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GALAXY DIGITAL Galaxy Digital Announces Fourth Quarter 2020 Financial Results Net comprehensive income¹ increased over 1,100 % since the Fourth Quarter 2019 Assets Under Management ( " AUM " ) ² increased over 98 % in the Fourth Quarter 2020 Counterparty trading volumes increased over 80 % in the Fourth Quarter 2020 Galaxy Digital is actively preparing for a U.S. listing in the second half of 2021 Industry Veteran Alex loffe joins as Chief Financial Officer , effective April 1 , 2021 NEW YORK , NEW YORK , March 30 , 2021- Galaxy Digital Holdings Ltd. ( TSX : GLXY ) ( " Galaxy Digital " the " Company " or " GDH Ltd. " ) today released financial results for the year ended December 31 , 2020 for both itself and Galaxy Digital Holdings LP ( the " Partnership " or " GDH LP " ) . " I am proud to share the results of Galaxy Digital's transformational fourth quarter , as net comprehensive income increased over 1,100 % , AUM increased over 98 % , and counterparty trading volumes increased over 80 % , " said Michael Novogratz , Founder and CEO of Galaxy Digital . " That dramatic growth accelerated further into the first quarter , which we expect to be another record quarter . " " Moreover , and as a key component of our growth strategy , I am pleased to announce we are actively preparing for a U.S. listing in the second half of 2021. I am also excited to welcome industry veteran Alex loffe as our new Chief Financial Officer , and I want to thank Ash Prithipaul for his significant contributions and for leaving Galaxy well positioned for even brighter days ahead . We believe our industry is at an inflection point as we participate in a once in a lifetime secular shift into cryptocurrencies as an institutionalized asset class . Galaxy Digital is committed to leading our clients and the industry through this transformation . " Select Financial Highlights for the Fourth Quarter 2020 , compared to Fourth Quarter 2019 • Net comprehensive income¹ increased 1,175 % to $ 335.7 million , from a net comprehensive loss of $ 31.2 million in the prior year period . ° ° The increase was primarily a result of realized and unrealized gains on digital assets and on investments , coupled with strong contributions from our trading business , partially offset by higher operating expenses . Income from our trading business increased 842 % to $ 238.7 million , from a loss of $ 32.2 million in the prior period . Fair Value of Net Asset Holdings³ increased 272 % to $ 813.5 million , from $ 218.7 million in the prior year period . ° The increase was primarily a result of unrealized gains on digital assets and on investments . ° ° The Partnership had a material holding in bitcoin of $ 433.0 million as of December 31 , 2020 , an increase of $ 351.8 million from December 31 , 2019 , excluding non - controlling interests . Investments stood at $ 260.4 million as of December 31 , 2020 , an increase of $ 102.2 million from December 31 , 2019. The change was primarily due to the increase in unrealized gains and $ 39.3 million of new capital deployed by the Principal Investments team during the year , which were partially offset by the sale of some investments . Operating Highlights and Other Updates for the Fourth Quarter 2020 , compared to Third Quarter 2020 • Galaxy Digital Trading ( " GDT ” ) generated a record in : counterparty trading volumes , the size of its counterparty loan book , and in gross counterparty loan book originations in the fourth quarter 2020 , compared to the third quarter 2020 . 1 Excluding non - controlling interests ( " NCI " ) . 2 AUM is an internal estimate inclusive of a sub - advised fund , committed capital in a closed - end vehicle , and seed investments by affiliates . Changes in AUM are generally the result of performance , contributions , and withdrawals . 3 This supplementary financial measure is defined as Digital assets plus Investments , less Digital assets sold short , less Investments sold short , less Non - controlling interests . Page | 1 All figures are in U.S. Dollars unless otherwise noted .