Galaxy Digital (GLXY) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for Galaxy Digital.

Analyst Coverage

Research analysts who have asked questions during Galaxy Digital earnings calls.

Joseph Vafi

Canaccord Genuity - Global Capital Markets

4 questions for GLXY

Also covers: ADV, ALIT, ASGN +20 more

Martin Toner

ATB Capital Markets

4 questions for GLXY

Also covers: BITF, DCBO, LSPD +3 more

Patrick Moley

Piper Sandler & Co.

4 questions for GLXY

Also covers: BGC, CBOE, CME +17 more

Bill Papanastasiou

Keefe, Bruyette & Woods (KBW)

3 questions for GLXY

Also covers: ARBK, BITF, BLSH +11 more

Chris Brendler

Rosenblatt Securities

3 questions for GLXY

Also covers: ABTC, BLSH, BULL +6 more

Devin Ryan

Citizens JMP

3 questions for GLXY

Also covers: AMTD, COIN, CRCL +20 more

James Yaro

Goldman Sachs

3 questions for GLXY

Also covers: COIN, CRCL, ETOR +11 more

Ed Engel

Compass Point

2 questions for GLXY

Also covers: AMBR, WULF

Garrett Roberts

Cantor Fitzgerald

2 questions for GLXY

Greg Lewis

BTIG

2 questions for GLXY

Also covers: BLBD, BORR, CLSK +7 more

James Faucette

Morgan Stanley

2 questions for GLXY

Also covers: ACN, ADP, AFRM +25 more

Joe Vafi

Canaccord Genuity Group Inc.

2 questions for GLXY

Also covers: BLND, CORZ, HIVE +1 more

Joseph Flynn

Compass Point Research & Trading, LLC

2 questions for GLXY

Also covers: BITF, CMPO, CORZ +3 more

Kwun Sum Lau

Oppenheimer

2 questions for GLXY

Also covers: CBOE, CLVT, CME +9 more

Michael Colonnese

H.C. Wainwright & Co.

2 questions for GLXY

Also covers: BITF, BTDR, BTM +7 more

Thomas Shinske

Cantor Fitzgerald

2 questions for GLXY

Also covers: APLD, BITF, CSGS +2 more

Brett Knoblauch

Cantor Fitzgerald & Co.

1 question for GLXY

Also covers: APLD, AVPT, BITF +19 more

Edward Engel

Compass Point Research & Trading, LLC

1 question for GLXY

Also covers: BULL, CAN, EXOD +2 more

Gregory Lewis

BTIG, LLC

1 question for GLXY

Also covers: BLBD, BTDR, CIFR +26 more

Jon Petersen

Jefferies

1 question for GLXY

Also covers: CORZ, CUBE, DLR +11 more

Mark Palmer

The Benchmark Company, LLC

1 question for GLXY

Also covers: CAN, DAVE, ICG +4 more

Matthew Galinko

Maxim Group

1 question for GLXY

Also covers: ADEA, ALMU, ARBE +12 more

Nick Giles

B. Riley Securities

1 question for GLXY

Also covers: AA, AMR, APLD +25 more

Patrick Mulvey

Piper Sandler

1 question for GLXY

William Nance

The Goldman Sachs Group, Inc.

1 question for GLXY

Also covers: AFRM, AMTD, AVDX +20 more

Latest news

Recent press releases and 8-K filings for GLXY.

Galaxy Digital Reports FY 2025 Financials, Expands Data Center Capacity, and Anticipates Crypto Legislation

GLXY

Earnings

New Projects/Investments

Guidance Update

Galaxy Digital reported a GAAP net loss of $241 million or $0.61 per share for full year 2025, but achieved $34 million of adjusted EBITDA for the same period. The digital assets operating segment generated record adjusted gross profit of $505 million in 2025, representing a 67% year-over-year growth from $303 million in 2024.
The company ended 2025 with $11.3 billion in total assets, over $3 billion in equity capital, and $2.6 billion of cash and stablecoins. This cash balance increased by approximately $700 million from Q3 due to $1.6 billion in net proceeds from a $1.3 billion exchangeable note issuance and a $325 million equity investment in Q4 2025.
Galaxy Digital's data center business, Helios, now has over 1.6 gigawatts of approved power capacity, including a recent 830 megawatts approval from ERCOT. The first data halls for CoreWeave are expected to be delivered by the end of Q1 2026, with revenue recognition under the lease agreement anticipated to start later in Q1 2026.
Despite a bear market in crypto, Galaxy's underlying digital assets business had a strong year, with record trading volumes and a growing loan book. CEO Mike Novogratz believes there is a 75%-80% chance of U.S. crypto legislation passing within the next 2-6 weeks, which is expected to accelerate on-chain activity and potential M&A.

1 day ago

Transcript

Galaxy Reports Q4 and Full-Year 2025 Financial Results

GLXY

Earnings

New Projects/Investments

For Q4 2025, Galaxy reported revenues and gains / (losses) from operations of $10,224,023 thousand, with a net loss of $(481,666) thousand and Adjusted EBITDA of $(517,547) thousand.
For the full year 2025, the company's revenues and gains / (losses) from operations were $61,355,667 thousand, resulting in a net loss of $(241,349) thousand and Adjusted EBITDA of $33,671 thousand.
The Digital Assets business segment demonstrated growth, with revenues from operations reaching $505 million and Adjusted EBITDA of $247 million for the full year 2025.
In its Data Centers segment, Galaxy secured a 15-year lease with CoreWeave for 526 MW of IT capacity, projected to generate over $1 billion in average annual revenue, with an additional 830 MW of uncontracted approved capacity as of January 15, 2026.
Galaxy's balance sheet includes significant digital asset and investment exposure, with Bitcoin holdings of $577 million and Venture & Fund Investments of $617 million. Its Asset Management business reported $3.6 billion in Alternatives and $5.0 billion in Staked Assets.

1 day ago

Presentation

Galaxy Digital Reports Q4 and Full Year 2025 Results, Highlights Data Center Expansion and Digital Asset Growth

GLXY

Earnings

New Projects/Investments

Demand Weakening

Galaxy Digital reported a GAAP net loss of $241 million or $0.61 per share for the full year 2025, which included approximately $160 million in one-time items, but achieved $34 million in adjusted EBITDA.
The digital assets operating segment's adjusted gross profit grew 67% year-over-year to $505 million in 2025.
The company's total assets reached $11.3 billion and equity capital exceeded $3 billion by year-end 2025, with cash and stablecoins increasing by $700 million in Q4 to $2.6 billion following $1.6 billion in net proceeds from strategic capital raises.
Galaxy Digital secured approval for an additional 830 megawatts of power capacity at its Helios campus, expanding total approved capacity to over 1.6 gigawatts, with revenue from the CoreWeave lease expected to commence in Q1 2026.
Despite a 10% decline in the total crypto market cap in 2025 and a 24% drop in Q4, the average loan book remained stable at $1.8 billion, and the company is prioritizing growth in on-chain credit and infrastructure solutions.

1 day ago

Transcript

Galaxy Reports Q4 and Full Year 2025 Results Amidst Digital Asset Market Decline, Expands Data Center Capacity

GLXY

Earnings

New Projects/Investments

Demand Weakening

For the full year 2025, Galaxy reported a GAAP net loss of $241 million or $0.61 per share, but achieved $34 million in adjusted EBITDA.
The digital assets operating segment generated a record adjusted gross profit of $505 million in 2025, marking a 67% year-over-year increase from $303 million in 2024.
The company ended 2025 with $11.3 billion in total assets, over $3 billion in equity capital, and $2.6 billion in cash and stablecoins, bolstered by approximately $1.6 billion in net proceeds from Q4 capital raises.
Galaxy received approval for an additional 830 MW of power capacity at its Helios campus, more than doubling its approved footprint to over 1.6 GW, with the first data hall for CoreWeave expected to be delivered in Q1 2026. Assets on platform (AOP) declined 15% quarter-over-quarter to $12 billion at year-end, and digital asset trading volumes decreased approximately 40% quarter-over-quarter, primarily due to digital asset price depreciation and softer market activity.

1 day ago

Transcript

Galaxy Digital Inc. Announces Fourth Quarter and Full Year 2025 Financial Results

GLXY

Earnings

Debt Issuance

New Projects/Investments

Galaxy Digital Inc. reported a net loss of $482 million for Q4 2025 and a full year 2025 net loss of $241 million, with diluted EPS of $(1.08) and $(0.61) respectively, primarily driven by the depreciation of digital asset prices.
As of December 31, 2025, the company's total equity stood at $3.0 billion and cash and stablecoins holdings were $2.6 billion.
For the full year 2025, Galaxy achieved adjusted gross profit of $426 million and adjusted EBITDA of $34 million.
Key 2025 highlights include successfully completing its reorganization and Nasdaq listing, delivering record trading adjusted gross profit in Global Markets, and growing total assets on platform to $12 billion with $2.0 billion of net inflows in Asset Management.
The company also strengthened its balance sheet by raising $325 million of equity capital and completing a $1.3 billion exchangeable senior notes offering to fund growth initiatives.

1 day ago

8-K

Galaxy Digital Announces Fourth Quarter and Full Year 2025 Financial Results

GLXY

Earnings

New Projects/Investments

Debt Issuance

Galaxy Digital reported a net loss of $482 million and diluted EPS of $(1.08) for Q4 2025, with a full year 2025 net loss of $241 million and diluted EPS of $(0.61).
As of December 31, 2025, the company maintained a strong balance sheet with total equity of $3.0 billion (up 38% year-over-year) and cash and stablecoins holdings of $2.6 billion (up 168% year-over-year).
The Asset Management & Infrastructure Solutions segment ended the year with $12 billion in total assets on platform, including $2.0 billion of net inflows in the Asset Management business.
Strategic developments include the successful completion of reorganization and Nasdaq listing, execution of 800 megawatts of long-term agreements with CoreWeave, and approval for an additional 830 megawatts power capacity at Helios, doubling total approved capacity to over 1.6 gigawatts.
The company also strengthened its balance sheet by raising $325 million in equity capital and completing a $1.3 billion exchangeable senior notes offering.

1 day ago

Press Release

Galaxy Digital secures approval for additional 830 MW at Helios data center campus

GLXY

New Projects/Investments

Galaxy Digital Inc. has secured approval from the Electric Reliability Council of Texas (ERCOT) for an additional 830 megawatts (MW) of computing demand at its Helios data center campus in West Texas.
This approval doubles the total ERCOT-approved and utility-contracted power capacity at Helios to over 1.6 gigawatts (GW).
The expansion is a significant step in the company's buildout of next-generation AI and high-performance computing (HPC) infrastructure.
Initial power delivery for the first phase of Helios is anticipated to begin in early 2026.

Jan 15, 2026, 2:18 PM

8-K

Galaxy Digital Secures Approval for Additional 830 MW at Helios Data Center Campus

GLXY

New Projects/Investments

Galaxy Digital has received ERCOT approval for an additional 830 megawatts (MW) of computing demand at its Helios data center campus in West Texas.
This approval doubles the campus's total ERCOT-approved and utility-contracted power capacity to over 1.6 gigawatts (GW).
The company has executed a service agreement with AEP Texas Inc. for this additional capacity, significantly advancing its buildout of next-generation AI and high-performance computing (HPC) infrastructure.
Construction for the first phase of Helios is underway, with initial power delivery expected in early 2026 under a long-term lease agreement with CoreWeave.

Jan 15, 2026, 2:15 PM

Press Release

Galaxy Digital announces initial closing of debut tokenized CLO

GLXY

Debt Issuance

New Projects/Investments

Product Launch

Galaxy Digital has successfully closed its debut tokenized collateralized loan obligation (CLO), Galaxy CLO 2025-1, which is tokenized on the Avalanche blockchain.
The CLO secured an approximately $50 million anchor allocation from Grove and has financed approximately $75 million in loans for Arch Lending to date, with a potential to scale up to $200 million.
The tokenized CLO's debt tranches carry a senior coupon of SOFR +570 bps and have an initial maturity of December 2026, with monthly distributions.

Jan 15, 2026, 12:00 PM

Press Release

Galaxy Digital Inc. Reports Strong Q3 2025 Financial Results and Asset Growth

GLXY

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Galaxy Digital Inc. reported a net income of $505.1 million and diluted EPS of $1.01 for Q3 2025, a significant improvement from a net loss of ($33.3 million) and diluted EPS of ($0.10) in Q3 2024.
The company's total assets increased to $11,522.7 million as of September 30, 2025, from $7,119.9 million on December 31, 2024, with Assets on Platform reaching $17 billion.
For the nine months ending September 30, 2025, Galaxy reported YTD Net Income of $240 million, YTD Adjusted Gross Profit of $824 million, and YTD Adjusted EBITDA of $551 million.
In May 2025, Galaxy reorganized to a U.S./Delaware incorporated firm and is now dual-listed on the TSX and Nasdaq.
The Asset Management & Infrastructure Solutions segment reported ETFs AUM of $3,903 million, Alternatives AUM of $4,859 million, and Assets Under Stake of $6,610 million in Q3 2025.