Companies Galaxy Digital Inc.
Galaxy Digital (GLXY): executive pay, fiscal 2025
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CEO pay, last three years
- $7,651,727FY2025
CEO total pay was $7,651,727 in fiscal 2025; the brief holds no earlier figure for this CEO.
FY2025: salary $500,000 · bonus $2,920,400 · stock awards $1,102,265 · option awards $3,078,086
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Anthony Paquette | $400,000 | $2,037,800 | $4,068,038 | $7,049,295 | $0 | $0 | $47,949 | $13,603,082 |
| Chief Financial Officer | ||||||||
| Matthew Friedrich | 125,897 | 1,723,500 | 5,637,600 | 4,811,581 | 0 | 0 | 3,777 | 12,302,355 |
| Chief Legal Officer | ||||||||
| Michael Novogratz | 500,000 | 2,920,400 | 1,102,265 | 3,078,086 | 0 | 0 | 50,976 | 7,651,727 |
| Chief Executive Officer and Director | ||||||||
| Christopher Ferraro | 500,000 | 2,920,400 | 992,037 | 3,078,086 | 0 | 0 | 47,898 | 7,538,421 |
| President and Chief Investment Officer | ||||||||
| Erin Brown | 400,000 | 2,037,800 | 573,181 | 2,052,055 | 0 | 0 | 13,194 | 5,076,230 |
| Chief Operating Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Anthony Paquette | $13,603,082 | — | — | — |
| Matthew Friedrich | 12,302,355 | — | — | — |
| Michael Novogratz | 7,651,727 | — | — | — |
| Christopher Ferraro | 7,538,421 | — | — | — |
| Erin Brown | 5,076,230 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Compensation Committee's objective is to provide for an executive compensation program that attracts, motivates, and rewards leaders with the skills and experience necessary to successfully execute on our strategic plan in order to maximize stockholder value.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Semler Brossy |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Christopher Ferraro | OPTION | 2025-03-31 | — | — | 409,271 | — | $3,078,086 |
| Matthew Friedrich | RSU | 2025-09-08 | — | — | 240,000 | — | 5,637,600 |
| Christopher Ferraro | RSU | 2025-03-31 | — | — | 91,448 | — | 992,037 |
| Anthony Paquette | OPTION | 2025-03-31 | — | — | 325,000 | — | 2,350,725 |
| Erin Brown | RSU | 2025-03-31 | — | — | 52,837 | — | 573,181 |
| Matthew Friedrich | OPTION | 2025-09-08 | — | — | 100,000 | — | 1,678,372 |
| Michael Novogratz | OPTION | 2025-03-31 | — | — | 409,271 | — | 3,078,086 |
| Matthew Friedrich | OPTION | 2025-09-08 | — | — | 100,000 | — | 1,600,535 |
| Anthony Paquette | RSU | 2025-03-31 | — | — | 375,000 | — | 4,068,038 |
| Michael Novogratz | RSU | 2025-03-31 | — | — | 101,609 | — | 1,102,265 |
| Erin Brown | OPTION | 2025-03-31 | — | — | 272,847 | — | 2,052,055 |
| Matthew Friedrich | OPTION | 2025-09-08 | — | — | 100,000 | — | 1,532,674 |
| Anthony Paquette | OPTION | 2025-03-31 | — | — | 300,000 | — | 2,256,270 |
| Anthony Paquette | OPTION | 2025-03-31 | — | — | 350,000 | — | 2,442,300 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Christopher Ferraro | $992,037 | $0 | $3,078,086 | 0.0% |
| Matthew Friedrich | 5,637,600 | 0 | 4,811,581 | 0.0% |
| Anthony Paquette | 4,068,038 | 0 | 7,049,295 | 0.0% |
| Erin Brown | 573,181 | 0 | 2,052,055 | 0.0% |
| Michael Novogratz | 1,102,265 | 0 | 3,078,086 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Erin Brown | RSU | 52,837 | — | $1,181,435 |
| Christopher Ferraro | Option | 54,484 | 9.63 | — |
| Christopher Ferraro | RSU | 57,987 | — | 1,296,589 |
| Erin Brown | RSU | 70,881 | — | 1,584,899 |
| Erin Brown | RSU | 74,370 | — | 1,662,913 |
| Christopher Ferraro | RSU | 91,448 | — | 2,044,777 |
| Michael Novogratz | RSU | 101,609 | — | 2,271,977 |
| Erin Brown | Option | 108,967 | 9.63 | — |
| Christopher Ferraro | RSU | 120,600 | — | 2,696,616 |
| Michael Novogratz | RSU | 201,000 | — | 4,494,360 |
| Anthony Paquette | Option | 225,000 | 11.77 | — |
| Matthew Friedrich | RSU | 240,000 | — | 5,366,400 |
| Anthony Paquette | Option | 243,750 | 13.91 | — |
| Anthony Paquette | Option | 262,500 | 16.06 | — |
| Erin Brown | Option | 272,847 | 11.77 | — |
| Anthony Paquette | RSU | 281,250 | — | 6,288,750 |
| Christopher Ferraro | Option | 340,000 | 4.83 | — |
| Erin Brown | Option | 340,000 | 4.83 | — |
| Michael Novogratz | Option | 409,271 | 11.77 | — |
| Christopher Ferraro | Option | 409,271 | 11.77 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Douglas DeasonIndependent · Nominating and Corporate Governance | $40,000 | $650,000 | $0 | $0 | $0 | $690,000 |
| Bill KoutsourasIndependent · Lead Independent Director · Audit (Chair) · Nominating and Corporate Governance | 125,000 | 150,000 | 0 | 0 | 0 | 275,000 |
| Richard TavosoIndependent · Compensation (Chair) · Audit · Not standing for re-election | 107,500 | 150,000 | 0 | 0 | 0 | 257,500 |
| Jane DietzeIndependent · Audit · Compensation | 92,500 | 150,000 | 0 | 0 | 0 | 242,500 |
| Rhonda Adams-MedinaIndependent · Nominating and Corporate Governance (Chair) | 85,000 | 150,000 | 0 | 0 | 0 | 235,000 |
| Michael DaffeyNot independent · Board Chair | 37,500 | 150,000 | 0 | 0 | 0 | 187,500 |
| Michael NovogratzEmployee director | 0 | 0 | 0 | — | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $75,000 |
|---|---|
| Annual equity retainer | $150,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 20,000 / 10,000 |
| Stock ownership guideline | Lesser of 50,000 shares or 5x annual cash retainer ($375,000) within 5 years |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $487,500 |
| Equity awards (grant-date value) | $1,400,000 |
| All other compensation | $0 |
| Total cost of the board | $1,887,500 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Galaxy Digital as a peer
Companies that benchmark against GLXY
2 companies name GLXY as a compensation peer
- CLEANSPARK, INC.CLSKFY2025
- IREN LtdIRENFY2026
Each company listed discloses GLXY in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named GLXY in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Galaxy Digital Inc. | 2025 | Michael Novogratz | $500,000 | $1,102,265 | $3,078,086 | $0 | $7,651,727 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-28 | 256,939,983 | 15,237,120 | 235,514 | 94.32% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-28 | 94.32%a |
a. Approved under the standard stated in the filing — “Abstentions (shares present at the Annual Meeting and marked "ABSTAIN") will count as a vote against such proposal.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (31 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Anthony Paquette. DEF 14A, filed 2026-04-08. Section “2025 Summary Compensation Table”. As printed: 13,603,082. View filing ↗
- Section 01, Matthew Friedrich. DEF 14A, filed 2026-04-08. Section “2025 Summary Compensation Table”. As printed: 12,302,355. View filing ↗
- Section 01, Michael Novogratz. DEF 14A, filed 2026-04-08. Section “2025 Summary Compensation Table” · page 30. As printed: 7,651,727. View filing ↗
- Section 01, Christopher Ferraro. DEF 14A, filed 2026-04-08. Section “2025 Summary Compensation Table”. As printed: 7,538,421. View filing ↗
- Section 01, Erin Brown. DEF 14A, filed 2026-04-08. Section “2025 Summary Compensation Table”. As printed: 5,076,230. View filing ↗
- Section 03, Christopher Ferraro OPTION. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Matthew Friedrich RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Christopher Ferraro RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Anthony Paquette OPTION. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Erin Brown RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Matthew Friedrich OPTION. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Michael Novogratz OPTION. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Matthew Friedrich OPTION. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Anthony Paquette RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Michael Novogratz RSU. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Erin Brown OPTION. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Matthew Friedrich OPTION. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Anthony Paquette OPTION. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Anthony Paquette OPTION. DEF 14A, filed 2026-04-08. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-04-08. Section “CEO Pay Ratio”. As printed: —. View filing ↗
- Section 08, Douglas Deason. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 690,000. View filing ↗
- Section 08, Bill Koutsouras. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 275,000. View filing ↗
- Section 08, Richard Tavoso. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 257,500. View filing ↗
- Section 08, Jane Dietze. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 242,500. View filing ↗
- Section 08, Rhonda Adams-Medina. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 235,000. View filing ↗
- Section 08, Michael Daffey. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 187,500. View filing ↗
- Section 08, Michael Novogratz. DEF 14A, filed 2026-04-08. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-28. Item 5.07 · say-on-pay result. As reported: 94.32% (votes for as printed: 256,939,983). View filing ↗
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 487,500 + equity 1,400,000 + all other 0 = 1,887,500, summed across the director compensation table rows.
- Galaxy Digital Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Galaxy Digital Inc.'s own proxy. As printed: 7,651,727. View filing ↗