Revenue

Increased by 39% YoY (from $9.34 billion in Q1 2024 to $12.98 billion in Q1 2025) " " "

Higher digital asset sales—driven by rising Bitcoin prices and increased volume—boosted overall revenue, although this was partially offset by shifts in revenue mix such as lower fee revenue. The change reflects a transition from Q1 2024’s reliance on traditional digital asset sales to a more diversified revenue base in Q1 2025. " " "

Digital Asset Sales Revenue

Increased by $3.6 billion (39% growth) " " "

Digital asset sales surged due to both higher overall trading volumes and favorable pricing. Notably, while Bitcoin’s share dropped from 70% to 49%, Ether increased from 13% to 19%, indicating a more diversified asset sales mix compared to Q1 2024. " " "

Fee Revenue

Decreased by 59% (from $28.1 million to $11.5 million) " " "

Fee revenue declined largely because the Helios hosting services were eliminated as the facility began its conversion into a data center, coupled with lower fees from managing the liquidated FTX estate assets compared to Q1 2024. " " "

Blockchain Rewards Revenue

Increased by 592% (from $10.3 million to $71.1 million) " " "

Blockchain rewards revenue expanded dramatically with the launch of Galaxy’s proof-of-stake (PoS) validation infrastructure, resulting in markedly higher validator operation revenue compared to the previous period. " " "

Lending Revenue

Increased by 64% (from $16.8 million to $27.4 million) " " "

Lending revenue growth was driven by increased margin lending activity and new structured lending solutions, benefiting from a higher demand from both new and existing clients relative to Q1 2024. " " "

Net Income / Net Loss

Switched from a net income of $388.1 million in Q1 2024 to a net loss of $295.4 million in Q1 2025 " " "

Net income deteriorated in Q1 2025 due to a reversal in gains on digital assets and investments—digital assets swung from a gain of $346.4 million to a loss of $364.6 million, and investment gains fell sharply. This, together with significantly higher operating expenses, notably a 340% rise in general & administrative costs, contributed to the net loss. " " "

Operating Expenses

General & administrative expenses increased by 340% YoY " " "

Operating costs escalated considerably in Q1 2025 due to higher expenses related to restructuring initiatives, increased transactional costs, and investments in technology upgrades, contrasting with lower expense levels in the previous period. " " "

Segment Figures (Resegmentation Impact)

Digital Assets segment saw a 36% decline in adjusted gross profit; Treasury incurred a $57M impairment and $392M operating loss; Data Centers recorded a $2.9M operating loss " " "

Restructuring and reporting changes—including the resegmentation into Digital Assets, Data Centers, and Treasury & Corporate, as well as the transition to U.S. GAAP—resulted in significant shifts. The Digital Assets segment suffered from digital asset price depreciation and lower trading activity, while the Treasury segment was impacted by wind-down costs from mining operations at Helios, marking a marked departure from prior period presentations. " " "

Growth in Asset Management

Q3 2025 and beyond

no prior guidance [N/A]

expects recurring income growth with the addition of approximately $2 billion in assets " "

no prior guidance

Data Center Expansion

Q3 2025 and beyond

Expansion of Helios Campus: plans to scale up to 800 MW of gross power capacity with an additional 1.7 GW under study "

Helios site being developed into a 3.5‐gigawatt facility with CoreWeave committed to 800 megawatts " "

raised

Bitcoin Mining Operations

Q3 2025 and beyond

no prior guidance [N/A]

Anticipates a total mining capacity of approximately 1.8 exahash per second generating >$30 million in annual revenue "

no prior guidance

Institutional Engagement

Q3 2025 and beyond

no prior guidance [N/A]

Tracking one of the strongest institutional onboarding pipelines to date "

no prior guidance

On-Chain Capital Markets

Q3 2025 and beyond

no prior guidance [N/A]

Investing in early-stage strategies around capital raising on-chain "

no prior guidance

Macro Outlook for Crypto

Q3 2025 and beyond

no prior guidance [N/A]

Expressed optimism about the macroeconomic backdrop for Bitcoin and crypto "

no prior guidance

Data Center Expansion

Transformation of the Helios campus from Bitcoin mining to an AI/HPC facility; execution of long-term lease agreements with CoreWeave and phased retrofits with advanced cooling and power infrastructure " " " " " "

Expanded partnership with CoreWeave with detailed plans for additional capacity, modular electrical infrastructure, and accelerated execution including legacy bitcoin machine sales " "

More granular execution details, accelerated timelines, and a sharper focus on AI/HPC transformation with plans for future expansion

Digital Asset Operations, Treasury and Tokenization Initiatives

Consolidation of digital assets with restructuring of crypto operations, robust asset management and staking performance, and early-stage tokenization strategies including stablecoin and tokenized assets planning " " " " " "

Strong digital asset performance with modest staking revenue decline, increased treasury support through integrated platforms, and continued focus on tokenization (e.g. euro stablecoin launch) " " " "

Ongoing growth and diversification amid market volatility with cautious optimism in tokenization and treasury initiatives

Regulatory Environment and Legislative Dynamics

Mixed sentiment with significant regulatory uncertainty, legislative gridlock, and concerns over delayed crypto legislation including the Genius Act, offset by early signs of regulatory tailwinds and improved stablecoin/tokenization outlook " " " " "

Emphasis on improved regulatory clarity and institutional infrastructure with reference to the Genius Act and SEC initiatives, while maintaining focus on evolving tokenization rules " " "

A shift from pronounced uncertainty to a more optimistic, integration-focused outlook while still monitoring regulatory hurdles

Capital Markets, NASDAQ Uplisting and Financing Strategies

Emphasis on the transition to a U.S. public company with NASDAQ listing, robust project-level and corporate financing efforts for data center projects, and evolving access to capital markets including diverse debt and equity approaches " " " " "

Completion of NASDAQ listing, a significant common equity raise ($500M), and disciplined project-level debt financing to support data center build-out and balance sheet management " " "

Continued leveraging of capital markets post-uplisting with reinforced financing strategies for growth and infrastructure investments

CoreWeave Partnership and Client Concentration Risk

Very positive long-term 15-year partnership with CoreWeave, with discussions on expanding capacity and mitigating client concentration through diversification of tenant base " " " "

Expanded and detailed CoreWeave partnership focusing on executing the Helios transformation along with recognition of concentration risk and plans for broader client diversification " " " "

Reinforced partnership with strong results while actively managing client concentration through purposeful diversification planning

Crypto Market Volatility and Its Impact on Earnings

Notable market downturns with significant losses from exposure to declining crypto prices and balance sheet impacts in Q1 and Q4, though diversification efforts (like staking and new data center revenue streams) began to offset volatility " " " "

Modest decline in staking revenues, ETF net outflows, and ongoing impact on asset management margins, highlighting that volatility remains a factor despite recovery signals in other areas " "

Continued challenges from market volatility with mixed performance; diversification is gradually mitigating risks but exposure remains evident

Derivatives Trading and Capital Markets Business Expansion

Robust growth in derivatives and counterparty trading with record notional volumes and expanding product offerings across Q3 and Q4; strong momentum from increased institutional participation " " "

No specific discussion of derivatives trading was noted in the current period’s call, suggesting this topic received less focus compared to previous periods

A diminished focus on derivatives trading in Q2, likely reflecting a shift in strategic priorities toward infrastructure and core operational initiatives

CapEx Management and Execution Risks in Data Center Build-Out

Discussion of phased retrofits vs. greenfield construction, detailed CapEx estimates per megawatt, and strategies to mitigate execution risks via project-level financing and collaborative design with partners, evident across Q1, Q3, and Q4 " " " " " "

Detailed disclosure of CapEx per megawatt, modular approach to electrical and infrastructural systems, and emphasis on execution risk mitigation through partnerships (e.g. with Clayco) with clear timelines for Phase One and Two " " "

Increased granularity and clarity in managing CapEx and execution risks, showcasing a more robust project execution strategy and improved risk management techniques

Legacy Crypto Regulatory Concerns (e.g., Genius Act)

Significant focus on legislative gridlock and high uncertainty with the Genius Act, with concerns over national security and bipartisan challenges leading to a lower chance of passing crypto-friendly laws "

The narrative shifted toward embracing improved regulatory clarity and integration between traditional finance and crypto, with less emphasis on older regulatory concerns such as the Genius Act " "

A move from heavy focus on legacy regulatory concerns to a forward-looking stance that prioritizes integration and clearer legislative direction