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

Ladies and gentlemen, welcome to the Annual General Meeting of Galaxy Digital Holdings Ltd. Please note, the meeting is being recorded. I would like to introduce Mr. Michael Novogratz, who will be acting as Chair of this meeting. Mr. Novogratz, the floor is yours.

Good morning, everyone. I would like to welcome all of you to this Annual General Meeting of Shareholders for 2022. I'm Michael Novogratz, CEO of Galaxy Digital Holdings. As this meeting is being held virtually via a live webcast, we would like to set out a few rules for the orderly conduct of the meeting. For the purposes of this meeting, voting on all matters will be conducted by electronic ballot through the TSX Trust Virtual Meeting Platform. Only registered shareholders and duly appointed proxyholders, who have properly logged in with their control number, will be able to vote on each business item. Beneficial proxyholders would have needed to register in advance to receive a control number. Once the polls are open, click in the voting icon on the left-hand side of your screen. To vote, simply select your voting direction from the options shown on the screen and click Submit. Confirmation message will appear to show your vote has been received. If you have additional control numbers to vote, click I Have Additional Control Numbers at the top to enter the additional credential. To change your vote, simply click Refreshing Voting Resolutions. Voting will remain open until the polls have been closed. The votes you have submitted on each polling item at the time the poll closes will be recorded. Totals in favor or against or withheld, as the case may be, for each resolution item will be tallied by the Scrutineer once the voting is completed, and the Chair will report on the preliminary outcome of all motions based on the proxies provided prior to the meeting and the preliminary Scrutineer's Report. The final report will be posted on SEDAR shortly after the meeting. We remind you that if you are a registered shareholder and you've already voted by proxy, you do not need to vote again, unless you wish to change your vote. Any votes cast by poll during the meeting will supersede any votes previously submitted by proxy. Therefore, we recommend the shareholders who have already voted by proxy do not vote on polls taken during the meeting. Those at attendance who have registered as guests are not able to move motions, submit any questions, vote or take any other action. For specific vote tabulations, please see the report of voting results, which will be posted to the company's SEDAR profile shortly after the meeting. Messages can be submitted at any time during the Q&A session, up until when the Chair closes the session. [Operator Instructions] Questions sent via TSX Trust Virtual Meeting Platform will be moderated before being sent to the Chair. At this time, I call the meeting to order. Unless there is any objection, I now propose that in order to expedite the meeting, we will dispense with the need to second any motions requested by the Chair. If you have an objection, you now have 5 seconds to submit your objection via the Ask a Question. button. Hearing no objection, we will proceed with the business of the meeting. 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 register and transfer agent is TSX Trust Company. Rosa Garofalo is present 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 par value of the ordinary shares who are entitled to vote at such general meeting, the individuals present in person or by proxy or if a company or other nonnatural person via its duly authorized representative or proxy. The Scrutineer has provided me with the preliminary report regarding shareholder attendance and representation at the meeting. I confirm that there is a quorum present for this meeting. The Secretary has advised me that the notice calling the meeting together with the Form of Proxy and Management Information Circular have been duly sent to the shareholders on June 7, 2022. Additional copies of these materials are also available electronically under Galaxy's SEDAR profile at www.sedar.com. Accordingly, unless there's an objection, I will dispense with the reading of the notice calling on the meeting. If you have an objection, you'll have 5 seconds to submit it via the Ask a Question. 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. For efficiency, we'll be opening the poll on the matters that will be voted on at the beginning of the meeting and we'll close the polls after the last matter has been dealt with. We will now turn to the business of today's meeting. I declare the polls now open. Galaxy's audited financial statements for the year ended December 31, 2021, and the report of the auditors thereon are placed before the meeting. These audited financial statements are available upon request and 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 as directors: Michael Novogratz, Theagenis Iliadis, Nereida Flannery, Bill Koutsouras, Dominic Docherty, Michael Daffey, Jane Dietze. If there are no further nominations, I now declare the nominations to be closed. If you have an objection, you have 5 seconds to submit via the Ask a Question button. I now move that the 7 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. Please proceed by the way of online poll on this motion. [Voting]

As noted earlier, the preliminary voting results will be summarized at the end of the meeting, and the final voting results will be made available on SEDAR shortly after the meeting. I will now move to the next item of business. The next item of business is to appoint the auditors of Galaxy for the ensuing year. I hereby move that KPMG be appointed as auditors of Galaxy for the ensuing year or until their successors are duly appointed at such remuneration as may be fixed by the Board of Directors and of the past appointment of KPMG as the auditor be ratified. Please proceed by way of online poll. [Voting]

As noted earlier, the preliminary results will be summarized at the end of the meeting and final voting results will be made available on SEDAR shortly after the meeting. I will now move on to the voting results. You will have 15 seconds to submit your votes before the polls close. [Voting]

The polls are now closed. Based on the proxies provided prior to the meeting and the preliminary Scrutineer Report received, I can confirm that all resolutions have passed by the requisite number of votes in favor. Detailed voting results will be included in the press release to be filed following the meeting, together with a report on nonvoting results to be filed on SEDAR. Is there any other business that may properly be brought up before this meeting? That concludes the formal business brought before the meeting as set out in the Notice of Meeting. If you would like to raise any further business at this meeting, you have 15 seconds to do so using the Ask a Question button. As there is no further business, I now propose the meeting be concluded, unless there is any objection. If you have an objection, you have 5 seconds to submit your objection via the Ask a Question button. Hearing none, I now declare this meeting to be terminated. On behalf of the Board of Directors, I would like to thank you for attending today.

Ladies and gentlemen, as the meeting is now concluded, you may now disconnect.