.
Michael Daffey
Chairman & Senior Advisor
Jane is a tenured investment professional with more than three decades of investing experience globally across numerous 
asset classes. She is the Chief Investment Officer and Vice President in the Investment Office of Brown University. Prior to 
Brown, she was the Director of Private Equity at Bowdoin College. Jane joined Bowdoin from Fortress Investment Group, 
where she was a Managing Director in the Credit Funds Group. Before joining Fortress, Jane was a General Partner in venture 
capital funds, Nextpoint Partners, an early-stage, technology focused fund, and Columbia Capital Corporation, an IT and 
communications focused private equity fund, where she was a member of the Investment Committees and held Board roles 
in over a dozen companies. Jane came to venture capital after founding, leading and eventually selling a software company. 
Preceding Jane’s experience as an entrepreneur and investing in entrepreneurs, she spent several years working in Russia 
and Central Europe as an Investment Officer at the International Finance Corporation, the private investment arm of the 
World Bank. She began her career as an analyst in the Mergers and Acquisitions Department of Goldman Sachs. Jane 
received a bachelor’s degree in Politics from Princeton University and a master’s degree in International Economics and 
Russian Studies from The Johns Hopkins School of Advanced International Studies.
Jane Dietze 
Independent Director
Board of Directors
Corporate Governance
Bill has been the principal of Kouts Capital since 2011, an advisory services company providing assistance to 
companies with corporate finance and capital markets related transactions including providing strategic advice, 
introduction to capital providers and transaction structuring and implementation. Previously Bill was the Executive 
Vice President and Chief Financial Officer of Endeavour Financial Corporation, a mining focused merchant banking 
business. Bill is a Chartered Professional Accountant and Chartered Financial Analyst and is a member of the 
Chartered Professional Accountants of Canada and the CFA Institute. Bill holds a bachelor’s degree in Economics from 
the University of Toronto. Bill has served as Lead Independent Director of Galaxy’s Board of Directors since July 2018. 
Bill provides a source of leadership for the Board, complementary to that of the Chair of the Board, but independent of 
management of the Company. Bill enables strong leadership, creates clear accountability, and enhances our ability to 
communicate Galaxy’s message and strategy clearly and consistently while ensuring robust, independent oversight.
Bill Koutsouras
Lead Independent Director & Chair of Audit Committee
Dominic is a British entrepreneur, and he has built several businesses in the Middle East and Asia. Since 2002, Dominic 
has been founder of BIOS Middle East (BIOSME.com), a Managed Service & Cyber Security Provider. Since 2013, Dominic 
has held his role as founder and Managing Director of CloudHPT.com, an infrastructure cloud business which serves 
the Middle East and North Africa. These businesses were recently sold to ZainTech, a subsidiary of Zain Group. Since 
2014, Dominic has also served as founder of CapitalAssured.com, which is active in the real estate sector identifying 
development opportunities and disposing of institutional portfolios. Dominic holds a bachelor’s degree in economics and 
a master’s degree in business/managerial economics, both from University of Portsmouth.
Dominic Docherty 
Independent Director

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In addition to being a Director, Rich has served as a Manager on the General Partner of GDH LP attending joint Board 
meetings since 2018. He previously served as the President of Galaxy until December 2018. Prior to his time at Galaxy, 
Rich was a Managing Director at RBC Capital Markets, Head of the Global Arbitrage & Trading Division, and a member 
of the Capital Markets Operating Committee. Over his 20 years at RBC, he was responsible for running the firm’s 
proprietary trading division and oversaw the Central Funding group which offered secured balance sheet funding 
solutions to clients. Previously, he spent 7 years at Kidder Peabody, where he built and managed the Tokyo equity 
derivatives group. He holds a bachelor’s degree in History from Princeton University.
Richard Tavoso
Independent Director & Chair of Compensation, Corporate Governance 
and Nominating Committee
Mike founded Galaxy Investment Partners, a family office, prior to founding Galaxy, and was also formerly Partner 
and President at Fortress Investment Group LLC. Mike joined Fortress in 2002 after spending more than a decade at 
Goldman Sachs, where he was elected Partner in 1998. Mike also served on the New York Federal Reserve’s Investment 
Advisory Committee on Financial Markets from 2012 to 2015. Mike received an A.B. degree from Princeton University in 
Economics and served as a helicopter pilot in the United States Army. He is also on the Board of Directors for Beat the 
Streets, Inc., the Jazz Foundation, Friends of Hudson River Park, the Bail Project, Princeton Varsity Club and the Board of 
Overseers for New York University Hospital. As the CEO, Mike is responsible for the overall management of the business 
and affairs of Galaxy. He establishes the strategic and operations priorities of the Company and provides leadership for 
the effective overall management of the Company. 
In light of Mike’s significant ownership interest in Galaxy and alignment 
with other long-term shareholders of Galaxy, it was agreed by the  
CGN Committee that, consistent with 2019 through 2021, Mike would 
not be paid a base salary in 2022.
Mike Novogratz
Founder, CEO & Director
Corporate Governance
Board of Directors
In addition to being a Director, Damien Vanderwilt is a Senior Advisor at Galaxy and previously served as Co-President and 
Head of Global Markets from 2020 until February 2023. Prior to joining the Company, he spent 20 years at Goldman Sachs, 
becoming a Partner in 2016. At Goldman Sachs, he held several leadership positions across both Equities and Fixed Income, 
Currency and Commodities. He holds a Bachelor of Commerce (B.Com) in Finance & Economics from Bond University.
Damien Vanderwilt
Senior Advisor & Director

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Corporate Governance
[1] Directors of Galaxy Digital Holdings Ltd., the Public Company. Galaxy Digital Holdings GP LLC., our Operating Company, has two additional board members: Chris Ferraro and Rhonda Adams Medina.
[2] As of 10/11/2023, unaudited.
Independent
Management
Independence2
57%
Diverse
Not Diverse
Diversity2 *
14%
Board of Directors Overview1
0
5
0
5
0
5
0
5
Average Age2
53
45-50
2 Directors
51-55
1 Director
56-60 
4 Directors
  Age
Average Tenure2 
2.6
0.0-2.0  
3 Directors
2.1-4.0
2 Directors
4.1+
2 Directors
Years
*Female and/or Racially/Ethnically Diverse.

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Corporate Governance
Board Diversity Disclosure Matrix1
7
Total Number 
of Directors
Director Gender Identity
Male
Female
African American or Black
Alaskan Native or Native American
Asian
Hispanic or Latino
Native Hawaiian or Pacific Islander
Female
Male
Non-Binary
Did Not Disclose Gender
White
Two or More Races or Ethnicities
0
0
0
0
0
0
0
0
0
0
1
6
0
0
6
1
0
0
0
0
[1] As of 10/11/2023, unaudited.
Director Demographic Background
Lead Independent Director
Chair
Member
LGBTQ+
1
Did Not Disclose Demographic Background
Pubco Board
Members
Audit Committee 
Pubco
Compensation, 
Corporate 
Governance 
and Nominating 
Committee
Mike Novogratz
Damien Vanderwilt
Michael Daffey
Dominic Docherty
Richard Tavoso
Jane Dietze
Bill Koutsouras
Committee Composition1

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ESG Program 
Oversight
Our Board of Directors is actively engaged in the oversight of Galaxy’s ESG program. Our 
Compensation, Corporate Governance and Nominating (CGN) Committee oversees Galaxy’s 
ESG framework, strategy, and objectives and, along with the broader Board, is informed on key 
ESG-program initiatives and updates through Board meetings and annual reports from the ESG 
Steering Committee. Our ESG Steering Committee is comprised of senior executives across 
business lines and regions and is charged with ensuring the effective implementation and 
oversight of the Company’s ESG strategy at the business level. Our ESG strategy is developed 
and executed by Galaxy’s Investor Relations team, who regularly meet to review and evolve the 
Company’s ESG strategy for the benefit of all our stakeholders.
Corporate governance documents and policies are publicly available on investor.galaxy.com. 
ESG Steering Committee Members1
Veronica Adgate
Director, Office of the CEO 
Sebastian Benkert
Chief Marketing Officer
Erin Brown
Chief Operating Officer
Francesca Don Angelo
Deputy General Counsel 
& Corporate Secretary
Brian Wright
Galaxy Mining
Leinee Hornbeck
Chief People Officer
Teresa Iemma
Investor Relations
Steve Kurz
Global Head of Asset 
Management (Chair)
ESG Program Oversight
Tessa Wilson
Investor Relations
[1] ESG Steering Committee as of 10/11/2023.
Edward Schwartz
Chief Security Officer
Jonathan Goldowsky
Head of Investor Relations

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Galaxy Public Company 
Board of Directors
Compensation, Corporate Governance 
and Nominating Committee
ESG Steering Committee1
Galaxy Investor Relations
ESG Program Oversight
Management & Implementation
Responsible for ensuring the effective implementation and  
oversight of Galaxy's ESG strategy at the business level. 
Board Oversight
Oversees ESG program framework, strategy, and objectives. Informed through quarterly Board 
of Director meetings and annual reports from the ESG Steering Committee. 
Delegated ESG program oversight authority from the Board of Directors.
[1]  Chair: Global Head of Asset Management  |  Membership: Director, Office of the CEO, Chief Marketing Officer, Chief Operating Officer,  
Deputy General Counsel and Corporate Secretary, Chief People Officer, Chief Security Officer, Galaxy Investor Relations, Galaxy Mining.

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Galaxy is committed to operating its business in accordance with the highest standards of 
ethical business conduct, as we believe a culture of integrity reduces risk and builds a strong 
foundation for success. It is imperative that we remain focused at all times on business ethics 
and compliance – only by doing so can we maintain the trust of our clients, shareholders, 
employees, regulators, and the public.
Our Board of Directors and its Audit Committee set a “tone from the top” and play a critical 
role in our efforts to foster and maintain a culture of ethics within the Company. Our General 
Counsel & Chief Compliance Officer (CCO) and Deputy General Counsel & Corporate Secretary 
lead our Compliance and Ethics functions and provide updates to the Audit Committee 
quarterly or more frequently, as needed.
Our approach to business ethics and compliance begins with our Global Code of Conduct, 
which is certified annually by all employees. The Global Code of Conduct applies to all directors, 
partners, officers, and employees of Galaxy and establishes principles for ethical, professional, 
and responsible business conduct expected by Galaxy. The Global Code of Conduct, our 
Employee Handbook, Global Policies on Use of Confidential Information, and Code of Business 
Ethics and Conduct provide clarity and guidance on our policies for responsible business conduct.
We encourage our employees to practice sound judgment and speak up promptly when 
questions or concerns arise. A Whistleblowing Policy is in place to enable employees, officers, 
and directors of Galaxy, as well as other stakeholders, including third-parties, to raise concerns 
on a confidential basis, free from discrimination, retaliation, or harassment for accounting, 
internal accounting controls or auditing matters. We take allegations of misconduct seriously 
and do not tolerate retaliation against anyone raising a concern in good faith.
Due to the nature and nascency of digital assets and the broader blockchain industry, Galaxy 
is subject to rigorous oversight and regulation throughout its business lines. Galaxy seeks to 
comply with all applicable laws and regulations. We implement a robust risk-based Anti-Money 
Laundering (AML), anti-corruption, antitrust, and competition policies, procedures, and controls in 
accordance with laws around the world, including the U.S. Foreign Corrupt Practices Act (FCPA) 
and Bank Secrecy Act of 1970. We conduct mandatory annual firmwide Compliance, AML/Know 
Your Customer (KYC), Insider Trading & Market Manipulation, and Cybersecurity training.
We have instituted compliance standards to monitor all employees’ personal trading activities. 
Galaxy employees may from time to time, become aware of important corporate developments, 
significant plans or other material information before such matters are made public, therefore, 
the Company has established an Insider Trading Policy and Personal Trading Accounts Policy 
to assist in complying with the applicable legal requirements and prohibitions. In addition, 
Galaxy maintains a Restricted Trading List that is continually updated.
Business Ethics and Compliance
Business Ethics and Compliance

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To avoid any trade in securities by Galaxy employees that may contravene or be perceived 
to contravene applicable securities laws, all employees are required to obtain pre-clearance 
from an Insider Trading Policy Administrator of any proposed trade of securities of Galaxy 
before effecting the trade in order to confirm that there is no inside information that has not 
been generally disclosed. Such pre-clearance may be requested by submitting a request to 
Compliance through its online pre-clearance system, ComplySci. In addition, in line with the 
Company’s Insider Trading Policy, the Company maintains scheduled blackout periods. No 
company personnel shall trade in securities of Galaxy during the period commencing on the 
day after the last month of each fiscal quarter and ending upon completion of one full trading 
day following the date on which a press release has been issued in respect of Galaxy’s interim 
or annual financial statements. An Insider Trading Policy Administrator will circulate a reminder 
of the scheduled blackout period before the first day of the blackout period.
Similarly, the Company has established a Personal Trading Accounts (PTA) Policy. Under the 
PTA Policy, employees and any family or household member are required disclose personal 
trading accounts and holdings information via ComplySci. All transactions in securities and 
digital assets must be precleared in writing or electronically using ComplySci, or such other 
form approved by the CCO. Employees and any family or household member must provide a 
quarterly holdings report using ComplySci with respect to security or digital asset holdings as 
of the last day of each calendar quarter.
Business Ethics and Compliance
Training Completion Rates1
Compliance
Delivered over 
2,000 phishing 
simulation 
campaigns.
100%
Cybersecurity
Insider Trading 
& Market 
Manipulation
AML / KYC
100%
[1] As of 12/31/2022, unaudited.
100%
100%

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Business Resilience and Risk Management
We deliver a wide breadth of services and solutions, including a sophisticated digital assets 
financial platform – with a strong focus on compliance and risk management. Our exacting 
standards help even the most judicious businesses gain exposure to digital assets. Managing and 
mitigating risk in a constantly evolving environment is fundamental to our ability to run our business 
and serve our clients. We approach risk management as an essential business process integrated 
throughout our business lines and corporate functions. We believe risk management is the 
responsibility of everyone at Galaxy.
The Audit Committee oversees the management of risk to achieve a proper balance between risk 
incurred, shareholder returns, and long-term business resilience. Our Chief Operating Officer (COO) 
and Chief Risk Officer (CRO) lead our risk functions, including the development and maintenance 
of policies and procedures to identify, assess, monitor, manage, and mitigate risk. The COO reports 
to the Board of Directors on principal risks and the steps implemented by management to manage 
them. The CRO ensures operational procedures and controls are implemented to effectively treat 
each risk area and is responsible for the implementation of risk reduction strategies.
Our risk management program seeks to minimize potential adverse effects with the implementation 
of a resilient and well-tested strategy supervised by dedicated professional staff and deployment 
of appropriate risk monitoring tools. Our risk strategy leverages the Company’s product, legal, 
compliance, risk and operations teams, as well as the relationships with third-party custodians 
and other service providers. Our risk management approach is dynamic and designed to adapt to 
Business Resilience and Risk Management
Galaxy’s business and any changes in its risk profile over time. Our risk management program is 
based on a structured and systemic process which considers Galaxy’s internal and external risks. 
The risk management program includes the following steps:
001 · Identify
We identify when, where, why, and how events 
could prevent, degrade, delay, or otherwise 
threaten the achievement of Galaxy’s objectives.
002 · Analyze
We analyze risks to determine the likelihood, 
potential consequences, and overall impact of 
identified risks. 
003 · Evaluate
We evaluate estimated levels of risk against pre-
established criteria and consider the balance 
between potential benefits and adverse outcomes 
to enable effective decision-making and risk 
treatment. Evaluate whether existing controls are 
adequate to mitigate risk, in line with risk tolerance.
004 · Manage
We manage risk and implement strategies and 
action plans to mitigate risk and capitalize on risk 
opportunities.
005 · Monitor
We monitor risk factors and the effectiveness of 
the risk management process to confirm effective 
risk mitigation. 
006 · Communicate
We communicate to management the risks across 
the organization through reports.

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Cybersecurity
The sophistication and volume of the cyber threat landscape continues to accelerate every 
year. Effective cybersecurity is a key tenet of Galaxy culture, customer commitment, and 
day-to-day operation.
Galaxy’s Chief Security Officer (CSO) is a member of the Management Committee and reports 
regularly to the Board of Directors. The CSO informs the Board of Directors on privacy and 
cybersecurity matters, including cybersecurity policies and practices, ongoing efforts to improve 
security, and threats to the company, its clients, and shareholders. The Audit Committee annually 
reviews the Company’s risk profile with respect to cybersecurity matters.
The CSO directly manages a dedicated, in-house Galaxy Security Team responsible for corporate 
security policies and standards; mandatory security training for all employees; secure systems 
development and lifecycle management; robust security monitoring, alerting, and incident 
response; third-party security assurance; security penetration testing, threat intelligence and 
vulnerability countermeasures.
Our security program is guided by well-established industry frameworks such as FFIEC CAT 
and NIST 800-53, and the team is focused on ensuring compliance with corporate policies and 
regulatory and legal obligations. We ensure our policies, standards, and controls keep pace with 
the cyber threat landscape and regulatory environment.
Cybersecurity

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Cybersecurity
Secure Operation and Training
Galaxy’s Security Operations Team works to detect and respond to threats in real-time using a 
combination of automated analytics, human threat hunting techniques, and a variety of internal 
and external sources of threat intelligence.
Despite any defensive technical countermeasures today, most adversaries begin cyber-attacks 
by targeting the workforce. Our employees are our first line of defense and play a key role in 
helping us stay ahead of the latest cyber threats. We deploy significant resources to securing and 
scaling our cybersecurity program and to upskill our workforce continuously. Annually, we provide 
our employees with training on how to protect and ensure the security and privacy of Galaxy’s and 
our clients’ information.
Secure by Design
Any internally developed software, systems, infrastructure, or third-party services and 
integrations are required to follow “Secure by Design” SDLC processes, including a combination 
of design and threat model reviews, code review and scanning, periodic penetration testing using 
both internal and vendor security experts, and testing and validation of open-source libraries. 
We have established numerous tactical cybersecurity processes and procedures, including 
ongoing software updates, escalation of suspicious emails and phone calls, encryption at rest 
and over-the-wire for sensitive material, privileged access management via multiple independent 
services, reverse proxy for internet-facing systems, multi-factor authentication, broad use of 
single-sign-on with restrictions limiting internal access to managed devices, and threat intel and 
industry monitoring.
All third-party vendors that comprise our supply chain, whether for software as a service (SaaS), 
managed services, or professional services undergo a third-party cyber risk review by the 
Security Team. This risk-based, tiered review process is just one of several checkpoints that also 
involve Legal, Compliance, Finance, and other parties to ensure Company, customer, and investor 
cyber risk is managed.
Delivered over 2,000 phishing simulation campaigns.
[1] As of 12/31/2022, unaudited. 
Cybersecurity Training Completion1
100%

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Public Policy Practices and Government Engagement
Galaxy is subject to rigorous oversight and 
regulation throughout its business lines. 
Today, we are regulated by nearly 40 federal, 
state, and international regulators.
Public Policy Practices and 
Government Engagement
	 Alabama (AL)
	 Arkansas (AK)
	 Arizona (AZ) 
	 California (CA)
	 Connecticut (CT)
	 District of Columbia (DC)
	 Florida (FL)
	 Georgia (GA)
	 Idaho (ID)
	 Iowa (IA)
	 Kansas (KS)
	 Maine (ME)
	 Maryland (MD)
	 Mississippi (MS)
	 Nebraska (NE)
	 New Hampshire (NH)
	 New Jersey (NJ)
	 New Mexico (NM)
    North Carolina (NC)
	 North Dakota (ND)
	 Ohio (OH)
	 Oklahoma (OK)
	 Oregon (OR)
	 South Carolina (SC)
	 Texas (TX)
	 Virginia (VA)
	 West Virginia (WV)
US State Regulators
BAHAMAS
	 Securities Commission of the Bahamas (SCB)
CANADA
	 Toronto Stock Exchange (TSX)
	 Canadian Securities Administrators
	 Investment Industry Regulatory Organization of Canada (IIROC)
CAYMAN ISLAND
	 Cayman Island Monetary Authority
UNITED KINGDOM
	 Financial Conduct Authority (FCA)
US Federal Regulators
International Regulators
	 Securities and Exchange Commission (SEC)
	 Financial Industry Regulatory Authority (FINRA)
	 Commodities Futures Trading Commission (CFTC)  
	 National Futures Association (NFA)
	 Financial Crimes Enforcement Network (FinCEN)

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Given this complexity, Galaxy has built a best-in-class legal and compliance team—with nearly 
twenty legal and compliance professionals globally. Further, Galaxy has structured its public 
policy and advocacy efforts through its Legal Team.
The U.S. regulatory structure for financial institutions and market participants is complex, 
with many touchpoints across the federal government depending on an individual firm’s legal 
structure, business, and product offerings. Not dissimilar from that, in the digital asset and crypto 
economy, the regulatory systems are fragmented at a state and federal level in the U.S. In the U.K. 
the regulatory structure differs such that there is less fragmentation of regulatory stakeholders 
and rulesets, however that does not diminish the level of complexity or need to engage.
Galaxy is committed to doing business in the U.S. and other relevant jurisdictions, and working 
within the legal and regulatory bounds prescribed. The digital asset industry is in the early stages 
of development and, because of that, the industry writ large has become more active in its 
engagement with policymakers. Galaxy believes strongly that the core tenets of democratization, 
decentralization, and individual sovereignty can be accretive to regulatory standards and 
enhance the delivery of regulators objectives.
Galaxy is committed to engaging with legislative and regulatory stakeholders at both a federal 
and state level in the U.S. and internationally and has added individuals to its legal and compliance 
department to represent the Company before the governments on both an advocacy and 
education basis.
Galaxy also believes that it is in the best interest of our shareholders to be thoughtfully engaged 
in the public policy and political processes—with an eye toward advancing the short- and long-
term interests of the company and digital asset industry, broadly. As previously discussed, the 
industry is in its early stages, which necessitates a heightened level of engagement from a policy 
education and advocacy perspective. 
Public Policy Practices and Government Engagement
Third-Party Code of Business Conduct and Ethics
In 2023, Galaxy took a meaningful step towards reinforcing our commitment to ethical and 
responsible business practices by drafting and piloting a Third-Party Code of Business Conduct 
and Ethics Policy. 
The Third-Party Code of Business Conduct and Ethics Policy reflects our expectation of service 
providers to conduct their operations in alignment with these standards and adhere to all 
relevant laws, rules, regulations, and standards within the regions they operate. Over the course 
of the next year, Galaxy expects to disseminate the Third-Party Code of Business Conduct 
and Ethics Policy to our service providers and validating their commitment to abide by the 
standards espoused therein.

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03
Social
001 
Employee Development, Engagement, and Retention
002
Employee Diversity, Equity, Inclusion, and Belonging 
003 
Financial Inclusion and Education
004 
Human Rights
Social
03
Employee Development,  
Engagement, and Retention
001
Employee Diversity, Equity,  
Inclusion, and Belonging
002
Financial Inclusion and  
Education
003
Human Rights
004

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Employee Development, Engagement, and Retention
Galaxy operates in an innovative and dynamic industry, and 
our hiring and talent needs are growing accordingly. We have 
established strategies to ensure diverse hiring, development, 
advancement, and retention, and our ability to attract top-tier 
talent is at the forefront of how we operate.
As a part of our New Hire Onboarding Program, all new hires 
are assigned onboarding buddies and advisor networks to help 
acclimate them into the Company. Buddies are designated 
employees that take new hires out to coffee and lunch during 
their first week, conduct an office tour, introduce them to 
co-workers, and answer any office-related questions. Advisor 
networks are groups of employees that a new hire can look 
to for advice on navigating the Company. 
Each summer, we bring on an intern class which is designed 
to help these individuals gain valuable skills, experiences, and 
insights into their chosen field. Their summer programming 
consists of hands-on experience, mentorship and guidance, 
training and workshops, networking opportunities, and feedback 
and evaluation.
Employee Development, Engagement, and Retention
Employee Benefits
Competitive and equitable compensation
001
Paid parental leave
007
Company-paid mental health support
006
Equity exposure
002
Career development tools
008
401(k) company contribution 
003
Employee Resource Groups
009
Paid flexible time off
004
Life and accident insurance
010
Company-paid health insurance
005
Galaxy believes a well-rounded selection of employee benefits are essential in fostering an inclusive culture and retaining a diverse 
workforce. Benefits may vary based on location; Galaxy’s baseline benefits include:

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We provide opportunities for our employees to learn and develop in both formal and 
informal settings. As part of ongoing learning and development, all Galaxy employees 
have access to Galaxy Research newsletters, Galaxy Brains podcast episodes, Galaxy 
Academy sessions, and other continued education resources.
Galaxy allocates significant resources to employee development and training. 
Employees participate in goal setting, feedforward (mid-year check-ins), and year-end 
reviews as part of our performance management cycle. This cycle then feeds into our 
annual promotion process to recognize employee growth and achievement. Our People 
Team also regularly measures employee feedback through focus groups and Employee 
Engagement Surveys, which we conduct on an annual basis.
Galaxy views succession planning as an integral component of our business continuity, 
which is why we have established succession plans for key persons at our Company for 
both emergencies and long-term succession. An important element of our succession 
plan is our commitment to building leadership from within.
Our programs and resources promote health and productivity to unlock our people’s 
potential. We offer competitive and equitable compensation and forward-looking 
benefits to best serve our employees in all areas of their lives. We view compensation 
and benefits as critical tools for attracting, developing, engaging, and retaining our 
workforce.
Employee Development, Engagement, and Retention
390
Total Number of Employees1
[1] As of 12/31/2022, includes Helios (41 employees), unaudited.
[2] Leadership metrics include employees who are Managing Directors and Directors.
[3] Non-Leadership metrics includes all employee levels except Managing Directors and Directors.
Employees by Region1
United States
Asia 
Pacific 
Europe, the 
Middle East 
and Africa
100%
80%
60%
40%
20%
0%
88%
80%
60%
40%
20%
0%
5%
7%
Employees by Corporate Title1
Leadership2
Non-Leadership3
100%
80%
60%
40%
20%
0%
25%
75%

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Employee Diversity, Equity, Inclusion, and Belonging
We are a dynamic team united by our passion for empowering investors and creators to drive 
positive change in the global economy. Our commitment to Diversity, Equity, and Inclusion (DEI) 
is deeply ingrained in our corporate ethos, reflecting our core principles, culture, and business 
philosophy. Oversight of our DEI strategy lies with our Board of Directors and the ESG Steering 
Committee.
Our DEI strategy embraces a comprehensive approach that encompasses both top-down and 
bottom-up initiatives. We acknowledge that diversity is not merely a social responsibility but also 
a strategic imperative, essential for achieving our goals and delivering value to all stakeholders. 
Diverse perspectives not only safeguard against groupthink but also unlock the full spectrum of 
talent, fortifying our problem-solving capabilities, organizational resilience, and innovation potential. 
This holistic framework provides a clear and strategic direction for our ongoing DEI endeavors. 
Our industry faced both macroeconomic and industry-specific headwinds over the course of 2022, 
which impacted the size and composition of our workforce. Through a challenging year for markets 
and companies operating in the digital asset industry, we proved our resilience and continued to 
invest in our people, products, and technology, which we believe positions Galaxy to capture market 
share and be a leader in our space over the long-term. We continue to expand our global footprint 
and the diversity of our workforce and recognize the imperative of advancing our DEI principles. Our 
DEI journey is a collective one, involving each member of our organization as we work collaboratively 
towards a more inclusive industry.
Employee Diversity, Equity, Inclusion, and Belonging
Employee Gender and Ethnic Diversity1
50%
40%
30%
20%
10%
0%
Overall
Leadership4
Non-Leadership5
24%
21%
Female2
26%
50%
40%
30%
20%
10%
0%
Overall
Leadership4
Non-Leadership5
38%
28%
U.S. Ethnic Diversity3
42%
35
Average 
Employee Age1
[1] As of 12/31/2022, includes Helios (41 employees), unaudited.
[2] Four employees prefer not to disclose gender.
[3] Diversity metrics include U.S. based employees who identify as Asian, Black, LatinX and Two 
or More Races. 22 employees prefer not to disclose ethnicity.
[4] Leadership metrics include employees who are Managing Directors and Directors.
[5] Non-Leadership metrics includes all employee levels except Managing Directors and 
Directors.

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Asian Professionals Network’s mission is to bring awareness to the diversity of Pan-Asian 
cultures and values. To achieve this, the group's goals are to:
	
1. Address key philanthropic, cultural and business 
	
concerns of importance to the Pan-Asian community.
	
2. Support Pan-Asian business professionals 
	
through all stages of the career lifecycle.
	
3. Facilitate increased interaction, communication and 
	
exchange of ideas among colleagues of all cultures and races.
Employee Resource Groups
Employee Diversity, Equity, Inclusion, and Belonging
Women at Galaxy is a resource for women and allies internally and externally to make 
a change. The role of the group is to mentor, elevate and support women. This group is 
outcome-oriented and aims to be known for actions over words. The ERG's goal is to 
give women a unified voice and avenue to make a difference with each other and at the 
Company.
  002 ·  APN at Galaxy
  001 · Women at Galaxy
Galaxy provides forums and opportunities for employees with diverse backgrounds, experiences, 
and perspectives to connect with one another through Employee Resource Groups (ERGs). 
These ERGs are sponsored by senior leaders and reflect the diversity of Galaxy. We added four 
additional ERGs over the course of 2022 and 2023, bringing our total to six ERGs globally. Each 
ERG works closely with its executive sponsor to help Galaxy continue to foster a global culture 
of inclusion and belonging. ERGs receive dedicated resources, including an annual budget and 
support for executing initiatives and events.
Our ERG-hosted events provide a safe space for employees to connect, share their perspectives, 
and collaborate on programming and policies that advance inclusion and belonging. In regularly 
held ERG meetings, members are empowered to voice their concerns and propose solutions, 
driving meaningful change from within the organization while providing awareness and education 
on important topics.
Approximately 50% of Galaxy employees globally are involved in at least one ERG.

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Employee Diversity, Equity, Inclusion, and Belonging
Out in the Galaxy’s mission is to celebrate and amplify LGBTQIA+ voices at Galaxy, foster 
community, drive discussion around LGBTQIA+ needs in the workplace, and provide LGBTQIA+ 
employees with resources for growth and development. 
  003 · Out in the Galaxy
Black at Galaxy is a resource dedicated to the celebration and elevation of Black employees 
and allies. This ERG's goal is to build a community, both internally and externally, that provides 
a safe space and encourages the advancement of Black people in finance and crypto.
  004 · Black at Galaxy
Las Galaxias' goal is to amplify Hispanic and LatinX voices at Galaxy to foster career 
development across the Company and mentorship opportunities in our local community. 
This ERG's mission is to bring the Hispanic and LatinX community at Galaxy and our local 
community together to increase mentorship opportunities inside and outside of Galaxy.
  005 · Las Galaxias
Employee Resource Groups (Continued)

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Employee Diversity, Equity, Inclusion, and Belonging
In honor of Mental Health Awareness Month in May 2023, Galaxy announced the formation 
of a new Employee Resource Group focused on mental health and neurodiversity. The aim of 
this group is to provide a safe and inclusive space for employees to share their experiences 
and support each other in their journey towards improved mental health and wellbeing. This 
group also hopes to promote greater understanding and awareness of neurodiversity in the 
workplace and create a more supportive environment for neurodivergent employees.
Building off Galaxy's Year of Emotional Wellbeing in 2022, we hope this new ERG will continue 
to promote a culture of openness and support, while raising awareness and reducing the 
stigma surrounding mental health and neurodiversity.
  006 · Mental Health ERG
Employee Resource Groups (Continued)

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DEI Speaker Series and ERG-sponsored Events
Employee Diversity, Equity, Inclusion, and Belonging
We acknowledge the powerful role storytelling and idea-sharing play in our commitment 
to fostering a diverse, equitable, and inclusive culture at Galaxy. In 2023, we continued our 
tradition of hosting diverse speakers from across various industries and backgrounds as  
part of our ongoing DEI Speaker Series. Our speaker series gives employees access 
to engage with thought leaders on topics such as leadership, innovation, and diversity 
itself, allowing us to challenge assumptions, understand different life experiences and 
perspectives, and collectively envision a more equitable and inclusive future, both within  
and outside our organization.
In 2023, we invited Galaxy Operating Company Board Member, Rhonda Adams-Medina, and 
former Chipotle Chief Diversity, Inclusion and People Officer, Marissa Andrada, to discuss 
their life and career experiences as diverse women navigating senior roles at Fortune 100 
Companies.
Women at Galaxy, our first Employee Resource Group, was instrumental in organizing various 
social and educational events, and coaching and mentorship opportunities over the course of 
2022 and 2023. These included a lesson with Power Poker, which connects the game of poker 
to key leadership themes such as discipline, risk taking, courage and resilience by creating a 
safe space for female-identifying and non-binary individuals to learn, laugh, network and play, 
executive coaching sessions, and a Women in Crypto Panel, which brought together women 
with diverse backgrounds and expertise working across the digital asset space for a dynamic 
discussion.
Employee Engagement Survey
In 2022, Galaxy conducted our first annual Employee Engagement Survey. We recognize that our 
people are our most valuable asset and want to give them a platform to anonymously provide 
important feedback on topics such as engagement, company confidence, management and 
leadership. This data-driven approach empowers us to make informed decisions, identify areas 
for enhancement, and implement targeted initiatives that resonate with our dynamic workforce. 
As we continue to expand and adapt, these surveys provide invaluable insights, directing our 
efforts and actions to align with employee needs and aspirations.
A notable insight from our Employee Engagement Survey highlighted a desire for increased 
communication, both from management and across teams within Galaxy. In response, we 
introduced a monthly all-hands meeting designed to deliver consistent industry-wide and 
business-specific updates in a structured manner. These meetings also serve as a platform for 
educating our employees about cross-functional projects and initiatives while acknowledging and 
celebrating the achievements of individual employees and teams across the entire organization.
Galaxy Sponsorship of the International 
Women of Blockchain Conference
In March of 2023, Galaxy committed $15,000 to the International Women of Blockchain Conference, 
which took place in Washington D.C. that month. Olayinka Odeniran, the Founder and CEO of the 
Black Women Blockchain Council, hosted the event, and Galaxy was proud to support Olayinka 
and her broader mission of promoting a diverse, inclusive culture within digital assets.

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Galaxy Partnership with Real Bedford Ladies 
Football Club
Employee Diversity, Equity, Inclusion, and Belonging
In June of 2023, Galaxy proudly announced its role as the inaugural sponsor 
of the Real Bedford Ladies Football Club in the UK. The Football Club is led 
by Peter McCormack, who in addition to managing the organization, leads 
a popular podcast, "What Bitcoin Did," with Bitcoin education at its core. 
With aspirations to reach the Premier League, Real Bedford embodies a 
burgeoning success story within the Bitcoin community.
In a significant development in 2023, Bedford Girls & Ladies FC has joined 
forces with the club, becoming Real Bedford Ladies. Galaxy is deeply 
honored to support this expansion into women's football, recognizing the 
pressing need to bridge gender disparities both in the crypto world and the 
realm of sports.
Real Bedford Ladies currently boasts a roster of 50 senior players and 
200 girls aged 7-16 set to join The Pirates in the upcoming season. Our 
sponsorship will be instrumental in procuring new playing and training 
kits for all teams, covering expenses for senior players, and establishing 
a hardship fund to ensure that financial constraints do not impede young 
girls' participation in football. Just as we firmly believe in championing 
equality on the pitch, we remain committed to advancing diversity, equity, 
and inclusion within our industry, which is still evolving. As Galaxy continues 
to expand globally, we want to help shoulder the responsibility to foster 
positive change.

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In May 2023, a group of employees from Galaxy, Coinbase, and Figment came together to tackle 
the grueling Murph fitness challenge, a workout consisting of a mile-long run, 100 pull-ups, 200 
push-ups, 300 air squats - all performed while wearing a 20lb vest. The motivation behind this 
effort was profound, as participants sought to pay tribute to the brave US service members 
who lost their lives during Operation Red Wings in Afghanistan on June 28, 2005. On that day, 
a team of four Navy SEALs, including Lieutenant (Lt.) Michael Murphy, fell victim to a Taliban 
ambush, resulting in the loss of three of those SEALs. Tragically, an additional 16 servicemen 
perished when their helicopter was downed by an enemy rocket-propelled grenade while 
attempting to aid Lt. Murphy's team. This event marked the most devastating single-day death 
toll for US Forces during Operation Enduring Freedom and the most significant loss of life for 
Naval Special Warfare since World War II.
In the years since that day in 2005, the 'Murph' workout, which was Lt. Michael Murphy's favorite, 
has been performed annually on Memorial Day as a powerful act of remembrance and respect 
for his and his SEAL team's enduring legacy.
This Galaxy-sponsored event served as an opportunity to raise funds for The Navy SEAL 
Foundation, a nonprofit organization committed to offering vital support to warriors, veterans, 
and families associated with Naval Special Warfare. The community rallied behind this noble 
cause, with the first $12,500 raised being matched in part by Galaxy employees Chris Ferraro, 
Steve Kurz, and Veronica Adgate. In total, all participants across our three companies raised 
nearly $60K for the Navy Seal Foundation.
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Employee Diversity, Equity, Inclusion, and Belonging
ESG in Crypto 
Philanthropy
Galaxy ESG Report 2022
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$58,375 raised
For the Navy Seal Foundation.

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In August 2022, KPMG released a research report on Bitcoin’s role in the ESG imperative, 
where it evaluates the ESG impact of Bitcoin, highlighted various misconceptions regarding the 
technology, and showcases the variety of impactful use cases that Bitcoin offers that generate 
value for both users and society-at-large.
Environmental: The report discusses Bitcoin’s electricity usage and the emissions associated 
with the production of energy from the burning of fossil fuels relative to other industries. 
KPMG’s research shows that the metric tons of carbon dioxide (MtCO2e) emitted from Bitcoin’s 
operations is significantly smaller than industries such as tourism, fashion, air conditioning, 
livestock and manure, and TVs, TV networks and electronics. The report also discusses four 
strategies for Bitcoin to reduce its carbon footprint: 1) the use of renewable energy to lower 
costs and incentivize further production of renewables; 2) the participation in demand response 
programs that help balance electrical grids; 3) recycling heat from Bitcoin mining machines for 
other purposes such as heating homes and commercial buildings and; 4) reducing the impact of 
methane being released directly.
Social: KPMG highlights various examples of the public utility that Bitcoin can offer. This includes 
payments, where Bitcoin can replace cross-border payments via money transmitters. Citizens of 
developing countries throughout the world often travel hours to the nearest money station, pay 
high transaction and currency conversion fees and can be exposed to violence, as gang members 
notoriously wait outside these centers to target users. Bitcoin provides the ability for these 
payments to take place nearly instantaneously, so long as users have a device and access to the 
internet, and with far cheaper transaction fees. The report also highlights how Bitcoin propels 
financial inclusion, by providing simple and affordable access to financial services. The World 
Bank estimates that nearly 1.4 billion people around the world do not have access to financial 
services such as bank accounts. Bitcoin can serve as an access point for these individuals, while 
also offering an exit ramp to poor economic stewardship by governments and central banks, 
which erode people’s savings and purchasing power.
Governance: The report details one of Bitcoin’s most prominent features: decentralization. There 
is no central authority or decision-making body that controls the Bitcoin network or has the ability 
to alter the protocols rules. Governance is built into the Bitcoin network through rules that are 
coded into the protocol, which results in a network that cannot be abused or misused by any 
individual who may possess nefarious motives.
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Employee Diversity, Equity, Inclusion, and Belonging
Research Report 
Bitcoin’s Role in the ESG Imperative
Galaxy ESG Report 2022
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Financial Inclusion and Education
Blockchain and digital assets are already expanding access to ownership and enabling more people to participate in 
markets. This technology has the potential to create a new economic paradigm that is more transparent and egalitarian. 
It is this new paradigm that we are working every day to help engineer. We have developed several world class educational 
resources that are free and publicly available to all.
Financial Inclusion and Education
Transforming the global financial system, Galaxy Solstice Summit
In 2023, Galaxy brought together over 80 thought leaders across traditional finance and digital assets at our New York headquarters 
for our inaugural Galaxy Solstice Summit. Over the course of a day, attendees shared insights into how digital assets and 
blockchain technology will transform the global financial system and reshape the global economy.
Conviction in digital assets and the pivotal role blockchain technology will play in finance and beyond was on full display. Through 
a series of debates, participants engaged in lively discussions around tokenizing real-world assets and what’s still needed to bring 
the world on chain, the state of bitcoin mining, custody of digital assets, the future of gaming and Web3, and the evolution of crypto’s 
market structure beyond just CeFi and DeFi.
Attendees also got to hear Galaxy Founder and CEO Mike Novogratz’s latest view of the macro landscape and the impact it’s having 
on digital assets. Lastly, attendees converged on the issue of regulation in the U.S. and beyond. While the regulatory landscape 
remains challenging and uneven, attendees agreed on the need for thoughtful rules that protect consumers and investors while 
promoting innovation through blockchain-enabled services and solutions.

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Financial Inclusion and Education
Investing in Texas at Helios
In December 2022, Galaxy announced its acquisition of the Helios bitcoin mining facility and its related operations 
from Argo Blockchain. While Galaxy utilizes Helios’ capacity to mine Bitcoin, Galaxy is also passionate about our 
commitment to support our newfound community in the town of Spur, located in Dickens County, Texas.
Bringing skilled and high-paying jobs to America’s heartland: Galaxy is one of Dickens County’s  
top employers, employing over 40 residents and with plans to expand as we continue to build out the  
Helios facility.
Collaborating with and supporting growth: Galaxy sees itself as an integral part of the local community. 
Through Galaxy’s newly formed Community Committee, we work closely with local leaders to educate, enrich, 
and serve the communities in which we operate. We regularly conduct educational tours of our Helios facility, 
helping the community understand bitcoin mining and the broader digital asset ecosystem. We also created a local 
internship program, which we successfully launched in the summer of 2023, to enable high school students to get 
hands-on experience at Helios, opening the door to future employment opportunities. We also work closely with 
first responders in the event of an emergency by providing access to the Helios facility and its resources, and, in 
2023, in the wake of the tornado in Matador, TX, we supplied resources, equipment and our team members in the 
recovery efforts.
Building infrastructure for a flourishing community: As we scale, so does our commitment to the community. 
As part of our commitment to Helios and Dickens County, we’re in the process of refurbishing the public swimming 
pool in Spur, Texas, giving residents access to a local pool for the first time in over a decade. We have also 
committed to upgrading the county road that leads to Helios, promoting further economic activity within Dickens 
County.

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Financial Inclusion and Education
Galaxy Brains Weekly Podcast
Galaxy Brains is a weekly podcast providing insights and analysis on trends and 
events across the digital asset ecosystem and is hosted by Alex Thorn, Galaxy’s Head 
of Firmwide Research. Every week Alex is joined by Beimnet Abebe from Galaxy’s 
trading team to talk markets and is frequently joined by an industry expert from 
Galaxy’s network. Galaxy Brains dives into the major developments and trending 
topics throughout digital assets to keep you entertained and up to date  
on the latest happenings. 
Alex Thorn
Alex Thorn
Head of Firmwide Research
Head of Firmwide Research
Biemnet Abebe
Biemnet Abebe
Director of Principal Trading
Director of Principal Trading
  A sample of our most viewed episodes
The Galaxy Brains podcast is available on Amazon, Apple, Google Podcasts, Spotify, Stitcher, or YouTube.
001 - July 22, 2022
The Future of Blockchains 
Featuring Nic Carter from Castle Island Ventures.
005 - Mar 17, 2023
Trust & Finance  
Featuring Omid Malekan, professor at Colombia Business 
School.
002 - Aug 05, 2022
Bitcoin Activism 
Featuring Alex Gladstein, Chief Strategy Officer  
at the Human Rights Foundation.
006 - May 05, 2023
Bitcoin History & Culture  
Featuring Dan Held, longtime Bitcoin advocate.
004 - Feb 17, 2023
Stablecoins & Regulation  
Featuring Austin Campbell, current adjunct professor at 
Colombia Business School and former head of portfolio
management at Paxos.
008 - June 09, 2023
American Crypto Policy
Featuring Ryan Selkis, CEO of Messari and Chairman of 
Digital Freedom Alliance. 
003 - Feb 03, 2023
Ordinals & Inscriptions (Bitcoin NFTs) 
Featuring Casey Rodarmor, Bitcoin dev, host of SF BitDevs, 
and creator of Ordinals.
007 - June 02, 2023
Shifting Crypto Narratives 
Featuring Nathaniel Whittemore, host of The Breakdown,  
a popular crypto podcast.

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Environmental
Appendix
Galaxy ESG Report 2022
40 
Financial Inclusion and Education
Galaxy experts focus on the digital asset developments that matter 
in first annual Watch this Space Report
At Galaxy, we understand that assessing the digital asset market can be complex. That’s 
why we’re committed to providing you with the latest insights on digital assets, and this 
year we were excited to share our first annual Watch this Space research piece.
Our research team examined the latest developments in the digital asset ecosystem, 
including what's next for Bitcoin and Ethereum, the future of decentralized finance, and 
developments in the Web3 space. We've also taken a dive into the regulatory landscape, 
analyzing the latest guidance from global regulators and what it means for investors.
001 · Bitcoin
The recent global banking crisis puts the 
focus back on Bitcoin
002 · Ethereum
Becoming the “world computer” able to 
support decentralized applications
003 · DeFi
Lending trading innovations drive adoption 
and the on-chain experience
004 · Stablecoins
Extending the dollars reach around the world
005 · Venture Investing
Funds raised, capital deployed-driving 
innovation in a bear market
006 · Bitcoin Mining
The heartbeat of the world’s leading 
decentralized money 
007 · Regulation
US Regulatory environment gets more 
challenging while the world opens up
Trust and Transparency — Promoting the responsible institutional 
adoption of digital assets since 2018 
Trust within crypto hit all-time lows in 2022. We witnessed a denouncement of crypto’s 
centralized firms, while some held up decentralized finance as the only viable way to save 
the industry. Galaxy took the stance that both decentralized and centralized firms must 
work together if we ever want to realize crypto’s potential as a decentralized replacement 
for the global financial system. While we continue to seek coexistence—we emphasize the 
importance of change and the radical commitment to transparency and offer access to all 
relevant information on galaxy.com/trust-and-transparency.
Don’t just trust. Verify.

Overview
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Appendix
Galaxy ESG Report 2022
41 
Human Rights
We have a zero-tolerance approach to human rights violations. Galaxy’s UK Modern Slavery Act 
Transparency Statement, along with our Global Code of Conduct, Code of Ethics and Business Conduct, 
and our Employee Handbook reflect our commitment to conducting business in accordance with the highest 
standards of ethical business conduct and integrity. 
All our employees are required to complete compliance training at the time of hire and on an annual basis 
thereafter. In addition, when hired, employees are required to attest to relevant policies and procedures, 
including but not limited to, the Global Code of Conduct. These policies are also subsequently acknowledged 
by employees on a quarterly basis thereafter.
Galaxy conducts business on a global scale, and, through our activities, we interact with a number of different 
parties. Galaxy does not tolerate slavery, forced labor, or human trafficking in any form and is committed 
to preventing slavery, forced labor, and human trafficking in all aspects of our business. Third parties must 
not participate in or benefit from any form of slavery, forced labor, or human trafficking. Third parties are 
expected to fully comply with all applicable slavery, forced labor and human trafficking laws. Galaxy will not 
knowingly work with third parties who engage in these practices. We consider the risk of modern slavery or 
human trafficking existing within our business or our supply chains to be low.
Human Rights

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Environmental
Appendix
Galaxy ESG Report 2022
42 
04
Environmental
001
Bitcoin Mining
002
Galaxy's Carbon Footprint
003  
Waste Reduction and Recycling
04
Environmental
Bitcoin Mining
001
Galaxy's Carbon Footprint
002
Waste Reduction 
and Recycling
003

Overview
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Appendix
Galaxy ESG Report 2022
43 
Bitcoin Mining
Galaxy launched its Mining business in 2021, with a focus on providing financial services to 
Bitcoin miners including trade and risk management solutions, asset-backed lending, equity 
investments, and M&A advisory services. Over the past two years, the business has grown 
in scale and capabilities, notably following our acquisition of the Helios Bitcoin mining facility 
in December 2022. The acquisition significantly increased our proprietary and hosting 
Bitcoin mining operations and shifted the geographic location and sustainable energy mix 
of our mining activities. Importantly, the Helios facility is located in West Texas, where there 
is high marginal wind production and solar farms are currently being built. While these are 
multi-year projects, we are encouraged by the production of new renewable energy sources 
in the region, which offer Galaxy a path to increase its sustainable energy mix.1
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.
[1]   "Sustainable Energy Mix” is defined by the BMC as energy sourced from hydro, wind, solar, nuclear and geothermal energy sources. 
[2]   The BMCs "Sustainable Energy" definition is based on the principles brought forward by the U.S. Energy Information Administration (EIA) Net Zero by 2050 Report. The definition was updated in the fourth quarter 2022 to exclude carbon-based energy with net carbon credits.
Bitcoin Mining
Galaxy Mining remains committed to achieving its long-term goal of 
expanding its use of sustainable energy2, which we believe will help 
drive down our marginal cost of production, while also indirectly 
helping decarbonize our Scope 2 greenhouse gas (GHG) emissions.
Galaxy formed a dedicated Environmental Sub-Committee of our ESG Steering Committee to 
help the Company manage our environmental sustainability strategy and execute on our 
commitment to expand our use of sustainable energy. The Environmental Sub-Committee 
maintains representation from Galaxy’s Mining, Investor Relations, and Global Markets teams.

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Galaxy ESG Report 2022
44 
MIT's Center for Energy and Environmental Policy Research released a report on the Climate Impacts of 
Bitcoin Mining in the U.S., casting a spotlight on the industry's potential benefits. The paper underscores Bitcoin 
mining's significant role in supporting the Electric Reliability Council of Texas' (ERCOT) curtailment program 
for large flexible loads (LFL)1 - a program implemented formally in 2022. The role of Bitcoin miners in managing 
energy consumption during unexpected demand surges emerges as a critical contribution to maintaining 
energy grid stability. A notable instance of this occurred on December 24, 2022, when Winter Storm Elliott 
swept across North America, causing Bitcoin miners to curtail approximately 100 exahash per second (EH/s) at 
the peak of their curtailment activity. This amounted to 38% of the total Bitcoin network hashrate for that day, 
showcasing their role as dependable flexible load sources for energy grids within the U.S.
Leading up to and during Winter Storm Elliott, grid operators across the nation (ERCOT, SPP, MISO, PJM, 
TVA, and others) were concerned with their ability to reliably operate their respective grids due to the 
projected extreme cold weather and the effect it would have on available power generation and transmission 
infrastructure.
The extreme cold weather conditions were projected to result in power supply shortages, which occur when 
grid operators are unable to reliably match electrical system demand with available generation supply. These 
shortages, if severe enough, leave the grid operators no choice but to implement controlled, rolling blackouts 
to protect critical grid infrastructure at the expense of families and businesses left stranded without electrical 
power for hours or sometimes days.
While some large industrial consumers of electricity (e.g., steel mills, refineries, and traditional datacenters) 
have always been able to reduce consumption with some notice, Bitcoin miners are a unique buyer of electricity 
with the ability to instantly modify their power consumption with no critical disruption to the underlying 
business. This allows Bitcoin miners to consume power during low-risk hours of grid operations and shut down 
preemptively or rapidly when called upon during high-risk hours of grid operations.
By voluntarily curtailing Bitcoin mining operations prior to Winter Storm Elliott, Bitcoin miners reduced their 
consumption of power to provide grid operators with greater operating reserve margins, making it easier for 
them to reliably operate the electricity grid during those high-risk periods and keep power flowing to families 
and businesses during extreme weather conditions.
The report focuses on the climate advantages potentially offered by Bitcoin mining. One significant benefit, 
as indicated by MIT researchers, is the capacity of Bitcoin mining to reduce global methane emissions, a 
byproduct of natural gas extraction often deemed uneconomical for oil producers to use or transport due to 
costly and insufficient infrastructure. As a result, this gas is often vented or flared on-site, releasing detrimental 
methane into the atmosphere. However, the report proposes that if this gas were to be combusted in electrical 
generators, the Bitcoin mining sector could reduce equivalent carbon dioxide (CO2) emissions by up to 25%, 
with potential reductions of up to 63% if accounting for flare outages.
Another positive environmental impact put forward by the researchers is Bitcoin mining's potential utilization
of abandoned oil and gas wells. The report states that 59% of the 3.7 million abandoned oil and gas wells in
the U.S are left unplugged, emitting 6.9 million tons of CO2 annually. By establishing operations near these
orphaned wells, Bitcoin miners could subsidize the cost of sealing these wells, harnessing the otherwise
wasted energy to generate electricity. This strategy could generate revenue to fund well-sealing initiatives,
consequently mitigating climate impact. Given its location-agnostic requirements, Bitcoin mining is well-
positioned to leverage flared gas and abandoned oil and gas wells, marking a transformative moment in the
industry's trajectory towards sustainable operations.
The report also highlights the increasing incorporation of renewable energy into Bitcoin mining activities,
which suggests that the industry could play a pivotal role in bolstering the renewable energy market by driving
up demand. Concrete evidence of this trend is the landmark partnership between Tesla, Block, and
Blockstream, who collaborated to establish a 3.5 megawatt (MW) off-grid, solar-powered Bitcoin mining
operation in Texas. MIT researchers state that through creating partnerships like these, investments in new
renewable energy infrastructure can become more economically feasible.
Research Report 
Bitcoin Mining’s Environmental Impacts
Overview
Governance
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Environmental
Appendix
Galaxy Sustainability Report    44 
Research Report
Overview
Governance
Social
Environmental
Appendix
Galaxy ESG Report 2022
44 
[1]   Electric Reliability Council of Texas’s (ERCOT) Large Flexible Load Task Force (LFLTF) defines large flexible loads (LFL) as stand-alone loads 
greater than 75 MW or co-located loads greater than 20MW that can strategically shift electricity demand and restore balance to the 
grid during peak events.

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Appendix
Galaxy ESG Report 2022
45 
Galaxy's Carbon Footprint
Galaxy is committed to managing and improving our environmental and carbon footprint by 
integrating sustainable practices and increasing the use of sustainable energy across our 
businesses.
Galaxy's Carbon Footprint
[1] As of 12/31/2022. Some estimations were used to cover electricity consumption of coworking spaces outside of the United States. 
     Financed emissions and water consumption were not covered in this assessment.
[2] Derived from Galaxy's Bitcoin mining energy mix across our onshore third-party facility operator, as provided. As of 12/31/2022, unaudited.
[3] Scope 1: Direct emissions from owned or controlled sources.
[4] Scope 2: Indirect emissions from the generation of purchased energy.
[5] Scope 3: All other indirect emissions sources including supply chain spend, employee commute, work from home and business travel.
[6] Emissions Intensity/Employee = total carbon footprint/total number of employees.
Total Carbon Footprint1
Scope 1 3
0 mtCO2e
Scope 2 4
15,042.40 mtCO2e
Scope 3 5
16,907.40 mtCO2e
Emissions Intensity
81.9 mtCO2e/Employee6
Transmission & Distribution Network Loss: 	
0%
Waste Generation: 	
0%
Purchased Goods & Services: 	
51%
(includes Hardware, Servers, Software, Victuals, and Machinery & Electrical
Infrastructure associated with the Helios Mining acquisition)
Employee Commute & Work From Home: 	
0%
(includes Electricity & Fuel Consumption)
Business Travel: 	
2%
(includes Commercial & Private Air Travel, Car Rental & Ride Share, Hotel)
Electricity Consumption2: 	
47%
(includes BTC Mining Electricity Consumption and Electricity Consumption 
across Galaxy's Offices)
31,950
mtCO2e
We again engaged Apex Group to conduct Galaxy’s greenhouse gas (GHG) assessment covering Scope, 
1, 2, and 3 emissions. Apex Group follows the GHG Protocol methodology for calculating emissions and 
uses nationally recognized emissions factors, published by regulated authorities, to ensure the robustness 
of calculations. Where necessary, Apex Group may build bespoke models for unique emissions sources, 
grounded in best-in-class data and scientific approaches. Apex Group conducted this GHG assessment and 
verification of data independently, as a third-party, with no conflicts of interest with Galaxy. Galaxy’s Scope 1, 2, 
and 3 GHG emissions were approximately 31,950 metric tonnes of carbon dioxide equivalent (mtCO2e).  
Apex Group's assurance letter is located in the Appendix.
2022 was a transformational year for Galaxy, particularly for our mining business. We saw a fundamental 
change to our mining operations with the purchase of Helios, which significantly increased our proprietary 
Bitcoin mining scale and unlocked a new revenue stream for Galaxy as a Bitcoin mining hosting provider.  
The Helios acquisition on December 28, 2022 included the purchase of machines and electrical infrastructure 
from Argo Blockchain. In 2022, our annual GHG emissions increased, driven primarily by spend-based 
emissions calculations attributed to supply chain expenditure associated with this acquisition. Given this, 
our annual increase in emissions was expected and provides us with a comprehensive baseline to measure 
against as we strive for operational efficiency and work to reduce our carbon footprint.
To better understand our impact, we also analyzed our total carbon footprint excluding the supply chain 
expenditure from the Helios acquisition. Mining continues to be our largest contributor to emissions 
consumptions which is the result of the electricity we utilize to help secure the Bitcoin network, support the 
infrastructure of the industry, and provide a service to the network by facilitating and processing transactions.
We will continue to disclose our GHG emissions on an annual basis and are committed to increasing 
transparency around our impact.

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Appendix
Galaxy ESG Report 2022
46 
Waste Reduction 
and Recycling
Our headquarters in New York City holds a LEED Gold Certification and WELL Health 
Safety Ratings and is equipped with EnergyStar and WaterSense fixtures that help 
minimize our energy and water intensity. In 2023, Galaxy took a significant step forward 
in our commitment to sustainability by implementing a composting program at our New 
York office. Recognizing the importance of reducing our environmental footprint, we 
introduced this initiative to divert organic waste away from landfills, thereby minimizing 
greenhouse gas emissions. Through dedicated composting bins placed in our office 
cafeteria, employees are empowered to responsibly dispose of organic materials 
including food scraps and biodegradable items. By adopting this program, we not only 
reduced our contribution to landfill waste but also enriched the soil and supported local 
agricultural efforts through the conversion of composted materials.
Across our other locations we maintain our commitment to reducing waste and 
recycling. Our team in Chicago recently moved to a new office that holds a LEED 
Gold Certification and 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.
Waste Diversion1
[1]  As of 12/31/2022, unaudited. Landfill diversion rate for New York office. Waste diversion rate calculated by percentage of building space 	 	
      occupied by Galaxy.
[2] As defined by the U.S. Environmental Protection Agency (EPA), Waste-to-Energy is the conversion of non-recyclable waste materials into 	
      usable heat, electricity, or fuel through a variety of processes, including combustion, gasification, pyrolization, anaerobic digestion and 
      landfill gas recovery.
Organics
2%
Recycling
55%
Waste-to-Energy (W-T-E)2
43%
Landfill
Diversion
Rate
57%
Landfill
Diversion 
Rate
Including W-T-E
100%
Waste Reduction and Recycling

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Appendix
Galaxy ESG Report 2022
47 
Galaxy Earth Week
For the second consecutive year, Galaxy volunteers engaged in a gardening and horticultural 
maintenance project along Hudson River Park’s Tribeca Boardwalk, in celebration of Earth Day. 
This initiative not only strengthened our commitment to environmental stewardship, but also 
reinforced our ties to the Park and its neighboring community, located next to our New York 
City headquarters. Through this immersive team-building experience, 30 Galaxy volunteers 
gained valuable insights into the Park's distinctive urban ecology while dedicating their time 
and effort to collecting, composting and redistributing five cubic yards of debris and preparing 
one of the primary grassland beds for the upcoming spring planting season. As a testament to 
our dedication, Galaxy made a generous donation of $5,000 to the Hudson River Park Friends 
organization, formerly led by our Chairman and CEO, Mike Novogratz.
In 2022, Galaxy introduced Bevi machines in our New York office, marking an additional stride 
towards our commitment to sustainability. By offering a wide range of flavored and sparkling 
water options, Bevi reduces the need for single-use plastic bottles and minimizes transportation 
emissions associated with beverage delivery. The introduction of Bevi machines has enhanced our 
workplace well-being while we actively work to reduce our carbon footprint and minimize waste.
In honor of Earth Day, we invited Bevi CEO Sean Grundy to our NY office for a conversation on 
building a mission-driven company that champions sustainable practices and a greener future.
Galaxy Earth Week

05
Appendix
001 
Supporting the United Nations Sustainable Development Goals (SDGs)
002 
Global Reporting Initiative (GRI) and Sustainable Accounting Standards Board (SASB) Index
003 
Task Force on Climate-Related Financial Disclosures (TCFD) Index
004 
Apex Group Assurance Letter
005 
About the Artist and Her Process
Appendix
05
Supporting the United 
Nations Sustainable 
Development Goals (SDGs)
001
Global Reporting Initiative 
(GRI) and Sustainable 
Accounting Standards 
Board (SASB) Index
002
Apex Group Assurance 
Letter
004
About the Artist and  
Her Process
005
Task Force on Climate- 
Related Financial 
Disclosures (TCFD) Index
003

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Appendix
Galaxy ESG Report 2022
49 
Supporting the United 
Nations Sustainable 
Development Goals 
(SDGs)
The United Nations Sustainable Development Goals (SDGs) are a set of 17 
global goals adopted by all United Nations Member States in 2015, designed 
to further peace and prosperity. We believe the digital asset revolution has the 
potential to drive the SDGs forward. Blockchain and digital assets are already 
expanding access to ownership and enabling more people to participate 
in markets. This technology has the potential to create a new economic 
paradigm that is more transparent and egalitarian. It is this new paradigm 
that we are working every day to help engineer. Initiatives across Galaxy help 
advance 9 of the 17 goals, each of which are highlighted in black on the right.
3
GOOD 
HEALTH
4
QUALITY
EDUCATION
5
GENDER
EQUALITY
7
RENEWABLE
ENERGY
8
GOOD JOBS
AND ECONOMIC
GROWTH
10
REDUCED
INEQUALITY
RESPONSIBLE
CONSUMPTION
12
1
NO 
POVERTY
2
NO 
HUNGER
13
CLIMATE
ACTION
14
LIFE BELOW
WATER
15
LIFE ON LAND
16
PEACE AND
JUSTICE
SUSTAINABLE 
CITIES AND 
COMMUNITIES
11
17
PARTNERSHIPS
FOR THE GOALS
Galaxy Advances 9 of 17 Goals
Supporting the United Nations Sustainable Development Goals (SDGs)
6
CLEAN WATER
AND SANITATION
9
INDUSTRY,
INNOVATION AND 
INFRASTRUCTURE

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50 
Supporting the United Nations Sustainable Development Goals (SDGs)
Target 3.4 
Launched a mental health focused 
employee resource group, with the goal of 
fostering mental health and neurodiversity 
within our company. All employees have 
access to coaching and mental health 
support 24/7 via text and video sessions 
Goal 3
Ensure healthy lives and promote 
well-being for all at all ages
GOOD 
HEALTH
Target 3.8 
Introduced a Health Care Travel and 
Lodging Assistance Program for U.S. 
employees, offering reimbursement for 
eligible transportation and lodging 
expenses incurred for in-network health 
services covered by the medical plan 
where the plan member cannot access a 
provider within a 100-mile radius
Goal 4
Ensure inclusive and equitable qual-
ity education and promote lifelong 
learning opportunities for all
QUALITY
EDUCATION
Target 4.4 
Continued producing our Galaxy Brains 
podcast to provide free insights and 
analysis on trends and events taking place 
across the digital asset ecosystem 
Launched the Galaxy Academy to promote 
internal education on topics most relevant 
to our company and industry
Established a Community Committee 
through which we regularly conducted tours 
of our Helios bitcoin mining facility, helping 
the community understand bitcoin mining 
and the digital asset ecosystem
Target 5.5 
Expanded scope of the Women at Galaxy 
Employee Resource Group (ERG) to amplify 
the voices of women across the company, 
serving as a central think tank to drive 
equality, make an impact, and provide a 
sense of belonging
Goal 5
Achieve gender equality and empower 
women and girls
GENDER
EQUALITY
Supporting the United Nations Sustainable Development Goals (SDGs)
Goal 6
Ensure availability and sustainable 
management of water and 
sanitation for all 
Target 6.3
Installed Bevi machines in the New York 
office, supporting the mission to reduce the 
need for single-use plastic water bottles 
and minimize transportation emissions 
associated with beverage delivery
CLEAN 
WATER AND 
SANITATION

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Galaxy ESG Report 2022
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Supporting the United Nations Sustainable Development Goals (SDGs)
Supporting the United Nations Sustainable Development Goals (SDGs)
Goal 7
Ensure access to 
affordable, reliable, 
sustainable, and 
modern energy for all
Target 7.2 
Galaxy’s Mining business remains 
committed to achieving its long-
term goal of expanding its use of 
sustainable energy
Target 7.3 
Achieved LEED Gold Certification 
at New York and Chicago office 
locations and LEED Silver 
Certification at Hong Kong office 
location
Held WELL Health Safety Ratings 
at New York office location
RENEWABLE
ENERGY
Goal 8
Promote sustained, 
inclusive and sustainable 
economic growth, full and 
productive employment 
and decent work for all
GOOD JOBS
AND 
ECONOMIC 
GROWTH 
Target 8.3 
Brought skilled and high paying 
jobs to Dickens County, Texas, 
employing nearly 40 residents and 
with plans to expand through the 
acquisition of the Helios bitcoin 
mining facility
Target 8.7 
Committed to a zero-tolerance 
approach to human rights 
violations via UK Modern Slavery 
Act Transparency Statement
Target 8.10 
Expanded access to banking and 
financial services via investments 
in Acorns and Gyroscope, among 
others 
Goal 10
Reduce inequality within 
and among countries 
Target 10.2
Donated nearly $60,000 to 501(c)
(3) organizations in partnership 
with Coinbase and Figment. 
The group selected The Navy 
SEAL Foundation, a nonprofit 
organization committed to offering 
vital support to warriors, veterans, 
and families associated with Naval 
Special Warfare
Donated over 100 gifts and 114 
backpacks to families through 
WIN, the largest provider of shelter 
and supportive housing for New 
York City’s homeless families, 
especially women and children
REDUCED
INEQUALITY
Goal 12
Ensure sustainable 
consumption and 
production patterns
RESPONSIBLE
CONSUMPTION
Target 12.5
Achieved 57% landfill diversion 
rate (100% including waste-to-
energy) in New York office location
Maintained paper, plastic, and 
electronic waste reduction 
strategies, alongside our wide-
scale recycling efforts, to better 
manage natural resources
Implemented composting 
program in New York office 
location
Target 12.6
Integrated sustainability 
information into reporting aligned 
with GRI, SASB, TCFD, and SDGs
Goal 9
Build resilient infrastruc-
ture, promote inclusive 
and sustainable 
industrialization and 
foster innovation
Target 9.1 
Helped stabilize local power grid 
in West Texas through Helios via 
flexible consumption of electricity 
based on grid conditions and 
consumer demand
INDUSTRY,
INNOVATION 
AND INFRA-
STRUCTURE

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52 
Global Reporting Initiative (GRI) and Sustainable 
Accounting Standards Board (SASB) Index
This report was prepared with reference to the Global Reporting Initiative (GRI) standards and the Value Reporting Foundation’s Sustainability Accounting Standards Board (SASB) standards for the 
Financial Sector Asset Management & Custody Activities (FN-AC) and Investment Banking & Brokerage (FN-IB) industries.
Global Reporting Initiative (GRI) and Sustainable Accounting Standards Board (SASB) Index
–
Organizational details
2-1
About Galaxy, Page 5
Galaxy Digital Holdings Ltd. Annual Information Form 2022, Page 10-12
–
Entities included in the organization’s 
sustainability reporting
2-2
About Galaxy, Page 5
–
Reporting period, frequency and 
contact point
2-3
This report was published on 10/11/2023 and covers calendar year 2022. Galaxy's 
ESG reporting follows an annual cycle. For any related questions, please contact 
our Investor Relations team at investor.relations@galaxy.com
–
External assurance
2-5
Apex Group Assurance Letter, Page 65-72
–
Activities, value chain and 
other business relationships
2-6
About Galaxy, Page 5
GRI and SASB Index
GRI
SASB
GRI/SASB Description
FY 2022 Disclosure Location

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FN-IB-330a.1
FN-AC-330a.1
Employees
2-7
–
Governance structure and composition
2-9
Employee Development, Engagement, and Retention, Page 27-28
Employee Diversity, Equity, Inclusion, and Belonging, Page 29-36
Corporate Governance, Page 12-16
ESG Program Oversight, Page 17-18
–
Nomination and selection of the
highest governance body
2-10
Corporate Governance, Page 12-16
Board of Directors Mandate
–
Chair of the highest governance body
2-11
Corporate Governance, Page 12-16
–
Role of the highest governance body in 
overseeing management of impacts
2-12
ESG Program Oversight, Page 17-18
GRI and SASB Index (Continued)
GRI
SASB
GRI/SASB Description
FY 2022 Disclosure Location
–
Delegation of responsibility for managing 
impacts
2-13
ESG Program Oversight, Page 17-18
–
Role of the highest governance body in 
sustainability reporting
2-14
Our First ESG Materiality Assessment, Page 9-10
ESG Program Oversight, Page 17-18
FN-IB-510b.4
Conflict of interest
2-15
Business Ethics and Compliance, Page 19-20
Global Code of Conduct
–
Collective knowledge of the highest 
governance body
2-17
Corporate Governance, Page 12-16
ESG Program Oversight, Page 17-18
–
Annual total compensation ratio
2-21
Corporate Governance, Page 14
Global Reporting Initiative (GRI) and Sustainable Accounting Standards Board (SASB) Index

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–
Statement on sustainable 
development strategy
2-22
Message From Our Founder & CEO, Page 4
FN-IB-510b.4
Policy commitments
2-23
Business Ethics and Compliance, Page 19-20
Global Code of Conduct
Whistleblowing Policy
Insider Trading Policy
Human Rights, Page 41
2022 UK Modern Slavery Act Transparency Statement
FN-IB-510a.2
FN-AC-510a.2
Mechanisms for seeking advice and 
raising concerns
2-26
Business Ethics and Compliance, Page 19-20
Whistleblowing Policy
Global Reporting Initiative (GRI) and Sustainable Accounting Standards Board (SASB) Index
GRI and SASB Index (Continued)
GRI
SASB
GRI/SASB Description
FY 2022 Disclosure Location
–
Embedding policy commitments
Business Ethics and Compliance, Page 20 
Public Policy Practices and Government Engagement, Page 25
2-24
–
Membership associations
2-28
Bitcoin Mining, Page 43
–
Approach to stakeholder engagement
2-29
Our First ESG Materiality Assessment, Page 9
–
Process to determine material topics
3-1
Our First ESG Materiality Assessment, Page 9
–
List of material topics
3-2
Our First ESG Materiality Assessment, Page 10

Overview
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FN-AC-000.A
AUM
-
Galaxy Asset Management: December 2022 Month End AUM
–
Financial implications and other risks and 
opportunities due to climate change
201-2
Task Force on Climate-Related Financial Disclosures (TCFD) Index, 
Page 57-64
–
Communication and training about anti-
corruption policies and procedures
205-2
Business Ethics and Compliance, Page 19-20
Global Code of Conduct
–
Direct (Scope 1) GHG emissions
305-1
Galaxy's Carbon Footprint, Page 45
GRI and SASB Index (Continued)
GRI
SASB
GRI/SASB Description
FY 2022 Disclosure Location
–
Energy indirect (Scope 2) GHG emissions
305-2
Galaxy's Carbon Footprint, Page 45
–
Other indirect (Scope 3) GHG emissions
305-3
Galaxy's Carbon Footprint, Page 45
–
GHG emissions intensity
305-4
Galaxy's Carbon Footprint, Page 45
–
Waste generated
306-3
Waste Reduction and Recycling, Page 46
Global Reporting Initiative (GRI) and Sustainable Accounting Standards Board (SASB) Index
–
Direct economic value generated 
and distributed
201-1
Galaxy Announces 2022 Financial Results
–
Management of material topics
3-3
Employee Diversity, Equity, Inclusion, and Belonging, Pages 29-36
Financial Inclusion and Education, Pages 37-40
Human Rights, Page 41
Bitcoin Mining’s Environmental Benefits, Page 44
Galaxy's Carbon Footprint, Page 45
Waste Reduction and Recycling, Page 46

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–
Parental leave
401-3
Employee Benefits, Page 27
–
Promotion of worker health
403-6
Employee Benefits, Page 27
–
Programs for upgrading employee skills and 
transition assistance programs
404-2
Employee Development, Engagement, and Retention, Page 27-28
Global Reporting Initiative (GRI) and Sustainable Accounting Standards Board (SASB) Index
GRI and SASB Index (Continued)
GRI
SASB
GRI/SASB Description
FY 2022 Disclosure Location
FN-IB-330a.1
FN-AC-330a.1
Diversity of governance bodies and employees
405-1
Corporate Governance, Page 15-16
Employee Diversity, Equity, Inclusion, and Belonging, Page 29
–
Operations and suppliers at significant risk for 
incidents of child labor
408-1
Human Rights, Page 41
2022 UK Modern Slavery Act Transparency Statement
–
Operations and suppliers at significant risk 
for incidents of forced or compulsory labor
409-1
Human Rights, Page 41
2022 UK Modern Slavery Act Transparency Statement
–
Waste diverted from disposal
306-4
Waste Reduction and Recycling, Page 46
–
Waste directed to disposal
306-5
Waste Reduction and Recycling, Page 46
–
Benefits provided to full-time employees that 
are not provided to temporary or part-time 
employees
401-2
Employee Benefits, Page 27

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Task Force on Climate-Related 
Financial Disclosures (TCFD) Index
As part of Galaxy’s inaugural Sustainability Report, we have detailed our alignment to the Task Force on Climate-Related Financial Disclosures (TCFD). TCFD recommendations are organized into four 
pillars that allow for a consistent, standardized approach to analyzing climate-related risks and opportunities: (1) Governance, (2) Strategy, (3) Risk Management, and (4) Metrics and Targets. Galaxy’s TCFD 
response represents our efforts towards implementing the recommendations of the TCFD. More in-depth information can be found in our full 2022 Sustainability Report. 
Task Force on Climate-Related Financial Disclosures (TCFD) Index
Recommended Disclosure
GLXY Response
Governance
Describe the board’s oversight of climate-
related risks and opportunities
Galaxy’s Board of Directors and its Compensation, Corporate Governance, and Nominating (CGN) Committee are 
responsible for overseeing our sustainability framework, strategy, and objectives. The Board of Directors and its CGN 
Committee are informed on key ESG program initiatives and updates through Board of Director meetings and annual reports 
from the ESG Steering Committee. Updates to the Board of Directors and its CGN Committee may include climate-related 
risks and opportunities that may materially affect Galaxy.
Describe management’s role in assessing 
and managing climate-related risks and 
opportunities
 Our ESG Steering Committee is comprised of senior executives across business lines and regions and is charged with 
ensuring the effective implementation and oversight of the Company’s ESG strategy at the business level. Our ESG strategy 
is developed and executed by Galaxy’s Investor Relations team, who regularly meet to review and evolve the Company’s 
ESG strategy for the benefit for all of our stakeholders, which may include climate-related risks and opportunities that may 
materially affect Galaxy.

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Task Force on Climate-Related Financial Disclosures (TCFD) Index
As a technology-driven financial services and investment management firm in the digital asset ecosystem, climate-related risks are unlikely to substantially impact Galaxy’s diverse business lines and 
operations. However, we understand climate-related risks may lead to potential shifts in the operations of our business lines. TCFD identifies two categories of risks, transition risks and physical risks. 
Transition risks are those associated with transitioning to a lower-carbon economy, particularly the policy, legal, technological, and market changes that may require mitigation and adaptation. Physical 
risks can be event-driven (acute) or longer-term shifts in climate patterns (chronic). 
We consider each risk and opportunity across three time horizons: short-term (ST; 0-3 years), medium-term (MT; 3-5 years), and long-term (LT; 5+ years). The table below exhibits Galaxy’s identified 
climate-related risks and opportunities and discusses their potential impact based on TCFD guidelines.
Task Force on Climate-Related Financial Disclosures (TCFD) Index
Potential Risk
Potential Impact on GLXY
Increased pricing of GHG emissions 
Introduction of mandatory carbon pricing may result in increased operating and/or compliance costs.
TRANSITION RISK: POLICY & LEGAL
MT-LT
Enhanced emissions-reporting obligations 
Introduction of new or enhanced climate-related reporting obligations may result in increased operating 
and/or compliance costs.
ST-MT
Mandates on and regulation of existing 
products and services
Introduction of climate-related mandates on and regulation of digital assets may result in increased operating and/or 
compliance costs and reduced demand for digital asset products and services, investor appetite, and capital availability. 
MT-LT
Strategy – Climate Related Risks

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Potential Risk
Potential Impact on GLXY
TRANSITION RISK: MARKET
Uncertainty in market signals
Reference Galaxy Digital Holdings LTD. Annual Information Form 2022, Risk Factors, Page 85 - 86
ST-MT
Increased cost of raw materials 
Increased cost of raw materials may affect energy and supply-chain costs. This may result in increased operating costs.
Reference Galaxy Digital Holdings LTD. Annual Information Form 2022, Risk Factors, Page 116, 118 - 119
MT-LT
TRANSITION RISK: REPUTATION
Shifts in client preferences 
Stigmatization of sector
Increased stakeholder concern
Reference Galaxy Digital Holdings LTD. Annual Information Form 2022, Risk Factors, Page 92
ST
PHYSICAL RISK: ACUTE & CHRONIC
Increased severity of extreme weather events
Rising mean temperatures
Rising sea levels
Reference Galaxy Digital Holdings LTD. Annual Information Form 2022, Risk Factors, Page 103
MT-LT
Task Force on Climate-Related Financial Disclosures (TCFD) Index
Strategy – Climate Related Risks (Continued)

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Strategy – Climate Related Opportunities
Resource efficiency 
Enhancing our operational efficiency presents an opportunity to decarbonize.
Our New York office location hosts the majority of our workforce, and holds a LEED Gold Certification, WELL Health Safety 
Ratings, and is equipped with EnergyStar and WaterSense fixtures that help minimize our energy and water intensity. Our 
team in Chicago recently moved to a new office that also holds a LEED Gold Certification, and 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 and composting program in our New York office, to better manage natural resources.
ST-MT
Use of lower-emission sources of energy 
Use of lower-emission sources of energy present an opportunity to decarbonize and reduce risk exposure to the potential 
introduction of carbon pricing. This may reduce operating costs and increase revenue, capital availability, and reputation.
Galaxy’s Mining business remains committed to achieving its long-term goal of expanding its use of sustainable energy, 
which we believe will help drive down our marginal cost of production, while also indirectly helping decarbonize our Scope 2 
GHG emissions.
OPPORTUNITIES: ENERGY SOURCE
ST-MT
Use of new technologies 
Blockchain technology and digital assets may play a role in the transition to a low carbon economy.
MT
Shift toward decentralized energy generation 
Bitcoin miners may have the potential to enhance the shift toward decentralized energy generation by co-locating near 
renewable energy producers and acting as an off-taker for excess energy production. This may lead to a de-stigmatization of 
the asset class, increased capital availability, and enhanced reputation.
MT-LT
Task Force on Climate-Related Financial Disclosures (TCFD) Index
Potential Opportunity
Potential Impact on GLXY
OPPORTUNITIES: RESOURCE EFFICIENCY

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Shift in client preferences 
Introduction of climate-related and broader mandates on and regulation of digital assets may lead to a shift in client 
preference and facilitate institutional adoption of digital assets. 
As Galaxy has one of the first and most comprehensive sustainability programs in the digital asset ecosystem, stakeholders 
may perceive us as adequately addressing climate-related issues resulting in increased demand for products and services, 
revenue, investor appetite, and capital availability to grow the ecosystem.
MT-LT
Participation in renewable energy programs
Bitcoin miners offer flexible load and through participation in demand-response programs may present an opportunity to 
help balance electricity grids and encourage investment in renewable projects.
OPPORTUNITIES - RESILIENCE
MT
Recommended Disclosure
GLXY Response
Strategy
Describe the resilience of the organization’s 
strategy, taking into consideration different 
climate-related scenarios, including a 2°C or 
lower scenario 
We have not conducted a climate-related scenario for our 2022 TCFD report. We may consider conducting a climate-
related scenario in future iterations of TCFD reporting as we remain focused on business resilience.
Task Force on Climate-Related Financial Disclosures (TCFD) Index
Strategy – Climate Related Opportunities (Continued)
Potential Opportunity
Potential Impact on GLXY
OPPORTUNITIES: PRODUCTS & SERVICES

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Risk Management
Describe the organization’s processes for 
identifying and assessing climate-related risks
When identifying the potential climate-related risks Galaxy may face, we utilized our established risk-management 
framework and leveraged management’s key role in our sustainability program’s governance structure. Additionally, 
our first ESG materiality assessment identified key focus areas that are essential to our long-term business strategy, 
consequently informing our climate-related risk identification process. Our climate-related risk identification process 
included the following steps: 
• Identify: We reviewed Galaxy’s business lines and risk factors, TCFD guidelines and recommendations, ESG frameworks, 
standards, raters, and our peers to understand the current climate-related risk landscape and identified potential material 
climate-related risks.
• Categorize: We refined a list of potentially material climate-related risks, which were categorized under TCFD guidelines 
and recommendations.
• Assess Impact: We explored each potential climate-related risk in detail to understand its potential impact on our 
business.
• Gather Feedback: We engaged key internal stakeholders to receive feedback on potential climate-related risks, 
including our Chief Operating Officer (COO) and Chief Risk Officer (CRO), who lead our risk functions. 
• Engage Management: Galaxy’s TCFD response, including potential climate-related risks, was reviewed by the ESG 
Steering Committee, and approved by the Board of Directors.
Task Force on Climate-Related Financial Disclosures (TCFD) Index
Recommended Disclosure
GLXY Response

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Describe the organization’s processes for 
managing climate-related risks
Describe how processes for identifying, 
assessing, and managing climate-related risks 
are integrated into the organization’s overall 
risk management
Managing and mitigating risk in a constantly evolving environment is fundamental to our ability to run our business and serve 
our clients. We approach risk management as an essential business process integrated throughout our business lines and 
corporate functions. We believe risk management is the responsibility of everyone at Galaxy.
The Board of Directors Audit Committee oversees the identification, assessment, and management of risk to achieve a 
proper balance between risk incurred, shareholder returns, and long-term business resilience. Our COO and CRO lead our 
risk functions, including the development and maintenance of policies to identify, assess, monitor, manage, and mitigate risk. 
While Galaxy does not formally integrate climate-related risks into our overall risk management, all climate-related risk is 
managed through our sustainability program’s governance structure, which includes the Board of Directors, COO, and other 
senior executive members of the Risk Committee. Additionally, Galaxy indirectly manages climate-related financial risks by 
continuously hedging our exposure through a macro approach that considers a wide array of scenarios.
Risk Management (Continued)
Recommended Disclosure
GLXY Response
Metrics & Targets
Disclose the metrics used by the organization 
to assess climate-related risks and 
opportunities in line with its strategy and risk 
management process
To assess climate-related risks and opportunities in line with our strategy and risk management process, we measure the 
following climate-related metrics:
• Scope 1, 2, and 3 greenhouse gas (GHG) emissions
• GHG emissions intensity per employee
• Bitcoin mining energy mix
• Global offices operational efficiency
Task Force on Climate-Related Financial Disclosures (TCFD) Index
Recommended Disclosure
GLXY Response

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Metrics & Targets
Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 
greenhouse gas emissions, and the related risks
We engaged Apex Group to conduct Galaxy’s second GHG assessment covering Scope, 1, 2, and 3 emissions. Apex 
Group follows the GHG Protocol methodology for calculating emissions and uses nationally recognized emissions 
factors, published by regulated authorities, to ensure the robustness of calculations. Where necessary, Apex Group may 
build bespoke models for unique emissions sources, grounded in best-in-class data and scientific approaches. Apex 
Group conducted this GHG assessment and verification of data independently, as a third-party, with no conflicts of 
interest.
 
Galaxy’s Scope 1, 2, and 3 GHG emissions were approximately 31,950 metric tonnes of carbon dioxide equivalent 
(mtCO2e).
We will continue to disclose our GHG emissions on an annual basis and are committed to increasing transparency 
around our impact.
Describe the targets used by the organization to 
manage climate-related risks and opportunities and 
performance against targets
Our GHG calculations and assessment are essential to helping us to understand our impact, find opportunities to enhance 
our operational efficiency, and implement best practices to reduce our footprint. Our Mining business remains committed 
to achieving its long-term goal of expanding its use of sustainable energy, which we believe will help drive down our 
marginal cost of production, while also indirectly helping decarbonize Galaxy’s Scope 2 GHG emissions. 
Task Force on Climate-Related Financial Disclosures (TCFD) Index
Recommended Disclosure
GLXY Response

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65 
GALAXY DIGITAL 
 
30.08.2023 
 
 
 
 
 
 
Apex Group Assurance Letter
APEX ESG Rating and Advisory
GHG Emissions Data Assurance
Galaxy Digital
30.08.2023

✔✔ Apex can confirm that all of the data collected had no inconsistencies or outliers. 
GHG Emissions Data Assurance 
Company: Galaxy Digital  
Headquarters: New York, NY 
Sector: Financials 
 
Full Time Employees: 390 
 
 
Galaxy Digital GHG Emissions Data Summary  
Apex has conducted a formal assessment of the Scope 1, 2 and 3 greenhouse gas (GHG) emissions of Galaxy 
Digital for the year 2022. Apex set the framework and organizational boundary for Galaxy Digital’s data 
collection. Apex then reviewed all data, used its bespoke models and applied the relevant emissions factors 
to accurately quantify the 2022 carbon footprint of Galaxy Digital. The data assessed covered the following 
emissions sources: 
i. 
Electricity consumption at all sites, including shared workspaces 
ii. Electricity consumption of Bitcoin mining activities 
iii. Fuel consumption  
iv. Employee commuting  
v. WFH electricity and fuel consumption 
vi. Food and drink 
vii. IT software and hardware 
viii. Business travel 
ix. Waste production 
x. Hotel stays 
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Galaxy Digital GHG 2022 Emissions  
Scope 
GHG Protocol Category 
Emissions (tCO2e) 
1 
Direct fuel consumption 
0 
2 
Electricity location-based 
 15,042.4 
Electricity market-based 
 15,042.4 
3 
1 – Purchased goods and services 
16,296 
3 
5 - Waste generated in operations 
1.4 
3 
6 – Business travel 
513.3 
3 
7 – employee commuting 
96.7

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GHG Emissions Data Assurance 
Method 
The Apex ESG carbon footprint method uses the GHG Protocol methodology (WRI/WBCSD GHG protocol 
Corporate accounting and Reporting Standard) for calculating the emissions of our clients. Under this 
methodology, we use nationally recognized emissions factors, published by regulated authorities, to ensure 
the robustness of our calculations. The assessment is aligned with standards and frameworks such as: CDP, 
TCFD, ISO. 
The emissions factors database includes over 1 million time-stamped, activity-specific emissions factors 
from sources including but not limited to:  
• 
GHG Protocol 
• 
EPA (USA) 
• 
NGA (Australia) 
• 
Defra (UK) 
• 
CEA (India) 
• 
Bilan Carbone (France)  
• 
IEA (International) 
 
Where necessary Apex ESG also builds bespoke models where clients have unique emissions sources, 
grounded in best-in-class data and scientific approaches.

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Limitations 
The following emissions sources used some estimations to cover the data: 
 
• 
Electricity consumption outside of the US for shared office spaces 
 
The following emission sources were not applicable under the scope of the assessment: 
 
• 
Fuel consumption in office buildings 
Exclusions 
The following emissions sources were not covered in this assessment: 
 
• 
Water consumption 
• 
Financed emissions (Scope 3, category 15 – Investments)

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GHG Emissions Data Assurance 
Data journey 
All emissions data that Apex collects goes through our triple-lock check: three analysts independently 
assess and verify all of the data, so that there are very high assurances of its accuracy and validity.

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Independence 
Based on the process and procedures conducted, Apex can confirm that the emissions calculated are a fair 
representation of GHG data and information provided by Galaxy Digital and that the GHG calculations has 
been prepared in accordance with related International Standards on GHG quantification. Any estimations used 
to plug data gaps are based on best practices and the standards used throughout our carbon footprint 
assessment methodology.  
 
Apex has conducted this assessment of the carbon footprint data independently, with no conflicts of interest 
with Galaxy Digital.  
 
 
This statement and opinion expressed herein, is provided Galaxy Digital and is solely for its benefit in accordance 
with the terms of the agreement between Galaxy Digital and Apex. Apex’s release of this statement, is done without 
assuming any responsibility or liability on Apex’s part to any third party whatsoever. 
 
For further questions and enquires please contact: esg@theapexgroup.com 
www.theapexgroup.com

Galaxy ESG Report  2022
72 
Forward-Looking Disclaimer
This report contains certain forward-looking information and forward-looking statements, as defined in applicable securities 
laws (collectively referred to herein as “forward-looking statements”). These forward-looking statements relate to the future of 
the industry, environmental, social or governance initiatives, or the Company’s future plans or opportunities. All statements other 
than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be 
identified by the use of words such as “plans”, “expects”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, 
“predicts”, “intends”, “anticipates” or “believes”, “seeks” or variations of, or the negatives of, such words and phrases, or state that 
certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. The forward-
looking statements contained in this report 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. Forward-looking statements involve known and unknown risks, 
uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking 
statements. Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company’s ability to 
predict or control. Forward-looking statements are subject to the risk that the industry or the Company’s businesses do not 
perform as anticipated or meet the ESG goals as outlined in the report. They are also subject to the risks described in the Risk 
Factors section of the Annual Information Form (“AIF”) dated March 28, 2023 of Galaxy Digital Holdings Ltd. Factors that could 
cause outcomes 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; a delay or failure in developing ESG process or implementing 
goals; and changes in applicable law or regulation. Readers are cautioned that such risk factors, uncertainties and other factors 
are not exhaustive. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied 
by the forward-looking statements contained in this report. The forward-looking statements in this report are applicable only as of 
the date of this report or as of the date specified in the relevant forward-looking statement and the Company does not intend, and 
does not assume any obligation, to update these forward-looking statements, except as required by applicable securities laws. 
Investors are cautioned that forward-looking statements are not guarantees of future performance and are inherently uncertain. 
Accordingly, investors are cautioned not to put undue reliance on forward-looking statements.
Additional Relevant Disclaimers
This document, and the information contained herein, has been provided to you by Galaxy Digital Holdings LP and its affiliates 
(“Galaxy”) solely for informational purposes. This document may not be reproduced or redistributed in whole or in part, in any 
format, without the express written approval of Galaxy. Neither the information, nor any opinion contained in this document, 
constitutes an offer to buy or sell, or a solicitation of an offer to buy or sell, any advisory services, securities, futures, options or 
other financial instruments or to participate in any advisory services or trading strategy. Nothing contained in this document 
constitutes investment, legal or tax advice or is an endorsement of any of the stablecoins mentioned herein. You should make your 
own investigations and evaluations of the information herein. Any decisions based on information contained in this document are 
the sole responsibility of the reader. Certain statements in this document reflect Galaxy's views, estimates, opinions or predictions 
(which may be based on proprietary models and assumptions, including, in particular, Galaxy's views on the current and future 
market for certain digital assets), and there is no guarantee that these views, estimates, opinions or predictions are currently 
accurate or that they will be ultimately realized. To the extent these assumptions or models are not correct or circumstances 
change, the actual performance may vary substantially from, and be less than, the estimates included herein. None of Galaxy 
nor any of its affiliates, shareholders, partners, members, directors, officers, management, employees or representatives makes 
any representation or warranty, express or implied, as to the accuracy or completeness of any of the information or any other 
information (whether communicated in written or oral form) transmitted or made available to you. Each of the aforementioned 
parties expressly disclaims any and all liability relating to or resulting from the use of this information. Certain information 
contained herein (including financial information) has been obtained from published and non-published sources. Such information 
has not been independently verified by Galaxy and, Galaxy, does not assume responsibility for the accuracy of such information. 
Affiliates of Galaxy may have owned or may own investments in some of the digital assets and protocols discussed in this 
document. Except where otherwise indicated, the information in this document is based on matters as they exist as of the date of 
preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently 
becomes available, or circumstances existing or changes occurring after the date hereof. This document provides links to other 
Websites that we think might be of interest to you. Please note that when you click on one of these links, you may be moving to a 
provider’s website that is not associated with Galaxy. These linked sites and their providers are not controlled by us, and we are not 
responsible for the contents or the proper operation of any linked site. The inclusion of any link does not imply our endorsement or 
our adoption of the statements therein. We encourage you to read the terms of use and privacy statements of these linked sites as 
their policies may differ from ours. The foregoing does not constitute a “research report” as defined by FINRA Rule 2241 or a “debt 
research report” as defined by FINRA Rule 2242 and was not prepared by Galaxy Digital Partners LLC. For all inquiries, please email 
investor.relations@galaxy.com. ©Copyright Galaxy Digital Holdings LP 2023. All rights reserved.

©Copyright Galaxy Digital Holdings LP 2023. All rights reserved.
For all inquiries, please email investor.relations@galaxy.com