Galaxy Digital Capital Management GP LLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SNDK	SANDISK CORP	7,112	$1,688	1.8%	$200.29	0.0%	COM	80004C200
MELI	MERCADOLIBRE INC	780	$1,571	1.6%	$2100.46	0.0%	COM	58733R102
WULF	TERAWULF INC	116,373	$1,337	1.4%	$13.40	0.0%	COM	88080T104
ADBE	ADOBE INC	3,768	$1,319	1.4%	$340.09	0.0%	COM	00724F101
V	VISA INC	3,700	$1,298	1.3%	$318.51	+6.9%	PUT	92826C839
HUT	HUT 8 CORP	28,193	$1,295	1.3%	$44.08	0.0%	COM	44812J104
BITF	BITFARMS LTD	456,100	$1,072	1.1%	$1.48	+130.9%	PUT	09173B107
CLSK	CLEANSPARK INC	103,500	$1,047	1.1%	$11.77	+27.3%	PUT	18452B209
NVT	NVENT ELECTRIC PLC	8,942	$912	0.9%	$103.61	0.0%	SHS	G6700G107
AMAT	APPLIED MATLS INC	3,400	$874	0.9%	$180.78	+32.5%	PUT	038222105
MARA	MARA HOLDINGS INC	67,000	$602	0.6%	—	—	PUT	565788106
LRCX	LAM RESEARCH CORP	3,300	$565	0.6%	$80.49	+93.0%	PUT	512807306

Increased Positions (4)

GOOGL ALPHABET INC 4.5%

Value ($000) $4,280 (+84.3%) Shares 13,674 (+43.2%) Est. Cost $201.73 Unrealized +41.6%

CLSK CLEANSPARK INC 5.3%

Value ($000) $5,128 (-26.1%) Shares 506,746 (+5.9%) Est. Cost $11.77 Unrealized +27.3%

RIOT RIOT PLATFORMS INC 8.2%

Value ($000) $7,848 (-7.6%) Shares 619,438 (+38.8%) Est. Cost $12.66 Unrealized +35.1%

BITF BITFARMS LTD 4.6%

Value ($000) $4,431 (-7.8%) Shares 1,885,728 (+10.6%) Est. Cost $1.48 Unrealized +130.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	13,674 (+43.2%)	$4,280 (+84.3%)	4.5%	$201.73	+41.6%	CAP STK CL A	02079K305
CLSK	CLEANSPARK INC	506,746 (+5.9%)	$5,128 (-26.1%)	5.3%	$11.77	+27.3%	COM NEW	18452B209
RIOT	RIOT PLATFORMS INC	619,438 (+38.8%)	$7,848 (-7.6%)	8.2%	$12.66	+35.1%	COM	767292105
BITF	BITFARMS LTD	1,885,728 (+10.6%)	$4,431 (-7.8%)	4.6%	$1.48	+130.9%	COM	09173B107

Exited Positions (5)

IBIT ISHARES BITCOIN TRUST ETF 4.4%

Value ($000) $4,245 Shares 65,300 Est. Cost $61.26 Unrealized —

IREN IREN LIMITED 4.3%

Value ($000) $4,097 Shares 87,300 Est. Cost — Unrealized —

COIN COINBASE GLOBAL INC 1.8%

Value ($000) $1,737 Shares 5,148 Est. Cost $260.31 Unrealized +14.5%

FOUR SHIFT4 PMTS INC 1.8%

Value ($000) $1,686 Shares 21,783 Est. Cost $92.96 Unrealized -24.0%

META META PLATFORMS INC 1.1%

Value ($000) $1,048 Shares 1,427 Est. Cost $599.62 Unrealized +11.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	65,300	$4,245	4.4%	$61.26	—	PUT	46438F101
IREN	IREN LIMITED	87,300	$4,097	4.3%	—	—	PUT	Q4982L109
COIN	COINBASE GLOBAL INC	5,148	$1,737	1.8%	$260.31	+14.5%	—	19260Q107
FOUR	SHIFT4 PMTS INC	21,783	$1,686	1.8%	$92.96	-24.0%	—	82452J109
META	META PLATFORMS INC	1,427	$1,048	1.1%	$599.62	+11.3%	—	30303M102

Decreased Positions (31)

IBIT ISHARES BITCOIN TRUST ETF 1.2%

Value ($000) $1,174 (-89.4%) Shares 23,650 (-86.1%) Est. Cost $61.26 Unrealized —

CORZ CORE SCIENTIFIC INC NEW 11.9%

Value ($000) $11,423 (-39.8%) Shares 784,540 (-25.8%) Est. Cost $11.75 Unrealized +48.4%

RIOT RIOT PLATFORMS INC 1.6%

Value ($000) $1,586 (-70.2%) Shares 125,200 (-55.2%) Est. Cost $12.66 Unrealized +35.1%

CIFR CIPHER MINING INC 0.9%

Value ($000) $886 (-70.0%) Shares 60,000 (-74.4%) Est. Cost $5.68 Unrealized +211.0%

VRT VERTIV HOLDINGS CO 0.8%

Value ($000) $810 (-70.8%) Shares 5,000 (-72.8%) Est. Cost $119.25 Unrealized +45.6%

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.7%

Value ($000) $638 (-70.3%) Shares 2,100 (-72.7%) Est. Cost $206.98 Unrealized —

MU MICRON TECHNOLOGY INC 5.0%

Value ($000) $4,815 (+40.9%) Shares 16,871 (-17.4%) Est. Cost $127.82 Unrealized +79.4%

SOLZ VOLATILITY SHS TR 1.2%

Value ($000) $1,200 (-52.3%) Shares 94,211 (-17.2%) Est. Cost $22.12 Unrealized —

JPM JPMORGAN CHASE & CO. 2.2%

Value ($000) $2,157 (-36.9%) Shares 6,693 (-38.2%) Est. Cost $241.40 Unrealized +28.2%

BLK BLACKROCK INC 0.6%

Value ($000) $535 (-69.4%) Shares 500 (-66.7%) Est. Cost $1009.86 Unrealized +7.9%

AMAT APPLIED MATLS INC 2.3%

Value ($000) $2,184 (-35.3%) Shares 8,500 (-48.4%) Est. Cost $180.78 Unrealized +32.5%

JPM JPMORGAN CHASE & CO. 1.7%

Value ($000) $1,611 (-39.9%) Shares 5,000 (-41.2%) Est. Cost $241.40 Unrealized +28.2%

HOOD ROBINHOOD MKTS INC 0.4%

Value ($000) $407 (-71.6%) Shares 3,600 (-64.0%) Est. Cost $32.29 Unrealized +302.8%

MA MASTERCARD INCORPORATED 1.8%

Value ($000) $1,761 (-36.6%) Shares 3,085 (-36.8%) Est. Cost $531.81 Unrealized +5.1%

MA MASTERCARD INCORPORATED 1.3%

Value ($000) $1,256 (-41.9%) Shares 2,200 (-42.1%) Est. Cost $531.81 Unrealized +5.1%

MU MICRON TECHNOLOGY INC 1.2%

Value ($000) $1,199 (-42.7%) Shares 4,200 (-66.4%) Est. Cost $127.82 Unrealized +79.4%

HOOD ROBINHOOD MKTS INC 1.7%

Value ($000) $1,655 (-34.7%) Shares 14,630 (-17.3%) Est. Cost $32.29 Unrealized +302.8%

GOOGL ALPHABET INC 1.1%

Value ($000) $1,033 (-45.5%) Shares 3,300 (-57.7%) Est. Cost $201.73 Unrealized +41.6%

V VISA INC 1.8%

Value ($000) $1,770 (-32.3%) Shares 5,047 (-34.1%) Est. Cost $318.51 Unrealized +6.9%

ETHA ISHARES ETHEREUM TR 1.2%

Value ($000) $1,162 (-41.2%) Shares 51,788 (-17.4%) Est. Cost $31.51 Unrealized —

MS MORGAN STANLEY 1.8%

Value ($000) $1,736 (-28.2%) Shares 9,778 (-35.7%) Est. Cost $119.91 Unrealized +38.8%

BLK BLACKROCK INC 2.0%

Value ($000) $1,946 (-23.6%) Shares 1,818 (-16.8%) Est. Cost $1009.86 Unrealized +7.9%

MS MORGAN STANLEY 1.3%

Value ($000) $1,296 (-31.5%) Shares 7,300 (-38.7%) Est. Cost $119.91 Unrealized +38.8%

ETOR ETORO GROUP LTD 1.5%

Value ($000) $1,409 (-29.3%) Shares 40,103 (-17.0%) Est. Cost $59.93 Unrealized -35.6%

CIFR CIPHER MINING INC 4.6%

Value ($000) $4,395 (+13.5%) Shares 297,751 (-3.1%) Est. Cost $5.68 Unrealized +211.0%

TSM TAIWAN SEMICONDUCTOR MFG LTD 2.7%

Value ($000) $2,592 (-8.7%) Shares 8,531 (-16.1%) Est. Cost $206.98 Unrealized —

POWL POWELL INDS INC 1.6%

Value ($000) $1,532 (-13.7%) Shares 4,807 (-17.5%) Est. Cost $253.93 Unrealized +32.5%

VRT VERTIV HOLDINGS CO 3.5%

Value ($000) $3,370 (-6.6%) Shares 20,803 (-13.0%) Est. Cost $119.25 Unrealized +45.6%

LRCX LAM RESEARCH CORP 1.5%

Value ($000) $1,401 (-8.6%) Shares 8,184 (-28.5%) Est. Cost $80.49 Unrealized +93.0%

WLAC WILLOW LANE ACQUISITION CORP 1.4%

Value ($000) $1,331 (-8.5%) Shares 105,296 (-16.2%) Est. Cost $10.55 Unrealized +16.6%

FIGR FIGURE TECHNOLOGY SOLUTIO 0.7%

Value ($000) $629 (-6.7%) Shares 15,410 (-17.0%) Est. Cost $38.84 Unrealized +3.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	23,650 (-86.1%)	$1,174 (-89.4%)	1.2%	$61.26	—	SHS BEN INT	46438F101
CORZ	CORE SCIENTIFIC INC NEW	784,540 (-25.8%)	$11,423 (-39.8%)	11.9%	$11.75	+48.4%	COM	21874A106
RIOT	RIOT PLATFORMS INC	125,200 (-55.2%)	$1,586 (-70.2%)	1.6%	$12.66	+35.1%	PUT	767292105
CIFR	CIPHER MINING INC	60,000 (-74.4%)	$886 (-70.0%)	0.9%	$5.68	+211.0%	PUT	17253J106
VRT	VERTIV HOLDINGS CO	5,000 (-72.8%)	$810 (-70.8%)	0.8%	$119.25	+45.6%	PUT	92537N108
TSM	TAIWAN SEMICONDUCTOR MFG LTD	2,100 (-72.7%)	$638 (-70.3%)	0.7%	$206.98	—	PUT	874039100
MU	MICRON TECHNOLOGY INC	16,871 (-17.4%)	$4,815 (+40.9%)	5.0%	$127.82	+79.4%	COM	595112103
SOLZ	VOLATILITY SHS TR	94,211 (-17.2%)	$1,200 (-52.3%)	1.2%	$22.12	—	SOLANA ETF	92864M822
JPM	JPMORGAN CHASE & CO.	6,693 (-38.2%)	$2,157 (-36.9%)	2.2%	$241.40	+28.2%	COM	46625H100
BLK	BLACKROCK INC	500 (-66.7%)	$535 (-69.4%)	0.6%	$1009.86	+7.9%	PUT	09290D101
AMAT	APPLIED MATLS INC	8,500 (-48.4%)	$2,184 (-35.3%)	2.3%	$180.78	+32.5%	COM	038222105
JPM	JPMORGAN CHASE & CO.	5,000 (-41.2%)	$1,611 (-39.9%)	1.7%	$241.40	+28.2%	PUT	46625H100
HOOD	ROBINHOOD MKTS INC	3,600 (-64.0%)	$407 (-71.6%)	0.4%	$32.29	+302.8%	PUT	770700102
MA	MASTERCARD INCORPORATED	3,085 (-36.8%)	$1,761 (-36.6%)	1.8%	$531.81	+5.1%	CL A	57636Q104
MA	MASTERCARD INCORPORATED	2,200 (-42.1%)	$1,256 (-41.9%)	1.3%	$531.81	+5.1%	PUT	57636Q104
MU	MICRON TECHNOLOGY INC	4,200 (-66.4%)	$1,199 (-42.7%)	1.2%	$127.82	+79.4%	PUT	595112103
HOOD	ROBINHOOD MKTS INC	14,630 (-17.3%)	$1,655 (-34.7%)	1.7%	$32.29	+302.8%	COM CL A	770700102
GOOGL	ALPHABET INC	3,300 (-57.7%)	$1,033 (-45.5%)	1.1%	$201.73	+41.6%	PUT	02079K305
V	VISA INC	5,047 (-34.1%)	$1,770 (-32.3%)	1.8%	$318.51	+6.9%	COM CL A	92826C839
ETHA	ISHARES ETHEREUM TR	51,788 (-17.4%)	$1,162 (-41.2%)	1.2%	$31.51	—	SHS	46438R105
MS	MORGAN STANLEY	9,778 (-35.7%)	$1,736 (-28.2%)	1.8%	$119.91	+38.8%	COM NEW	617446448
BLK	BLACKROCK INC	1,818 (-16.8%)	$1,946 (-23.6%)	2.0%	$1009.86	+7.9%	COM	09290D101
MS	MORGAN STANLEY	7,300 (-38.7%)	$1,296 (-31.5%)	1.3%	$119.91	+38.8%	PUT	617446448
ETOR	ETORO GROUP LTD	40,103 (-17.0%)	$1,409 (-29.3%)	1.5%	$59.93	-35.6%	SHS CL A	G32089107
CIFR	CIPHER MINING INC	297,751 (-3.1%)	$4,395 (+13.5%)	4.6%	$5.68	+211.0%	COM	17253J106
TSM	TAIWAN SEMICONDUCTOR MFG LTD	8,531 (-16.1%)	$2,592 (-8.7%)	2.7%	$206.98	—	SPONSORED ADS	874039100
POWL	POWELL INDS INC	4,807 (-17.5%)	$1,532 (-13.7%)	1.6%	$253.93	+32.5%	COM	739128106
VRT	VERTIV HOLDINGS CO	20,803 (-13.0%)	$3,370 (-6.6%)	3.5%	$119.25	+45.6%	COM CL A	92537N108
LRCX	LAM RESEARCH CORP	8,184 (-28.5%)	$1,401 (-8.6%)	1.5%	$80.49	+93.0%	COM NEW	512807306
WLAC	WILLOW LANE ACQUISITION CORP	105,296 (-16.2%)	$1,331 (-8.5%)	1.4%	$10.55	+16.6%	ORD SHS CL A	G9675P102
FIGR	FIGURE TECHNOLOGY SOLUTIO	15,410 (-17.0%)	$629 (-6.7%)	0.7%	$38.84	+3.0%	COM CL A	349381103