Scenarios to invalidate or confirm the bear case

Alex Thorn talks to Beimnet Abebe (Galaxy Trading) about markets, macro and economic data, and bitcoin price predictions.

Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling Bitcoin (BTC), including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles that invest in Bitcoin (BTC).  If the value of such assets increases, those vehicles may benefit, and Galaxy’s service fees may increase accordingly. The valuation in this communication is based on technical, fundamental, and market analysis and not on any formal valuation method. For more information, please refer to Galaxy’s public filings and statements. Cryptocurrencies, including BTC, are inherently volatile and risky and ultimate market movements may not align with this statement. 

For additional risks related to digital assets, please refer to the risk factors contained in filings Galaxy Digital Inc. makes with the Securities and Exchange Commission (the “SEC”) from time to time, including in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 10, 2025, available at www.sec.gov. (http://www.sec.gov/)

This episode was recorded on Wednesday, January 7, 2025.

Participants, along with Galaxy, hold a financial interest in Bitcoin (BTC). Galaxy regularly engages in buying and selling Bitcoin (BTC), including hedging transactions, for its own proprietary accounts and on behalf of its counterparties. Galaxy also provides services to vehicles that invest in Bitcoin (BTC).  If the value of such assets increases, those vehicles may benefit, and Galaxy’s service fees may increase accordingly. The valuation in this communication is based on technical, fundamental, and market analysis and not on any formal valuation method. For more information, please refer to Galaxy’s public filings and statements. Cryptocurrencies, including BTC, are inherently volatile and risky and ultimate market movements may not align with this statement.

For additional risks related to digital assets, please refer to the risk factors contained in filings Galaxy Digital Inc. makes with the Securities and Exchange Commission (the “SEC”) from time to time, including in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 10, 2025, available at ⁠www.sec.gov⁠.

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