We advised Galaxy on the offering

Davis Polk advised Galaxy in connection with Galaxy Digital Holdings LP’s (GDH LP) Rule 144A offering of $1.3 billion aggregate principal amount of 0.50% exchangeable senior notes due 2031, which included $150 million aggregate principal amount of notes issued pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. The notes are exchangeable for shares of Class A common stock of Galaxy Digital Inc., the Nasdaq-listed parent company of GDH LP.

Galaxy intends to use the net proceeds from the offering to support growth across Galaxy’s core operating businesses and for general corporate purposes, which may include the repayment of the GDH LP’s existing exchangeable senior notes due 2026.

Based in New York City, Galaxy is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Galaxy is a trusted partner to more than 1,400 trading counterparties and more than 1,200 asset management clients, with more than 300 portfolio investments and approximately $9 billion in assets managed across its platform.

The Davis Polk capital markets team included partners Daniel P. Gibbons and Joseph A. Hall, counsel Joze Vranicar and associates Sakiko Nishida and Megan P. Phansalkar. The equity derivatives team included partner Randall Derek Walters and counsel Gregory E. Marchesini. Partner Patrick E. Sigmon provided tax advice. Counsel Sarah E. Kim provided 1940 Act advice. Counsel Chaoyuan (Charles) Shi provided ERISA advice. All members of the Davis Polk team are based in the New York office.

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