Billionaire founder of Galaxy Digital blames ‘misinformation’ for environmental concerns

Michael Novogratz says Galaxt Digital now derives 80% of its crypto mining from renewable energy © Victor J. Blue/Bloomberg

Galaxy Digital Holdings Ltd. (TSX: GLXY) (“Galaxy Digital” or “the Company”), a financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sectors, today announced the launch of the Company’s Sustainability Program and Strategy (“the Program”). The Program underscores Galaxy Digital’s commitment to responsible environmental practices, a robust corporate governance strategy and an equitable, inclusive environment for employees.

“We strive to drive systems change through technology, and as we continue to scale our business globally, we are committed to operating firmwide consistently with environmental, social, and governance (“ESG”) best practices. To this end, we are pleased to announce Galaxy Digital’s Sustainability Program. We look forward to sharing our first sustainability report in the second half of 2022 and will keep stakeholders updated throughout our program evolution,” said Mike Novogratz, Founder and Chief Executive Officer of Galaxy Digital.

Galaxy Digital’s Sustainability Program is focused on three key tenets:

Environmental

Galaxy Digital is committed to actively managing and improving its environmental and carbon footprint by integrating sustainable practices into its global business and increasing the use of sustainable energy across the company, with a particular focus on mining.

The Program builds upon the Company’s previously announced commitment to achieve an over-80% sustainable power mix across mining operations in a three-year target. In the third quarter of 2021, Galaxy Digital Mining utilized electricity with an over-80% sustainable electricity mix.

The Company is a founding member of the Bitcoin Mining Council (“BMC”) and is working with the BMC to promote transparency around energy usage for mining, educate the public on the benefits of Bitcoin and Bitcoin mining, and share best practices with peers in the mining community.

Galaxy Digital’s New York and Chicago offices, where a majority of the Company’s workforce resides, hold LEED Gold Certifications and WELL Health Safety Ratings, are equipped with EnergyStar and WaterSense fixtures that help minimize energy and water intensity, and have established paper, plastic, and electronic waste reduction strategies.

Social

Galaxy Digital operates in an innovative and dynamic industry, and remains focused on fostering a diverse, equitable, and inclusive environment for its people, stakeholders, clients, and communities.

The Company is committed to cultivating opportunities that best serve its employees, and has implemented robust strategies to ensure diverse hiring, development, advancement, and retention, along with the offering of competitive compensation and benefits. Galaxy Digital’s Diversity, Equity, and Inclusion (“DE&I”) strategy is overseen by the Board of Directors, ESG Steering Committee, and a dedicated DE&I Committee.

Governance

Galaxy Digital established a structured corporate governance approach to advance the Sustainability Program and Strategy and ensure strong oversight.

The Sustainability Program is overseen by the Company’s Board of Directors and its Compensation, Corporate Governance and Nominating (“CCGN”) Committee. The Program is supported by an ESG Steering Committee, comprised of senior executives across the Company’s business lines and corporate functions, responsible for program implementation and continuous improvement of ESG initiatives. The Steering Committee is supported by a dedicated ESG Working Group.

Galaxy Digital recently completed its first ESG materiality assessment to identify and prioritize focus areas, shape the Program strategy, and ensure that future reporting addresses ESG issues of greatest importance. Assessment results will be evaluated on an ongoing basis, and the Company’s first sustainability report will be published in the second half of 2022.

Source: Galaxy Digital Holdings Ltd.