Galaxy Announces Fourth Quarter and Full Year 2025 Financial Results

NEW YORK, Feb. 3, 2026 /PRNewswire/ - Galaxy Digital Inc. (NASDAQ:GLXY) (TSX:GLXY) (the "Company" or "GDI") today released financial results for the fourth quarter and year ended December 31, 2025. In this press release, a reference to "Galaxy", "we", "our" and similar words refers to GDI, its subsidiaries and affiliates, and, prior to the Reorganization Transactions, refers to Galaxy Digital Holdings LP (the "Partnership" or "GDH LP"), its subsidiaries and affiliates, or any one of them, as the context requires.¹

— Financial Highlights

• Q4 2025 net loss of $482 million, diluted EPS of $(1.08), and adjusted EPS of $(1.08), driven primarily by the depreciation of digital asset prices in the quarter.²
• Full year 2025 net loss of $241 million, diluted EPS of $(0.61), and adjusted EPS of $(0.61) due to lower digital asset prices and approximately $160 million of one-time costs during the year.²
• Full year 2025 adjusted gross profit of $426 million and adjusted EBITDA of $34 million.²
• Total equity of $3.0 billion and cash and stablecoins holdings of $2.6 billion as of December 31, 2025.³

— 2025 Highlights

• Successfully completed the reorganization and domestication as a Delaware-incorporated entity and began trading on Nasdaq.
• Global Markets: Delivered record trading adjusted gross profit, volumes, loan book size and advisory fees, including execution of one of the largest notional bitcoin transactions in history.
• Asset Management & Infrastructure Solutions: Total assets on platform ended the year at $12 billion, with $2.0 billion of net inflows in the Asset Management business, representing 34% organic growth.⁴ Galaxy expanded its staking platform through five integrations with leading global custodians.
• Data Centers: Executed 800 megawatts ("MW") of long-term agreements with CoreWeave.

— Corporate Updates

• On January 15, 2026 Galaxy announced the completion of ERCOT Interconnection Studies and the approval for additional 830 MW at Helios, doubling total approved power capacity to over 1.6 gigawatts.
• Strengthened the balance sheet through $325 million of equity capital raised and a $1.3 billion exchangeable senior notes offering to fund growth initiatives and for general corporate purposes.
• Acquired staking software development firm Alluvial Finance, making Galaxy the Development Company for Liquid Collective, a leading enterprise-grade liquid staking protocol.

— Galaxy Financial Snapshot: Fourth Quarter and Full Year 2025

Fourth Quarter 2025:

• Galaxy reported a net loss of $482 million for Q4 2025, diluted EPS of $(1.08), and adjusted EPS of $(1.08), driven primarily by the depreciation of digital asset prices, with total crypto market capitalization decreasing by approximately 24% in the quarter.¹
• Digital Assets generated adjusted gross profit of $51 million and adjusted EBITDA of $(29) million, reflecting a softer macro environment and lower industry trading volumes and onchain activity.¹
• Treasury & Corporate generated adjusted gross profit of $(454) million and adjusted EBITDA of $(488) million, driven primarily by unrealized losses on digital assets and investments positions.¹

Full Year 2025:

• Galaxy reported a net loss of $241 million, diluted EPS of $(0.61), and adjusted EPS of $(0.61) due to lower digital asset prices on the year and approximately $160 million of one-time costs tied to bitcoin mining infrastructure, the Company's corporate reorganization in May 2025 and the embedded derivative on outstanding exchangeable notes, which no longer impacts results.¹
• Digital Assets generated record adjusted gross profit of $505 million and adjusted EBITDA of $247 million. Growth was broad-based, with strong contributions from Trading, Lending, Investment Banking, Asset Management and Blockchain Infrastructure.
• Treasury & Corporate generated adjusted gross profit of $(86) million and adjusted EBITDA of $(216) million, driven primarily by unrealized losses on digital assets and investments positions.
• Total equity increased 38% year-over-year ("YoY") to $3.0 billion, driven primarily by two strategic equity financings. Total assets increased approximately 59% YoY, with cash and stablecoins holdings of $2.6 billion, up 168% YoY.

— Digital Assets

Global Markets

Global Markets reported adjusted gross profit of $30 million in the fourth quarter.¹

• Galaxy's digital asset trading volumes declined approximately 40% relative to the prior quarter, reflecting softer client trading activity following a record Q3, which included the execution of a $9 billion notional bitcoin sale.
• Average loan book size of $1.8 billion increased marginally compared to the prior quarter, demonstrating resilience and sustained client demand, despite lower digital asset prices in Q4.
• Investment Banking closed two transactions in Q4, serving as exclusive financial advisor to Aplo in its acquisition by Coincheck and advising on a merger to form an institutional decentralized finance platform.

Asset Management & Infrastructure Solutions

Asset Management & Infrastructure Solutions generated $21 million of adjusted gross profit in Q4 2025.¹

• Galaxy ended Q4 with $6.4 billion in assets under management and $5.0 billion in assets under stake. Assets declined QoQ, driven primarily by the depreciation of digital asset prices during the period.²
• In Q4, Galaxy expanded its institutional staking footprint by completing the acquisition of Alluvial Finance and becoming the Development Company for Liquid Collective, reinforcing its role in building and supporting institutional-grade liquid staking infrastructure.

— Data Centers

Helios Data Center Campus:

• Galaxy remains on track to deliver 133MW of critical IT load to CoreWeave in the first half of 2026 under the Phase I lease agreement, with the first data hall expected to be delivered in Q1.
• Construction for the initial Phase I deployment is substantially complete, the site is fully dried-in, and commissioning is underway.
• On January 15, 2026, Galaxy announced it received ERCOT approval for an additional 830 MW of power capacity, bringing Helios' total approved capacity to more than 1.6 gigawatts and positioning the campus to support continued multi-phase development in 2026 and beyond.

 

— Balance Sheet

Equity Capital

As of December 31, 2025, Galaxy had $3.0 billion in equity capital, up 38% YoY.

Below is a breakout of how the Company's equity capital is allocated across its Digital Assets, Data Centers and Treasury & Corporate segments.

Treasury & Corporate Net Digital Asset and Investment Exposure, Excluding Derivatives

The Company's Treasury & Corporate segment maintains exposure to the digital asset ecosystem through a diversified allocation across spot positions, ETFs, equities, venture investments, private equity holdings and fund investments.

The below pie chart is representative of the Treasury & Corporate segment's net digital asset and investment exposure as of December 31, 2025.

The pie chart does not include derivative instruments.

 

Earnings Conference Call

An investor conference call will be held today, February 3, 2026, at 8:30 AM Eastern Time. A live webcast will be available at https://investor.galaxy.com/, on the Company's YouTube channel and through the Company's X profile (@GalaxyDigitalHQ). A replay of the webcast will be available and can be accessed in the same manner as the live webcast on the Company's Investor Relations website. Through March 3, 2026, the recording will also be available by dialing 1-844-512-2921, or 1-412-317-6671 (outside the U.S. and Canada) and using the passcode: 18446.

Galaxy will host an Earnings AMA on Tuesday, February 10 at 11:00 AM Eastern Time via X Spaces which is accessible through Galaxy's X profile (@GalaxyDigitalHQ), during which members of management may discuss the Company's financial results and forward-looking statements. See full disclosures below.

About Galaxy Digital Inc. (Nasdaq/TSX:GLXY)

Galaxy Digital Inc. (Nasdaq/TSX:GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we develop and operate cutting-edge data center infrastructure to power AI and HPC workloads. Our 1.6 GW Helios campus in Texas positions Galaxy among the largest and fastest-growing data center developers in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia. Additional information about Galaxy's businesses and products is available on www.galaxy.com.

Disclaimer

The TSX has not approved or disapproved of the information contained herein. The Ontario Securities Commission has not passed upon the merits of the disclosure record of Galaxy.

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

This press release and the accompanying conference call may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and "forward-looking information" under Canadian securities laws (collectively, "forward-looking statements"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including statements about Galaxy's business plans and goals, including with respect to the lease with CoreWeave, and the parties, perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the inability to maintain Nasdaq's listing standards; (2) costs related to AI/HPC plans, the transactions, operations and strategy; (3) changes in applicable laws or regulations; (4) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (5) changes or events that impact the cryptocurrency and AI/HPC industry, including potential regulation, that are out of our control; (6) the risk that our business will not grow in line with our expectations or continue on its current trajectory; (7) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; (8) the possibility that there is a disruption or change in power dynamics impacting our results or current or future load capacity; (9) any delay or failure to consummate the business mandates or achieve our pipeline goals; (10) technological challenges, cyber incidents or exploits; (11) risks related to retrofitting our existing facility from mining to AI/HPC infrastructure, including the timing of construction and its impact on lease revenue; (12) any inability or difficulty in obtaining additional financing for AI/HPC infrastructure needs on acceptable terms or at all; (13) changes to the AI/HPC infrastructure needs and their impact on future plans at the Helios campus; (14) any delay in, or failure to close, the acquisition of the additional land and power adjacent to the Helios campus currently under contract; (15) risks associated with the leasing business, including those associated with counterparties; (16) risks associated with our GalaxyOne platform; and (17) those other risks contained in filings we make with the Securities and Exchange Commission (the "SEC") from time to time, including in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 10, 2025 and available on Galaxy's profile at www.sec.gov (our "Form 10-Q"). Factors that could cause actual results to differ materially from those described in such forward-looking statements include, but are not limited to, financing and construction terms and conditions, a decline in the digital asset market or general economic conditions; the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of the stated addressable market; the failure or delay in the adoption of digital assets and the blockchain ecosystem; a delay or failure in developing infrastructure for our business or our businesses achieving our mandates; delays or other challenges in the mining and AI/HPC infrastructure business related to hosting, power or construction; any challenges faced with respect to exploits, considerations with respect to liquidity and capital planning; and changes in applicable law or regulation and adverse regulatory developments. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. Except as required by law, we assume no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.

This press release and our earnings call contain certain preliminary information about our performance in the fourth quarter and fiscal year of 2025. This information is preliminary and represents the most current information available to management. The Company's actual consolidated financial statements may differ materially as a result of the completion of normal quarterly accounting procedures and adjustments or due to other risks contained in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. Although the Company believes the expectations reflected in this press release are based upon reasonable assumptions, the Company can give no assurance that actual results will not differ materially from these expectations.

Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, this press release and the accompanying tables contain adjusted gross profit, adjusted EBITDA, and, adjusted EPS, which are non-GAAP financial measures. Adjusted gross profit, adjusted EBITDA, and, adjusted EPS are unaudited, presented as supplemental disclosure and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Please see pages 11 - 14 for a reconciliation of (i) adjusted gross profit to revenues and gains / (losses) from operations (including for our individual segments) during the three months ended December 31, 2025 and 2024 and during the years ended December 31, 2025 and 2024, (ii) adjusted EBITDA to net income (loss) (including for our individual segments) during the three months ended December 31, 2025 and 2024 and during the years ended December 31, 2025 and 2024 and (iii) adjusted EPS to diluted EPS for the years ended December 31, 2025 and 2024. .

It is important to note that the particular items we exclude from, or include in, adjusted gross profit, adjusted EBITDA, and, adjusted EPS may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. We also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise.

We believe adjusted gross profit is a helpful non-GAAP financial measure to our management and investors because it eliminates the impact of the directly attributable transaction expenses. As such, it provides useful information about our financial performance, enhances the overall understanding of our past performance and future prospects, allows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision-making and provides an additional tool for investors to use to understand and compare our operating results across accounting periods.

Adjusted EBITDA is a non-GAAP financial measure that is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision-making. This non-GAAP measure provides investors with additional information in evaluating the Company's operating performance. Adjusted EBITDA represents Net income / (loss) excluding (i) equity based compensation, (ii) notes interest expense, (iii) taxes, (iv) depreciation and amortization expense, (v) gains and losses on the embedded derivative on our exchangeable notes which ceased to exist upon consolidation as a result of the Reorganization Transactions, (vi) mining-related impairment loss / loss on disposal of mining equipment, (vii) settlement expense, (viii) other (income) / expense, net and (ix) and reorganization and domestication costs. The above items are excluded from our Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful.

Adjusted EPS is defined as diluted EPS assuming all outstanding noncontrolling interest holders exchanged their LP units in GDH LP for Class A common stock of the Company. This non-GAAP financial measure is commonly used as an analytical indicator of performance by investors within the industries in which we operate. Adjusted EPS should not be considered in isolation or as an alternative to or a substitute for financial statement data presented in Galaxy's Digital's consolidated financial statements as indicators of financial performance.

Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool.

© Copyright Galaxy Digital 2025. All rights reserved.

Galaxy Digital Inc.'s Consolidated Statements of Financial Position (unaudited)

Galaxy Digital Inc.'s Consolidated Statements of Operations (unaudited)

 

Ownership of GDH LP Limited Partnership Interests

Reconciliation of Revenue and Gains/(Losses) from Operations

The following table reconciles Revenues and gains / (losses) from operations to adjusted gross profit for the three months ended December 31, 2025 and December 31, 2024 and the years ended December 31, 2025 and 2024:

 

 

 

Reconciliation of Adjusted EBITDA

The following table reconciles the Company's adjusted EBITDA figures to net income for the three months ended December 31, 2025 and December 31, 2024 and the years ended December 31, 2025 and 2024:

 

 

 

Reconciliation of Adjusted Income (Loss) per Share

The adjusted income (loss) per share represents the diluted income (loss) per Class A common stock assuming all outstanding noncontrolling interest holders exchanged their LP units in GDH LP for Class A common stock of the Company. In periods where the noncontrolling interest is already included in the GAAP diluted income (loss) per share, the adjusted income (loss) per share is identical to the GAAP income (loss) per share.

The following table reconciles the Company's adjusted income (loss) per share figures to diluted income (loss) per share for the year ended December 31, 2025:

All figures are in U.S. Dollars unless otherwise noted.

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SOURCE Galaxy Digital Inc.