Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-28

Galaxy Digital (GLXY)

CEO Michael Novogratz was paid $7,651,727 in fiscal year 2025 (SEC filing 0001859392-26-000037 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$13,603,082
Anthony Paquette total, FY2025
Chief Financial Officer — highest-paid officer; CEO Michael Novogratz: $7,651,727
—
CEO (Michael Novogratz) pay percentile vs peers
—
CEO-to-median pay ratio
94.32%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Michael Novogratz (Chief Executive Officer and Director), FY2025 total compensation $7,651,727 (base salary $500,000) [exec_comp, SEC accession 0001859392-26-000037, filed 2026-04-08]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

GLXY's next annual pay disclosure, estimated April 8, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Anthony Paquette$400,000$2,037,800$4,068,038$7,049,295$0$0$47,949$13,603,082
Chief Financial Officer
Matthew Friedrich125,8971,723,5005,637,6004,811,581003,77712,302,355
Chief Legal Officer
Michael Novogratz500,0002,920,4001,102,2653,078,0860050,9767,651,727
Chief Executive Officer and Director
Christopher Ferraro500,0002,920,400992,0373,078,0860047,8987,538,421
President and Chief Investment Officer
Erin Brown400,0002,037,800573,1812,052,0550013,1945,076,230
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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Anthony Paquette$13,603,082———
Matthew Friedrich12,302,355———
Michael Novogratz7,651,727———
Christopher Ferraro7,538,421———
Erin Brown5,076,230———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against GLXY
2 companies name GLXY as a compensation peer

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.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Anthony PaquetteCFO$13,603,082
Christopher FerraroPresident$7,538,421
Erin BrownCOO$5,076,230
Matthew FriedrichGeneral Counsel$12,302,355
Michael NovogratzCEO$7,651,727
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Bill KoutsourasLead Independent Director$275,000
Douglas DeasonIndependent Director$690,000
Jane DietzeIndependent Director$242,500
Michael DaffeyChair of the Board$187,500
Rhonda Adams-MedinaIndependent Director$235,000
Richard TavosoIndependent Director$257,500
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Christopher FerraroOPTION2025-03-31——409,271—$3,078,086
Matthew FriedrichRSU2025-09-08——240,000—5,637,600
Christopher FerraroRSU2025-03-31——91,448—992,037
Anthony PaquetteOPTION2025-03-31——325,000—2,350,725
Erin BrownRSU2025-03-31——52,837—573,181
Matthew FriedrichOPTION2025-09-08——100,000—1,678,372
Michael NovogratzOPTION2025-03-31——409,271—3,078,086
Matthew FriedrichOPTION2025-09-08——100,000—1,600,535
Anthony PaquetteRSU2025-03-31——375,000—4,068,038
Michael NovogratzRSU2025-03-31——101,609—1,102,265
Erin BrownOPTION2025-03-31——272,847—2,052,055
Matthew FriedrichOPTION2025-09-08——100,000—1,532,674
Anthony PaquetteOPTION2025-03-31——300,000—2,256,270
Anthony PaquetteOPTION2025-03-31——350,000—2,442,300
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Christopher Ferraro$992,037$0$3,078,0860.0%
Matthew Friedrich5,637,60004,811,5810.0%
Anthony Paquette4,068,03807,049,2950.0%
Erin Brown573,18102,052,0550.0%
Michael Novogratz1,102,26503,078,0860.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Matthew FriedrichRSU240,000—$5,366,400
Erin BrownRSU52,837—1,181,435
Christopher FerraroRSU91,448—2,044,777
Erin BrownOption108,9679.63—
Anthony PaquetteRSU281,250—6,288,750
Erin BrownRSU70,881—1,584,899
Michael NovogratzOption409,27111.77—
Michael NovogratzRSU201,000—4,494,360
Christopher FerraroRSU120,600—2,696,616
Erin BrownRSU74,370—1,662,913
Christopher FerraroOption54,4849.63—
Christopher FerraroOption340,0004.83—
Erin BrownOption272,84711.77—
Anthony PaquetteOption262,50016.06—
Anthony PaquetteOption225,00011.77—
Anthony PaquetteOption243,75013.91—
Christopher FerraroOption409,27111.77—
Erin BrownOption340,0004.83—
Michael NovogratzRSU101,609—2,271,977
Christopher FerraroRSU57,987—1,296,589
05

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 consultantSemler Brossy
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-28256,939,98315,237,120235,51494.32%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 yearMeeting dateApproval — company's computation
20262026-05-2894.32%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.

07

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
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 Governance125,000150,000000275,000
Richard TavosoIndependent · Compensation (Chair) · Audit · Not standing for re-election107,500150,000000257,500
Jane DietzeIndependent · Audit · Compensation92,500150,000000242,500
Rhonda Adams-MedinaIndependent · Nominating and Corporate Governance (Chair)85,000150,000000235,000
Michael DaffeyNot independent · Board Chair37,500150,000000187,500
Michael NovogratzEmployee director000—00
09

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 / 25,000 / 10,000
Stock ownership guidelineLesser of 50,000 shares or 5x annual cash retainer ($375,000) within 5 years
09b

Total cost of the board

ComponentFY2025
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.

10b

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.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Galaxy Digital2025Michael 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.

10d

Frequently asked questions

Who was the highest-paid executive at Galaxy Digital in fiscal 2025?
As disclosed, Anthony Paquette (Chief Financial Officer) was the highest-paid executive at Galaxy Digital in fiscal 2025, with total compensation of $13,603,082.
How did shareholders vote on Galaxy Digital's executive compensation?
As disclosed, 94.32% of shareholders supported Galaxy Digital's executive compensation in the latest say-on-pay vote.
How much does Galaxy Digital spend in total on board compensation for fiscal 2025?
As disclosed, Galaxy Digital reported total board compensation of $1,887,500 for fiscal 2025.

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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Anthony PaquetteDEF 14A2026-04-080001859392-26-000037Section “2025 Summary Compensation Table”. As printed: 13,603,082. Filing ↗machine: r5 · c21 · span 377925–377935
2Section 01, Matthew FriedrichDEF 14A2026-04-080001859392-26-000037Section “2025 Summary Compensation Table”. As printed: 12,302,355. Filing ↗machine: r12 · c21 · span 391639–391649
3Section 01, Michael NovogratzDEF 14A2026-04-080001859392-26-000037Section “2025 Summary Compensation Table”. As printed: 7,651,727. Filing ↗machine: r2 · c21 · span 372282–372291
4Section 01, Christopher FerraroDEF 14A2026-04-080001859392-26-000037Section “2025 Summary Compensation Table”. As printed: 7,538,421. Filing ↗machine: r6 · c21 · span 380157–380166
5Section 01, Erin BrownDEF 14A2026-04-080001859392-26-000037Section “2025 Summary Compensation Table”. As printed: 5,076,230. Filing ↗machine: r9 · c21 · span 385772–385781
6Section 03, Christopher Ferraro OPTIONDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t26 · r5 · c8 · span 329468–329477
7Section 03, Matthew Friedrich RSUDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r12 · c10 · span 462889–462898
8Section 03, Christopher Ferraro RSUDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r8 · c10 · span 457213–457220
9Section 03, Anthony Paquette OPTIONDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r6 · c10 · span 454368–454377
10Section 03, Erin Brown RSUDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r10 · c10 · span 460047–460054
11Section 03, Matthew Friedrich OPTIONDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r13 · c10 · span 464272–464281
12Section 03, Michael Novogratz OPTIONDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r3 · c10 · span 450142–450151
13Section 03, Matthew Friedrich OPTIONDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r14 · c10 · span 465655–465664
14Section 03, Anthony Paquette RSUDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r4 · c10 · span 451602–451611
15Section 03, Michael Novogratz RSUDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r2 · c10 · span 448756–448765
16Section 03, Erin Brown OPTIONDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r11 · c10 · span 461428–461437
17Section 03, Matthew Friedrich OPTIONDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r15 · c10 · span 467390–467399
18Section 03, Anthony Paquette OPTIONDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r5 · c10 · span 452985–452994
19Section 03, Anthony Paquette OPTIONDEF 14A2026-04-080001859392-26-000037Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t29 · r7 · c10 · span 455751–455760
20Section 07, pay ratioDEF 14A2026-04-080001859392-26-000037Section “CEO Pay Ratio”. As printed: —. Filing ↗
21Section 08, Douglas DeasonDEF 14A2026-04-080001859392-26-000037Section “Director Compensation”. As printed: 690,000. Filing ↗machine: t10 · r5 · c5 · span 187016–187247
22Section 08, Bill KoutsourasDEF 14A2026-04-080001859392-26-000037Section “Director Compensation”. As printed: 275,000. Filing ↗machine: t10 · r3 · c5 · span 184825–185056
23Section 08, Richard TavosoDEF 14A2026-04-080001859392-26-000037Section “Director Compensation”. As printed: 257,500. Filing ↗machine: t10 · r7 · c5 · span 189360–189623
24Section 08, Jane DietzeDEF 14A2026-04-080001859392-26-000037Section “Director Compensation”. As printed: 242,500. Filing ↗machine: t10 · r6 · c5 · span 188106–188337
25Section 08, Rhonda Adams-MedinaDEF 14A2026-04-080001859392-26-000037Section “Director Compensation”. As printed: 235,000. Filing ↗machine: t10 · r4 · c5 · span 185923–186154
26Section 08, Michael DaffeyDEF 14A2026-04-080001859392-26-000037Section “Director Compensation”. As printed: 187,500. Filing ↗machine: t10 · r2 · c5 · span 183705–183936
27Section 08, Michael NovogratzDEF 14A2026-04-080001859392-26-000037Section “Director Compensation”. As printed: 0. Filing ↗
28Section 06, 2026 voteForm 8-K2026-05-280001859392-26-000060Item 5.07 · say-on-pay result. As reported: 94.32% (votes for as printed: 256,939,983). Filing ↗
29Section 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).machine: formula: sums + PSU ratio
30Section 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.machine: formula: Σ = 1,887,500
31Galaxy Digital (subject), Section 10b CEO totalDEF 14A2026-04-080001859392-26-000037CEO total compensation as printed in Galaxy Digital's own proxy. As printed: 7,651,727. Filing ↗machine: r2 · c21 · span 372282–372291

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