Galaxy Digital Inc. (GLXY) Earnings Call Transcript & Summary

Good morning, all. I would like to welcome you to the Annual General Meeting of Shareholders for 2020. I am Mike Novogratz, CEO and Chairman of Galaxy Digital Holdings. At this time, I call the meeting to order. In accordance with the articles of association, I will preside as chair of the meeting. And with the consent of the meeting, I appoint Francesca Don Angelo, Corporate Secretary of the company, to act as secretary of the meeting. The company registrar and transfer agent is TSX Trust Company. Rosa Garofalo is President and will act as scrutineer for the meeting. Under the company's articles of association, the quorum for the transaction of business at a meeting of shareholders of the company consists of 2 or more shareholders holding at least 25% in part value of the ordinary shares entitled to vote at such a general meeting, the unit holders present in person or by proxy or if a company or other nonnatural person by its duly authorized representative or proxy. The scrutineer has provided me with the preliminary report regarding shareholder, attendance and the representation at this meeting. I confirm that there is a quorum present for this meeting. The secretary advised me that the notice calling the meeting together with a form of proxy and management information circular have been duly sent to the shareholders on June 3, 2020. Additional copies of these materials are also available at the meeting. Accordingly, unless there is objection, I will dispense with the reading of a notice calling the meeting. You have 15 seconds to submit it via the message link. Notice having been duly given and a quorum being present, I declare that this meeting is duly constituted for the transaction of business. In the interest of expediting the business of this meeting, I will move all motions with respect to the business for which this meeting has been called and as set out in the notice of meeting and no motion needed to be seconded. As a result of the virtual nature of this meeting in accordance with the company's articles, all votes at the meeting will be taken by way of an online poll. In order to cast a vote at this meeting using the online poll, you would have to register for the meeting using your control number. Note that any votes cast by poll during the meeting will supersede any votes previously submitted by proxy. Therefore, we recommend that shareholders that have already voted by proxy do not vote on polls taken during the meeting. Those in attendance who have registered as guests are not able to give -- move motions, submit any questions, vote or take any other action. If you're registered for this call as a shareholder or appointee using your control number, then you're able to submit questions or points of discussion using the message link provided on your screen. We will now turn to the business of today's meeting. At this time, the polls are open to vote. [Voting]

Galaxy audited financial statements for the year ended Dec 31, 2019, and a report of the auditors thereon are placed before the meeting. These audited financial statements are available upon request electronically under Galaxy's SEDAR profile at www.sedar.com. The next item of business is the election of directors. The following nominees of management are proposed for election of directors: Michael Novogratz, Theagenis Iliadis, Nereida Flannery, Bill Koutsouras and Dominic Docherty. If there are no further nominations, I now declare the nominations to be closed. You have 15 seconds to submit nominations via the message link. I now move that the 5 nominees be elected as directors of the company to hold office until the next Annual General Meeting of the company or until their successors are elected or appointed, subject to the provisions of the articles of association and Cayman Islands' law. We will proceed by way of online poll on this motion.

The preliminary scrutineer's report shows that proxies received prior to the start of this meeting indicate that the motion with respect to the election of the individuals nominated as directors will pass. The final results will be posted to SEDAR following the meeting.

I declare that the individuals nominated and hereby elected as directors of Galaxy. They will hold offices at the close of the next Annual General Meeting or shareholders -- of shareholders or until their successors are duly elected and appointed. The next item of business is the appointment of the auditors of Galaxy for the ensuing year. I hereby move that Davidson & Company LLP be reappointed as auditors for Galaxy for the ensuing year or until their successors are duly appointed and such remunerations may be fixed by the Board of Directors. Is there any discussion? You have 15 seconds to submit it via the message link. Seeing none, we will proceed by way of the online poll.

The preliminary scrutineer's report shows that the proxies received prior to the start of this meeting indicated that the motion with respect to the appointment of auditors will pass. The final results will be posted to SEDAR following the meeting.

Thank you. I declare the motion carried. Is there any other business that may be properly -- is there any other business that may properly be brought before this meeting? Well, that concludes the formal business brought before the meeting as set out in the notice of meeting. There will be no further business. I will now move that the meeting be terminated. Is there any discussion? You have 15 seconds to submit it via the message link. Seeing none, I thank you for attending and now declare this meeting to be terminated. And so I always get a kick out of these meetings because they're very formal and scripted, and I can use my Wheel of Fortune voice. I just thought since I have people on the line, I would give you just literally 3 minutes on what we're seeing right now. Post COVID crisis with the stunning amount of financial support via governments, by treasury departments and central banks flooding the markets with liquidity, there has been a whole resurgence of interest in cryptocurrencies, bitcoin, specifically with all cryptocurrencies. It's made us more optimistic on our business. Our banking business is doing well. Our trading business is starting to fire. Asset management, we see a lot of excitement. We've announced partnerships with CAIS in the asset management business to help distribute our bitcoin fund and educate the financial advisers of the world. And so broadly, couldn't be more excited about the opportunity set that we see. Listen, this is still a long haul to build a business that really caters to the institutional markets. They are just starting in lots of ways. And so we see this as a long-term gritty play of doing lots of groundwork kind of to build the networks and the connectivity to what we think will be the next wave of crypto buyers. We look forward to seeing you again next year at this meeting, and thank you for your time.

Thank you, everyone.

This concludes the meeting. You may now disconnect.