Galaxy and Sharplink Plan to Launch First of its Kind, Institutional Onchain Yield Fund with $125 Million in Commitments

Partnership and Fund Launch Details

• Galaxy Digital entered a non-binding memorandum of understanding with Sharplink to launch the Galaxy Sharplink Onchain Yield Fund, LP.
• Total commitments secured at $125 million: $100 million from Sharplink's staked Ethereum treasury and $25 million from Galaxy Digital.
• Investment strategy focuses on decentralized finance (DeFi) liquidity protocols and onchain yield-generating strategies.
• Launch is planned for the coming weeks, subject to definitive documentation.

Significance of Announcement

• The $125 million commitment is material in absolute terms but represents approximately 4% of Galaxy's total equity ($3 billion), limiting immediate stock price impact relative to company size.
• Status as a non-binding MOU introduces execution risk; definitive documentation has not yet been signed, meaning the deal could still fall through or change terms.
• Deployment of $25 million from Galaxy capital indicates management confidence but does not represent new external equity raising or debt reduction.

Business Model

• Galaxy Digital operates across three main segments: Global Markets (trading/lending), Asset Management & Infrastructure Solutions, and Data Centers.
• Flagship Project: Helios Data Center Campus in Texas.
• Phase I: 133 MW critical IT load leased to CoreWeave; deliveries expected H1 2026.
• Phase II: 260 MW greenfield development underway, deliveries expected H1 2027.
• Total Approved Capacity: Over 1.6 GW following ERCOT approval in January 2026.