Digital Asset Market Volatility: The value of digital assets held by Galaxy Digital is highly volatile and subject to rapid and significant fluctuations, which can materially impact its financial performance and asset valuations.

Evolving Regulatory Landscape: Galaxy Digital operates within an uncertain and rapidly changing regulatory environment for digital assets, and new laws or interpretations could impose significant compliance costs, operational restrictions, or impact its business model.

Intense Market Competition: The digital asset financial services industry is highly competitive, with both traditional financial institutions and new market entrants vying for market share, potentially impacting Galaxy Digital's profitability and growth opportunities.