Galaxy Digital Capital Management GP LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DDOG	DATADOG INC	30,475	$3,598	3.8%	$123.93	0.0%	CL A COM	23804L103
MSFT	MICROSOFT CORP	7,747	$2,868	3.0%	$434.61	0.0%	COM	594918104
CRWD	CROWDSTRIKE HLDGS INC	6,863	$2,679	2.8%	$431.12	0.0%	CL A	22788C105
DDOG	DATADOG INC	19,000	$2,243	2.4%	$123.93	0.0%	PUT	23804L103
WULF	TERAWULF INC	100,000	$1,443	1.5%	$14.00	+4.2%	PUT	88080T104
CRM	SALESFORCE INC	7,475	$1,395	1.5%	$215.77	0.0%	COM	79466L302
APH	AMPHENOL CORP	10,368	$1,310	1.4%	$146.40	0.0%	CL A	032095101
MSFT	MICROSOFT CORP	3,000	$1,111	1.2%	$434.61	0.0%	PUT	594918104
CRWD	CROWDSTRIKE HLDGS INC	2,500	$976	1.0%	$431.12	0.0%	PUT	22788C105
CRM	SALESFORCE INC	3,000	$560	0.6%	$215.77	0.0%	PUT	79466L302
COIN	COINBASE GLOBAL INC	3,097	$541	0.6%	$200.57	0.0%	COM CL A	19260Q107
APH	AMPHENOL CORP	3,000	$379	0.4%	$146.40	0.0%	PUT	032095101
XYZ	BLOCK INC	5,000	$301	0.3%	—	—	PUT	852234103
FCX	FREEPORT MCMORAN INC	2,830	$166	0.2%	$61.12	0.0%	CL B	35671D857
HUBB	HUBBELL INC	303	$149	0.2%	$495.33	0.0%	COM	443510607
FLS	FLOWSERVE CORP	1,606	$118	0.1%	$80.71	0.0%	COM	34354P105
LNT	ALLIANT ENERGY CORP	1,171	$84	0.1%	$67.60	0.0%	COM	018802108
TSLA	TESLA INC	190	$71	0.1%	$425.98	0.0%	COM	88160R101
AEP	AMERICAN ELEC PWR CO INC	528	$69	0.1%	$120.54	0.0%	COM	025537101
COHR	COHERENT CORP	281	$67	0.1%	$213.35	0.0%	COM	19247G107
TH	TARGET HOSPITALITY CORP	7,194	$67	0.1%	$7.38	0.0%	COM	87615L107
ETR	ENTERGY CORP NEW	566	$64	0.1%	$97.37	0.0%	COM	29364G103
LEU	CENTRUS ENERGY CORP	68	$12	0.0%	$267.47	0.0%	CL A	15643U104

Increased Positions (18)

CIFR CIPHER DIGITAL INC 6.9%

Value ($000) $6,505 (+48.0%) Shares 505,466 (+69.8%) Est. Cost $10.20 Unrealized +63.5%

WULF TERAWULF INC 3.6%

Value ($000) $3,377 (+152.6%) Shares 234,048 (+101.1%) Est. Cost $14.00 Unrealized +4.2%

HUT HUT 8 CORP 3.5%

Value ($000) $3,328 (+156.9%) Shares 70,940 (+151.6%) Est. Cost $51.61 Unrealized +9.6%

RIOT RIOT PLATFORMS INC 10.4%

Value ($000) $9,808 (+25.0%) Shares 793,497 (+28.1%) Est. Cost $13.36 Unrealized +18.8%

HOOD ROBINHOOD MKTS INC 3.8%

Value ($000) $3,597 (+117.4%) Shares 51,901 (+254.8%) Est. Cost $77.86 Unrealized +23.0%

BITF BITFARMS LTD 6.3%

Value ($000) $5,992 (+35.2%) Shares 3,072,979 (+63.0%) Est. Cost $1.86 Unrealized +32.2%

CLSK CLEANSPARK INC 2.3%

Value ($000) $2,128 (+103.1%) Shares 250,000 (+141.5%) Est. Cost $11.68 Unrealized -3.1%

HOOD ROBINHOOD MKTS INC 1.5%

Value ($000) $1,386 (+240.4%) Shares 20,000 (+455.6%) Est. Cost $77.86 Unrealized +23.0%

MU MICRON TECHNOLOGY INC 2.1%

Value ($000) $2,027 (+69.1%) Shares 6,000 (+42.9%) Est. Cost $127.82 Unrealized +202.8%

ADBE ADOBE INC 1.9%

Value ($000) $1,791 (+35.8%) Shares 7,367 (+95.5%) Est. Cost $315.56 Unrealized -8.1%

MA MASTERCARD INCORPORATED 2.3%

Value ($000) $2,195 (+24.6%) Shares 4,393 (+42.4%) Est. Cost $533.96 Unrealized +1.0%

V VISA INC 2.3%

Value ($000) $2,167 (+22.4%) Shares 7,171 (+42.1%) Est. Cost $321.67 Unrealized +2.3%

SOLZ VOLATILITY SHS TR 0.9%

Value ($000) $822 (-31.5%) Shares 98,292 (+4.3%) Est. Cost $21.55 Unrealized —

CLSK CLEANSPARK INC 5.7%

Value ($000) $5,397 (+5.2%) Shares 634,245 (+25.2%) Est. Cost $11.68 Unrealized -3.1%

BLK BLACKROCK INC 1.9%

Value ($000) $1,770 (-9.1%) Shares 1,840 (+1.2%) Est. Cost $1010.91 Unrealized +8.6%

NVT NVENT ELEC PLC 1.1%

Value ($000) $1,075 (+17.9%) Shares 9,092 (+1.7%) Est. Cost $103.76 Unrealized +8.3%

WLAC WILLOW LANE ACQUISITION CORP 1.2%

Value ($000) $1,171 (-12.0%) Shares 109,975 (+4.4%) Est. Cost $10.60 Unrealized +10.5%

MS MORGAN STANLEY 1.7%

Value ($000) $1,626 (-6.3%) Shares 9,879 (+1.0%) Est. Cost $120.52 Unrealized +49.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CIFR	CIPHER DIGITAL INC	505,466 (+69.8%)	$6,505 (+48.0%)	6.9%	$10.20	+63.5%	COM	17253J106
WULF	TERAWULF INC	234,048 (+101.1%)	$3,377 (+152.6%)	3.6%	$14.00	+4.2%	COM	88080T104
HUT	HUT 8 CORP	70,940 (+151.6%)	$3,328 (+156.9%)	3.5%	$51.61	+9.6%	COM	44812J104
RIOT	RIOT PLATFORMS INC	793,497 (+28.1%)	$9,808 (+25.0%)	10.4%	$13.36	+18.8%	COM	767292105
HOOD	ROBINHOOD MKTS INC	51,901 (+254.8%)	$3,597 (+117.4%)	3.8%	$77.86	+23.0%	COM CL A	770700102
BITF	BITFARMS LTD	3,072,979 (+63.0%)	$5,992 (+35.2%)	6.3%	$1.86	+32.2%	COM	09173B107
CLSK	CLEANSPARK INC	250,000 (+141.5%)	$2,128 (+103.1%)	2.3%	$11.68	-3.1%	PUT	18452B209
HOOD	ROBINHOOD MKTS INC	20,000 (+455.6%)	$1,386 (+240.4%)	1.5%	$77.86	+23.0%	PUT	770700102
MU	MICRON TECHNOLOGY INC	6,000 (+42.9%)	$2,027 (+69.1%)	2.1%	$127.82	+202.8%	PUT	595112103
ADBE	ADOBE INC	7,367 (+95.5%)	$1,791 (+35.8%)	1.9%	$315.56	-8.1%	COM	00724F101
MA	MASTERCARD INCORPORATED	4,393 (+42.4%)	$2,195 (+24.6%)	2.3%	$533.96	+1.0%	CL A	57636Q104
V	VISA INC	7,171 (+42.1%)	$2,167 (+22.4%)	2.3%	$321.67	+2.3%	COM CL A	92826C839
SOLZ	VOLATILITY SHS TR	98,292 (+4.3%)	$822 (-31.5%)	0.9%	$21.55	—	SOLANA ETF	92864M822
CLSK	CLEANSPARK INC	634,245 (+25.2%)	$5,397 (+5.2%)	5.7%	$11.68	-3.1%	COM NEW	18452B209
BLK	BLACKROCK INC	1,840 (+1.2%)	$1,770 (-9.1%)	1.9%	$1010.91	+8.6%	COM	09290D101
NVT	NVENT ELEC PLC	9,092 (+1.7%)	$1,075 (+17.9%)	1.1%	$103.76	+8.3%	SHS	G6700G107
WLAC	WILLOW LANE ACQUISITION CORP	109,975 (+4.4%)	$1,171 (-12.0%)	1.2%	$10.60	+10.5%	ORD SHS CL A	G9675P102
MS	MORGAN STANLEY	9,879 (+1.0%)	$1,626 (-6.3%)	1.7%	$120.52	+49.1%	COM NEW	617446448

Exited Positions (16)

CORZ CORE SCIENTIFIC INC NEW 12.1%

Value ($000) $11,423 Shares 784,540 Est. Cost $11.75 Unrealized +50.7%

GOOGL ALPHABET INC 4.5%

Value ($000) $4,280 Shares 13,674 Est. Cost $201.73 Unrealized +60.3%

SNDK SANDISK CORP 1.8%

Value ($000) $1,688 Shares 7,112 Est. Cost $200.29 Unrealized +157.9%

RIOT RIOT PLATFORMS INC 1.7%

Value ($000) $1,586 Shares 125,200 Est. Cost $13.36 Unrealized +18.8%

MELI MERCADOLIBRE INC 1.7%

Value ($000) $1,571 Shares 780 Est. Cost $2100.46 Unrealized -1.6%

ETOR ETORO GROUP LTD 1.5%

Value ($000) $1,409 Shares 40,103 Est. Cost $59.93 Unrealized -48.9%

V VISA INC 1.4%

Value ($000) $1,298 Shares 3,700 Est. Cost $321.67 Unrealized +2.3%

MS MORGAN STANLEY 1.4%

Value ($000) $1,296 Shares 7,300 Est. Cost $120.52 Unrealized +49.1%

IBIT ISHARES BITCOIN TRUST ETF 1.2%

Value ($000) $1,174 Shares 23,650 Est. Cost $61.26 Unrealized —

BITF BITFARMS LTD 1.1%

Value ($000) $1,072 Shares 456,100 Est. Cost $1.86 Unrealized +32.2%

GOOGL ALPHABET INC 1.1%

Value ($000) $1,033 Shares 3,300 Est. Cost $201.73 Unrealized +60.3%

CIFR CIPHER MINING INC 0.9%

Value ($000) $886 Shares 60,000 Est. Cost $10.20 Unrealized +63.5%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.7%

Value ($000) $638 Shares 2,100 Est. Cost $206.98 Unrealized —

FIGR FIGURE TECHNOLOGY SOLUTIO 0.7%

Value ($000) $629 Shares 15,410 Est. Cost $38.84 Unrealized +27.1%

MARA MARA HOLDINGS INC 0.6%

Value ($000) $602 Shares 67,000 Est. Cost — Unrealized —

BLK BLACKROCK INC 0.6%

Value ($000) $535 Shares 500 Est. Cost $1010.91 Unrealized +8.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CORZ	CORE SCIENTIFIC INC NEW	784,540	$11,423	12.1%	$11.75	+50.7%	—	21874A106
GOOGL	ALPHABET INC	13,674	$4,280	4.5%	$201.73	+60.3%	—	02079K305
SNDK	SANDISK CORP	7,112	$1,688	1.8%	$200.29	+157.9%	—	80004C200
RIOT	RIOT PLATFORMS INC	125,200	$1,586	1.7%	$13.36	+18.8%	PUT	767292105
MELI	MERCADOLIBRE INC	780	$1,571	1.7%	$2100.46	-1.6%	—	58733R102
ETOR	ETORO GROUP LTD	40,103	$1,409	1.5%	$59.93	-48.9%	—	G32089107
V	VISA INC	3,700	$1,298	1.4%	$321.67	+2.3%	PUT	92826C839
MS	MORGAN STANLEY	7,300	$1,296	1.4%	$120.52	+49.1%	PUT	617446448
IBIT	ISHARES BITCOIN TRUST ETF	23,650	$1,174	1.2%	$61.26	—	—	46438F101
BITF	BITFARMS LTD	456,100	$1,072	1.1%	$1.86	+32.2%	PUT	09173B107
GOOGL	ALPHABET INC	3,300	$1,033	1.1%	$201.73	+60.3%	PUT	02079K305
CIFR	CIPHER MINING INC	60,000	$886	0.9%	$10.20	+63.5%	PUT	17253J106
TSM	TAIWAN SEMICONDUCTOR MFG LTD	2,100	$638	0.7%	$206.98	—	PUT	874039100
FIGR	FIGURE TECHNOLOGY SOLUTIO	15,410	$629	0.7%	$38.84	+27.1%	—	349381103
MARA	MARA HOLDINGS INC	67,000	$602	0.6%	—	—	PUT	565788106
BLK	BLACKROCK INC	500	$535	0.6%	$1010.91	+8.6%	PUT	09290D101

Decreased Positions (11)

MU MICRON TECHNOLOGY INC 3.1%

Value ($000) $2,939 (-39.0%) Shares 8,699 (-48.4%) Est. Cost $127.82 Unrealized +202.8%

VRT VERTIV HOLDINGS CO 2.3%

Value ($000) $2,163 (-35.8%) Shares 8,630 (-58.5%) Est. Cost $119.25 Unrealized +67.6%

JPM JPMORGAN CHASE & CO 0.6%

Value ($000) $588 (-63.5%) Shares 2,000 (-60.0%) Est. Cost $241.40 Unrealized +29.0%

TSM TAIWAN SEMICONDUCTOR MANUFAC 1.8%

Value ($000) $1,685 (-35.0%) Shares 4,985 (-41.6%) Est. Cost $206.98 Unrealized —

POWL POWELL INDS INC 1.2%

Value ($000) $1,094 (-28.6%) Shares 2,021 (-58.0%) Est. Cost $253.93 Unrealized +85.5%

AMAT APPLIED MATLS INC 2.0%

Value ($000) $1,872 (-14.3%) Shares 5,477 (-35.6%) Est. Cost $180.78 Unrealized +80.6%

MA MASTERCARD INCORPORATED 1.1%

Value ($000) $999 (-20.4%) Shares 2,000 (-9.1%) Est. Cost $533.96 Unrealized +1.0%

VRT VERTIV HOLDINGS CO 1.1%

Value ($000) $1,002 (+23.7%) Shares 4,000 (-20.0%) Est. Cost $119.25 Unrealized +67.6%

AMAT APPLIED MATLS INC 1.1%

Value ($000) $1,025 (+17.4%) Shares 3,000 (-11.8%) Est. Cost $180.78 Unrealized +80.6%

LRCX LAM RESEARCH CORP 1.3%

Value ($000) $1,264 (-9.8%) Shares 5,914 (-27.7%) Est. Cost $80.49 Unrealized +180.7%

LRCX LAM RESEARCH CORP 0.7%

Value ($000) $641 (+13.5%) Shares 3,000 (-9.1%) Est. Cost $80.49 Unrealized +180.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	8,699 (-48.4%)	$2,939 (-39.0%)	3.1%	$127.82	+202.8%	COM	595112103
VRT	VERTIV HOLDINGS CO	8,630 (-58.5%)	$2,163 (-35.8%)	2.3%	$119.25	+67.6%	COM CL A	92537N108
JPM	JPMORGAN CHASE & CO	2,000 (-60.0%)	$588 (-63.5%)	0.6%	$241.40	+29.0%	PUT	46625H100
TSM	TAIWAN SEMICONDUCTOR MANUFAC	4,985 (-41.6%)	$1,685 (-35.0%)	1.8%	$206.98	—	SPONSORED ADS	874039100
POWL	POWELL INDS INC	2,021 (-58.0%)	$1,094 (-28.6%)	1.2%	$253.93	+85.5%	COM	739128106
AMAT	APPLIED MATLS INC	5,477 (-35.6%)	$1,872 (-14.3%)	2.0%	$180.78	+80.6%	COM	038222105
MA	MASTERCARD INCORPORATED	2,000 (-9.1%)	$999 (-20.4%)	1.1%	$533.96	+1.0%	PUT	57636Q104
VRT	VERTIV HOLDINGS CO	4,000 (-20.0%)	$1,002 (+23.7%)	1.1%	$119.25	+67.6%	PUT	92537N108
AMAT	APPLIED MATLS INC	3,000 (-11.8%)	$1,025 (+17.4%)	1.1%	$180.78	+80.6%	PUT	038222105
LRCX	LAM RESEARCH CORP	5,914 (-27.7%)	$1,264 (-9.8%)	1.3%	$80.49	+180.7%	COM NEW	512807306
LRCX	LAM RESEARCH CORP	3,000 (-9.1%)	$641 (+13.5%)	0.7%	$80.49	+180.7%	PUT	512807306

Unchanged Positions (2)

ETHA ISHARES ETHEREUM TR 0.9%

Value ($000) $823 Shares 52,015 Est. Cost $31.51 Unrealized —

JPM JPMORGAN CHASE & CO 2.1%

Value ($000) $1,986 Shares 6,753 Est. Cost $241.40 Unrealized +29.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ETHA	ISHARES ETHEREUM TR	52,015	$823	0.9%	$31.51	—	SHS	46438R105
JPM	JPMORGAN CHASE & CO	6,753	$1,986	2.1%	$241.40	+29.0%	COM	46625H100