Galaxy Digital Inc. (GLXY)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$70.3B

Revenue growth

66.0%

Net income, last twelve months

-$337.7M

Operating margin

-2.3%

Net margin

-0.5%

Free cash flow

-$1.9B

Return on equity

-18.5%

Market value

$956

Cash

$895.7M

Debt

$2.8B

Debt to equity

1.55

Shares outstanding

50

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the Third Quarter 2026 results, filed 27 October 2026.

• Net income turned positive this quarter. Net income was $323 million, against a net loss of $85 million in the second quarter. Diluted EPS was $0.66 and adjusted EPS was $0.83.
• Adjusted EBITDA rose to $455 million. Adjusted gross profit was $569 million and adjusted EBITDA was $455 million, compared with $43 million and a $77 million loss in the second quarter.
• Investments appreciation cited as driver. The CEO attributed the quarter to the Digital Assets franchise, appreciation across the investments portfolio, and the growing Data Centers contribution.
• Digital Assets trading volumes rose 12%. Trading volumes grew 12% quarter over quarter while the broader spot market declined. Digital Assets adjusted gross profit was $71 million.
• Data Centers profit from first full quarter. Data Centers reported adjusted gross profit of $79 million and adjusted EBITDA of $69 million, reflecting the first full quarter of revenue-generating operations.
• Treasury and Corporate carried the gain. Treasury and Corporate adjusted gross profit was $419 million, against a $42 million loss in the second quarter. Adjusted EBITDA was $395 million.
• Loan book grew 27% on GOFR demand. Average loan book was $1.8 billion, up 27%, which the company linked to demand for GOFR and broader financing demand as market conditions improved.
• Assets under management up 46%. Combined assets under management and assets under stake were $10.4 billion at quarter end, up 46% quarter over quarter.
• Onchain yield fund drew inflows. Asset Management reported net inflows of over $160 million, helped by the end-of-quarter launch of the Galaxy Sharplink Onchain Yield Fund.
• BNY agreement covers staking and design. Galaxy agreed with BNY, which oversees more than $60 trillion in assets under custody, to advance digital asset infrastructure, including staking support.
• Impairment of digital assets declined. Impairment of digital assets was $102 million, against $181 million in the second quarter. The company excludes impairment from adjusted gross profit.
• Equity compensation added back to EBITDA. Adjusted EBITDA excludes equity-based compensation and related expense, which was $16 million in the quarter, along with notes interest and tax expense.
• Data Centers liabilities rose sharply. Data Centers total liabilities were $5.3 billion, against $1.5 billion in the second quarter. Total assets were $6.8 billion.
• Helios II tenant talks continue. The company continues discussions with prospective tenants for 830 MW of approved Helios II capacity not yet leased, and describes market dynamics as increasingly favorable.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

Company events

The newest 8-K filings of 30 held.

Every filing

The newest filings with the SEC of 148 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

382 funds held it at 30 Jun 2026: 191 added and 93 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Morgan Stanley (MS): revenue $78.0B, market value $299.2B
• Goldman Sachs Group Inc. (GS): revenue $66.2B, market value $270.0B
• BlackRock, Inc. (BLK): revenue $27.3B, market value $179.6B
• Charles Schwab Corp. (SCHW): revenue $26.0B, market value $153.5B
• Robinhood Markets, Inc. (HOOD): revenue $5.1B, market value $83.3B
• Interactive Brokers Group, Inc. (IBKR): revenue $6.9B, market value $37.6B
• Raymond James Financial Inc. (RJF): revenue $15.2B, market value $30.2B
• Nomura Holdings Inc. (NMR): revenue $14.4B, market value $26.5B
• SEI Investments Co. (SEIC): revenue $2.5B, market value $12.3B
• Jefferies Financial Group Inc. (JEF): revenue $8.5B, market value $10.9B

What the company does

Galaxy Digital Inc. is a financial services and infrastructure company focused on digital assets and high performance computing, which it abbreviates as HPC. The company reports two operating segments, Digital Assets and Data Centers, plus a Treasury and Corporate segment.

How the business is organised

Digital Assets contains two businesses: Global Markets, and Asset Management & Infrastructure Solutions. Data Centers develops HPC facilities for AI computing demand. Treasury and Corporate holds Galaxy's portfolio of digital assets, venture, private equity and fund investments. The bitcoin mining operations are reported in that segment too. Proprietary mining at the Helios site ended at the end of the first quarter of 2025, ahead of the data center conversion.

GDH LP is the operating partnership, and Galaxy Digital Inc. is its general partner. In May 2025 the company completed a reorganization that moved the former parent, Galaxy Digital Holdings Ltd, from the Cayman Islands to Delaware.

What the Digital Assets segment sells

Global Markets offers spot and over-the-counter derivatives trading, lending and structured products on a principal basis. Trading can be done by voice or electronically through an API or a graphical interface. Derivatives include options, futures, forwards and swaps. Lending covers loans backed by digital assets or cash, including margin lending, revolving credit facilities, collar loans and miner financing. An investment banking team advises on mergers and acquisitions and raises equity and debt capital.

The Asset Management business runs ETF and Alternatives strategies. The ETFs are spot digital asset products and active products, developed with partners in the United States, Canada, Brazil and Europe. Alternatives include a long-only token fund, a long-short hedge fund and a venture franchise that includes Galaxy Interactive.

Infrastructure Solutions covers staking, tokenization and custody technology. Galaxy runs validator nodes for eleven blockchain networks, including Ethereum and Solana. It offers tokenization across more than 20 blockchain networks. Its custody products include Impenetrable Vault, uMPC and Proxy Vault.

In October 2025 it launched GalaxyOne, a retail platform for individual investors. It works with Cross River Bank for deposit accounts, DriveWealth for equities and Paxos for crypto trading.

Helios and the Data Centers segment

The Helios campus is in the panhandle region of West Texas. It is being retrofitted in phases for CoreWeave, which provides cloud computing for AI and other HPC uses. Under a 15-year lease signed in April 2025, the first 133 MW of critical IT load uses approximately 200 MW of gross power capacity. The company says it expects the full 133 MW to be delivered by the end of the first half of 2026.

CoreWeave exercised options for further phases. The Phase II Lease covers an additional 260 MW and the Phase III Lease covers an additional 133 MW. The company says these are expected to bring CoreWeave's contracted capacity to 526 MW of critical IT load by 2028.

The Electric Reliability Council of Texas, or ERCOT, has approved over 1.6 GW of gross power capacity at Helios. Of that, 830 MW is available to be contracted. The company says it does not yet earn revenue from this segment.

Who it serves

Digital Assets clients include institutional allocators, asset managers, hedge funds, family offices and high-net-worth individuals. Investment banking clients are public and private companies and startups in the digital assets sector. Banks, trust companies, custodians and asset managers use the self-custody technology.

How it makes money

Global Markets earns spreads on client trades, net interest from lending, and fees from advisory and capital raising. Asset Management earns management fees on assets under management and performance fees on some Alternatives strategies. Staking brings in fees on assets staked to Galaxy's validators. Galaxy keeps between 5% and 10% of rewards earned on third-party assets as of 31 December 2025. Licensing fees come from institutions using its custody technology.

Sales of digital assets make up most of reported revenue. Bitcoin was approximately 53% of those sales in 2025 and ether approximately 13%. Bitcoin, ether and tether together were 85%. In Data Centers, the company says it expects most revenue to come from long-term leases with cloud service providers.

Competition and regulation

The trading business competes with OTC brokers, derivatives platforms, prime brokers and decentralized finance platforms. Investment banking competes with boutique advisory firms and global banks. Data Centers competes with traditional data center operators, cloud providers and former crypto miners. Competition there centers on access to large-scale power, connectivity, cooling and location.

Galaxy has three FINRA-registered broker-dealers: Galaxy Digital Partners LLC, Galaxy Securities, LLC and FIN2, LLC. Galaxy Digital Capital Management LP is an SEC-registered investment adviser. Galaxy Derivatives LLC is a registered swap dealer. Galaxy DBL LLC is a CFTC-regulated commodity trading advisor and commodity pool operator and a National Futures Association member. Galaxy Digital UK Limited is regulated by the U.K. Financial Conduct Authority. Galaxy Bahamas Ltd. is registered under the Bahamas DARE Act.

A Token Committee of senior executives approves each new digital asset and sorts it into a "No Restrictions" or "Non-U.S." category. This decides whether Galaxy may transact in it with U.S. clients.

Its people

Of the more than 700 full-time employees, approximately 530 are in the United States. None are represented by a labor organization or covered by a collective bargaining arrangement.

*From Galaxy's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1859392/000185939226000016/glxy-20251231.htm)*

From the company's 10-K.