Galaxy Announces Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Galaxy Digital (Nasdaq: GLXY) reported Q4 2025 net loss of $482M and diluted EPS of $(1.08), driven by digital asset price declines. Full‑year 2025 net loss was $241M with adjusted EBITDA of $34M. Cash and stablecoins totaled $2.6B; total equity was $3.0B. Company completed reorganization, raised equity and issued exchangeable notes, acquired Alluvial Finance, and received ERCOT approval to expand Helios to >1.6GW.
Positive
- Full‑year Digital Assets adjusted gross profit of $505M
- Cash and stablecoins holdings of $2.6B as of 12/31/2025
- Assets on platform of $12B with $2.0B net inflows (34% organic growth)
- Completed reorganization and Nasdaq listing; raised $325M equity and issued $1.3B exchangeable notes
- ERCOT approval expanded Helios capacity to over 1.6GW, enabling multi‑phase data center development
Negative
- Q4 2025 net loss of $482M and adjusted EBITDA loss of $518M
- Net digital assets and investments declined 22% QoQ to $1.678B
- Full‑year results included approximately $160M of one‑time costs affecting profitability
News Market Reaction
On the day this news was published, GLXY declined 16.87%, reflecting a significant negative market reaction. Argus tracked a trough of -19.5% from its starting point during tracking. Our momentum scanner triggered 139 alerts that day, indicating very high trading interest and price volatility. This price movement removed approximately $2.10B from the company's valuation, bringing the market cap to $10.33B at that time. Trading volume was elevated at 2.0x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
GLXY fell 6.44% with heavy volume, while close peers like SF, EVR, and JEF showed only modest moves between about -0.39% and -0.08%, and HLI/NMR were slightly positive. This points to a stock-specific reaction to the earnings rather than a broad capital markets sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 21 | Q3 2025 earnings | Positive | +8.1% | Strong Q3 profitability, higher trading volumes, and major Helios financing wins. |
| Aug 05 | Q2 2025 earnings | Positive | -4.2% | Return to profitability with growth in AUM and Helios expansion commitments. |
Recent earnings reactions have been mixed: one prior report saw a strong positive move, another declined despite generally positive metrics, suggesting inconsistent market responses to Galaxy’s earnings.
Recent earnings reports for Galaxy show sizeable swings tied to digital asset market conditions. In Q2 2025, the company posted net income of $30.7M with Adjusted EBITDA of $211M and total equity of $2.6B, supported by record Digital Assets performance and growing AUM. In Q3 2025, net income rose sharply to $505M with diluted EPS of $1.01 and adjusted EPS of $1.12. Today’s Q4/FY 2025 release contrasts these strong quarters with a sizeable Q4 net loss and highlights the impact of weaker digital asset prices.
Historical Comparison
Across the last two earnings releases, GLXY’s average 24h move was about 6.14%. Today’s -6.44% reaction is similar in magnitude but negative, underscoring how sensitive results are to digital asset conditions.
Earnings have swung from Q2 2025 net income of $30.7M to Q3 2025 net income of $505M, and now to a Q4 2025 net loss, tracking volatility in digital asset prices and Helios build-out milestones.
Market Pulse Summary
The stock dropped -16.9% in the session following this news. A negative reaction despite some balance sheet strengths fits Galaxy’s pattern of volatile responses to earnings. Prior reports saw an average move near 6.14%, including at least one decline after broadly positive metrics. The latest results feature a Q4 net loss of $482M and weaker digital asset trading conditions, contrasting sharply with earlier 2025 profitability. Given this history of sharp post-earnings swings, downside moves have at times been sizable when digital asset markets softened.
Key Terms
adjusted EBITDA financial
non-GAAP financial
ERCOT regulatory
exchangeable senior notes financial
megawatts ("MW") technical
gigawatts technical
AI-generated analysis. Not financial advice.
— Financial Highlights
- Q4 2025 net loss of
$482 million $(1.08) $(1.08) - Full year 2025 net loss of
$241 million $(0.61) $(0.61) $160 million - Full year 2025 adjusted gross profit of
$426 million $34 million - Total equity of
$3.0 billion $2.6 billion
— 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 $2.0 billion 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 $1.3 billion - Acquired staking software development firm Alluvial Finance, making Galaxy the Development Company for Liquid Collective, a leading enterprise-grade liquid staking protocol.
SELECT FINANCIAL METRICS | Q4 2025 | Q3 2025 | Q/Q % Change | FY 2025 | ||||
Total Assets | | | (2) % | - | ||||
Total Equity | | | (4) % | - | ||||
Cash & Stablecoins3 | | | 36 % | - | ||||
Net Digital Assets and Investments5 | | | (22) % | - | ||||
Net Income / (Loss) | ( | | N.M. | ( | ||||
Adjusted EBITDA2 | ( | | N.M. | |
Note: Throughout this document, totals may not sum due to rounding. Percentage change calculations are based on unrounded results. N.M. is the abbreviation for "Not Meaningful". (1) On May 13, 2025, the Company, GDH Ltd. and GDH LP consummated a series of transactions resulting in the reorganization of the Company's corporate structure (the "Reorganization Transactions"). (2) Adjusted EPS, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Refer to pages 11 through 14 for more information and a non-GAAP to GAAP reconciliation to the most directly comparable GAAP measure. (3) Includes (4) Consists of (5) Refer to page 5 of this release for a breakout of Galaxy's Treasury & Corporate net digital asset and investment exposure, excluding derivatives. | ||||||||
— Galaxy Financial Snapshot: Fourth Quarter and Full Year 2025
Fourth Quarter 2025:
- Galaxy reported a net loss of
$482 million $(1.08) $(1.08) 24% in the quarter.1 - Digital Assets generated adjusted gross profit of
$51 million $(29) million - Treasury & Corporate generated adjusted gross profit of
$(454) million $(488) million
Full Year 2025:
- Galaxy reported a net loss of
$241 million $(0.61) $(0.61) $160 million - Digital Assets generated record adjusted gross profit of
$505 million $247 million - Treasury & Corporate generated adjusted gross profit of
$(86) million $(216) million - Total equity increased
38% year-over-year ("YoY") to$3.0 billion 59% YoY, with cash and stablecoins holdings of$2.6 billion 168% YoY.
GAAP Revenues and Transaction Expenses | Q4 2025 | Q3 2025 | Q/Q % Change | FY25 | ||||
Gross Revenues & Gains/(Losses) from Operations | | | (65) % | | ||||
Gross Transaction Expenses | | | (64) % | | ||||
Segment Reporting Breakdown | Q4 2025 | Q3 2025 | Q/Q % Change | FY25 | ||||
Digital Assets Adjusted Gross Profit1 | | | (84) % | | ||||
Digital Assets Adjusted EBITDA1 | ( | | N.M. | | ||||
Data Centers Adjusted Gross Profit1 | | | N.M. | | ||||
Data Centers Adjusted EBITDA1 | | | N.M. | | ||||
Treasury & Corporate Adjusted Gross Profit1 | ( | | N.M. | ( | ||||
Treasury & Corporate Adjusted EBITDA1 | ( | | N.M. | ( | ||||
Adjusted Gross Profit1 | ( | | N.M. | | ||||
Adjusted EBITDA1 | ( | | N.M. | | ||||
Net Income | ( | | N.M. | ( | ||||
Note: Throughout this document, totals may not sum due to rounding. Percentage change calculations are based on unrounded results. N.M. is the abbreviation for "Not Meaningful". (1) Adjusted EPS, Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Please see Non-GAAP Financial Measures below for further information. Refer to pages 11 through 14 for more information and a non-GAAP to GAAP reconciliation to the most directly comparable GAAP measure. |
— Digital Assets
Global Markets
Global Markets reported adjusted gross profit of
- 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 - Average loan book size of
$1.8 billion - 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.
KEY PERFORMANCE INDICATORS | Q4 2025 | Q3 2025 | Q/Q % Change | ||||||
Global Markets Adjusted Gross Profit1 | | | N.M. | ||||||
Loan Book Size (Average) | | | 1 % | ||||||
Total Trading Counterparties | 1,620 | 1,532 | 6 % | ||||||
Global Markets Adjusted Gross Profit: Gross Profit from Galaxy trading activity, net of transaction expenses, and fee revenue associated with the Investment Banking business. Loan Book Size (Average): Average market value of all open loans, excluding uncommitted credit facilities. | |||||||||
Asset Management & Infrastructure Solutions
Asset Management & Infrastructure Solutions generated
- Galaxy ended Q4 with
$6.4 billion $5.0 billion - 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.
KEY PERFORMANCE INDICATORS | Q4 2025 | Q3 2025 | Q/Q % Change | ||||||
Asset Management & Infrastructure Solutions Adjusted Gross Profit1 | | | (9) % | ||||||
ETFs | | | (27) % | ||||||
Alternatives | | | (26) % | ||||||
Assets Under Stake | | | (25) % | ||||||
All figures are unaudited. ETFs: Include assets in Galaxy-sponsored and sub-advised exchange-traded funds, including seed investments by affiliates, based on prices as of the end of the specified period. ETF assets include both Galaxy balance sheet and third-party assets. Changes in ETF assets are generally the result of performance, inflows/outflows, and market movements. Alternatives: Includes committed capital closed-end vehicles, fund of fund products, engagements to unwind portfolios, affiliated and unaffiliated separately managed accounts, and seed investments by affiliates, based on prices as of the end of the specified period. For committed capital closed-end vehicles that have completed their investment period, Alternatives are reported as Net Asset Value ("NAV") plus unfunded commitments. Alternatives for quarterly close vehicles are reported as of the most recent quarter available for the applicable period. Assets Under Stake: Represents the total notional value of assets bonded to Galaxy validators, based on prices as of the end of the specified period. These figures include both Galaxy balance sheet and third-party assets. Note: As of Q4 2025, | |||||||||
(1) Adjusted Gross Profit is a non-GAAP financial measure. Refer to page 11 for more information and a reconciliation to the most directly comparable GAAP measure. |
(2) Assumes prices for relevant cryptocurrencies as of 12/31/2025. |
— 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.
1.6GW
Total Approved at Helios | |||||||
CoreWeave Contracted Capacity | |||||||
Phase I | Phase II | Phase III | Phase I + II + III | ||||
133MW | 260MW | 133MW | 526MW | ||||
Contracted Critical IT Load1 | Contracted Critical IT Load1 | Contracted Critical IT Load1 | Total Contracted | ||||
1H26 | 2027 | 2028 | |||||
Expected Delivery | Expected Delivery | Expected Delivery | Anticipated Average | ||||
(1) Approximately 200 MW of gross power capacity for Phase I, 400 MW of gross power capacity for Phase II, and 200 MW of gross power capacity for Phase III, for a total gross power capacity of 800 MW. (2) Will be completed in phases, with the full capacity for Phase I expected to be delivered by the end of the first half of 2026, Phase II expected throughout 2027 and Phase III expecting to commence in 2028. (3) Based on committed contractual terms, internal estimates for capital expenditures, and assumes full capacity utilization of the 526 MW of critical IT load. Actual results may differ materially due to business, economic and competitive uncertainties and contingencies, which are beyond the control of the Company and its management and subject to change. |
— Balance Sheet
Equity Capital
As of December 31, 2025, Galaxy had
Below is a breakout of how the Company's equity capital is allocated across its Digital Assets, Data Centers and Treasury & Corporate segments.
~ | ~ | ~ | ||
Digital Assets | Data Centers | Treasury & Corporate | ||
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.
(1) Includes spot BTC, associated tokens such as wrapped BTC, and interests in investment vehicles designed to hold BTC. |
(2) Includes spot ETH, associated tokens such as wrapped ETH, and interests in investment vehicles designed to hold ETH. |
(3) Includes spot SOL, associated tokens such as wrapped SOL, and interests in investment vehicles designed to hold SOL, |
including Galaxy's investment in Forward Industries. |
(4) Represents spot and interests in investment vehicles that provide exposure to other digital assets. |
(5) Includes publicly traded securities, including those subject to a short-term lock-up. |
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
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
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)
(in thousands) | December 31, | December 31, | |
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 1,246,240 | $ 462,103 | |
Digital intangible assets (includes | 3,526,216 | 2,547,581 | |
Digital financial assets | 988,621 | 359,665 | |
Digital assets loan receivable, net of allowance | 1,070,029 | 579,530 | |
Investments | 709,069 | 834,812 | |
Assets posted as collateral, net of allowance | 199,983 | 277,147 | |
Derivative assets | 83,807 | 207,653 | |
Accounts receivable (includes | 34,012 | 55,279 | |
Digital assets receivable | 3,778 | 53,608 | |
Loans receivable, net of allowance | 554,449 | 476,620 | |
Prepaid expenses and other assets | 99,734 | 26,892 | |
Total current assets | 8,515,938 | 5,880,890 | |
Non-current assets | |||
Digital assets receivable | 4,719 | 7,112 | |
Digital assets loan receivable, net of allowance, non-current | 8,900 | — | |
Investments (includes | 1,023,236 | 808,694 | |
Digital intangible assets | 26,824 | 20,979 | |
Loans receivable, net of allowance, non-current | 2,553 | — | |
Property and equipment, net | 1,423,113 | 237,038 | |
Other non-current assets | 276,275 | 107,105 | |
Goodwill | 66,523 | 58,037 | |
Total non-current assets | 2,832,143 | 1,238,965 | |
Total assets | $ 11,348,081 | $ 7,119,855 | |
Liabilities and Equity | |||
Current liabilities | |||
Derivative liabilities | 40,482 | 165,858 | |
Accounts payable and accrued liabilities (includes | 277,663 | 281,531 | |
Digital assets borrowed | 2,361,161 | 1,497,609 | |
Payable to customers | 85,808 | 19,520 | |
Loans payable | 52,626 | 510,718 | |
Collateral payable | 1,980,171 | 1,399,655 | |
Notes payable - current | 428,545 | — | |
Other current liabilities | 85,062 | 13,034 | |
Total current liabilities | 5,311,518 | 3,887,925 | |
Non-current liabilities | |||
Notes payable | 2,432,510 | 845,186 | |
Digital assets borrowed - non-current | 56,107 | — | |
Other non-current liabilities (includes | 513,169 | 192,392 | |
Total non-current liabilities | 3,001,786 | 1,037,578 | |
Total liabilities | 8,313,304 | 4,925,503 | |
Equity | |||
GDH LP Unit Holders | — | 2,194,352 | |
Class A common stock, | 192 | — | |
Convertible Class B common stock, | — | — | |
Additional Paid in Capital | 1,583,789 | — | |
Accumulated other comprehensive income (loss) | (2,038) | — | |
Retained Earnings | 342,921 | — | |
Total stockholders' equity(1) | 1,924,864 | 2,194,352 | |
Noncontrolling interest | 1,109,913 | — | |
Total equity | 3,034,777 | 2,194,352 | |
Total liabilities and equity | $ 11,348,081 | $ 7,119,855 |
(1) | For periods prior to the Reorganization Transactions, represents total GDH LP Unit Holders' Capital. |
Galaxy Digital Inc.'s Consolidated Statements of Operations (unaudited)
Years ended | |||||
(in thousands) | December 31, | December 31, | |||
Revenues | $ 60,406,728 | $ 42,596,673 | |||
Gains / (losses) from operations | 948,939 | 1,161,117 | |||
Revenues and gains / (losses) from operations | 61,355,667 | 43,757,790 | |||
Operating expenses: | |||||
Transaction expenses | 60,175,832 | 42,409,856 | |||
Impairment of digital assets | 753,701 | 331,920 | |||
Compensation and benefits | 299,868 | 265,591 | |||
General and administrative | 182,893 | 279,297 | |||
Technology | 46,939 | 30,510 | |||
Professional fees | 75,027 | 51,076 | |||
Notes interest expense | 59,247 | 30,804 | |||
Total operating expenses | 61,593,507 | 43,399,054 | |||
Other income / (expense): | |||||
Unrealized gain / (loss) on notes payable - derivative | (35,544) | (31,727) | |||
Other income / (expense), net | 2,705 | 2,774 | |||
Total other income / (expense) | (32,839) | (28,953) | |||
Net income / (loss) before taxes | (270,679) | 329,783 | |||
Income taxes expense / (benefit) | (29,330) | (16,939) | |||
Net income / (loss) | $ (241,349) | $ 346,722 | |||
Other comprehensive income (loss), net of tax | |||||
Change in fair value of cash flow hedges | (4,506) | — | |||
Other comprehensive income (loss) | (4,506) | — | |||
Comprehensive income (loss) | $ (245,855) | $ 346,722 | |||
Comprehensive income / (loss) attributed to: | |||||
Class B Unit holders of GDH LP | (204,745) | 230,457 | |||
Noncontrolling interests | 45,792 | — | |||
Class A common stockholders of the Company(1) | $ (86,902) | $ 116,265 | |||
Net income / (loss) per Class A common stock(2) | |||||
Basic | $ (0.53) | $ 0.96 | |||
Diluted | $ (0.61) | $ 0.84 | |||
Weighted average shares outstanding used to compute net income / (loss) per share(3) | |||||
Basic | 159,201,378 | 120,847,366 | |||
Diluted | 366,475,172 | 356,723,762 | |||
(1) For periods prior to the Reorganization Transactions, represents net income / (loss) attributable to Class A Units of GDH LP. |
Period Ended | ||||||
(in thousands) | Three Months | Three Months | ||||
Revenues | $ 10,366,829 | $ 15,807,753 | ||||
Gains / (losses) from operations | (142,806) | 544,613 | ||||
Revenues and gains / (losses) from operations | 10,224,023 | 16,352,366 | ||||
Operating expenses: | ||||||
Transaction expenses | 10,306,105 | 15,750,795 | ||||
Impairment of digital assets | 316,093 | 140,981 | ||||
Compensation and benefits | 92,898 | 85,977 | ||||
General and administrative | 18,377 | 213,414 | ||||
Technology | 13,939 | 9,086 | ||||
Professional fees | 17,013 | 12,829 | ||||
Notes interest expense | 16,521 | 9,683 | ||||
Total operating expenses | 10,780,946 | 16,222,765 | ||||
Other income / (expense): | ||||||
Unrealized gain / (loss) on notes payable - derivative | — | (16,583) | ||||
Other income / (expense), net | 424 | 167 | ||||
Total other income / (expense) | 424 | (16,416) | ||||
Net income / (loss) before taxes | (556,499) | 113,185 | ||||
Income taxes expense / (benefit) | (74,833) | (4,337) | ||||
Net income / (loss) | $ (481,666) | $ 117,522 | ||||
Other comprehensive income (loss), net of tax | ||||||
Change in fair value of cash flow hedges | (1,901) | — | ||||
Other comprehensive income (loss) | (1,901) | — | ||||
Comprehensive income (loss) | $ (483,567) | $ 117,522 | ||||
Comprehensive income / (loss) attributed to: | ||||||
Class B Unit holders of GDH LP | — | 74,123 | ||||
Noncontrolling interests | (286,242) | — | ||||
Class A common stockholders of the Company(1) | $ (197,325) | $ 43,399 | ||||
Net income / (loss) per Class A common stock(2) | ||||||
Basic | $ (1.04) | $ 0.34 | ||||
Diluted | $ (1.08) | $ 0.34 | ||||
Weighted average shares outstanding used to compute net income / (loss) per share(3) | ||||||
Basic | 190,273,074 | 126,382,071 | ||||
Diluted | 389,206,281 | 365,354,895 | ||||
(1) For periods prior to the Reorganization Transactions, represents net income / (loss) attributable to Class A Units ofGDH LP |
Ownership of GDH LP Limited Partnership Interests
December 31, 2025 | December 31, 2024 | |||||||
Ownership | % interest | Ownership | % interest | |||||
Galaxy Digital Inc. (1) | 192,695,681 | 49.3 % | — | — % | ||||
Noncontrolling interests (1) | 198,408,277 | 50.7 % | — | — % | ||||
Galaxy Digital Holdings Ltd (1) | — | — % | 127,577,780 | 37.1 % | ||||
Class B Unit Holders (1) | — | — % | 215,862,343 | 62.9 % | ||||
Total | 391,103,958 | 100.0 % | 343,440,123 | 100.0 % | ||||
(1) As a result of the Reorganization Transactions, on May 13, 2025, Galaxy Digital Holdings Ltd. was acquired by Galaxy Digital Inc. and the Class B Unit Holders of GDH LP became noncontrolling interests of Galaxy Digital Inc. The change in relative ownership interests between December 31, 2024 and June 30, 2025 is primarily due to sale of shares by Galaxy Digital Inc. and conversion of Class B units during the period. |
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:
Three Months Ended December 31, 2025 | ||||||||
(in thousands) | Digital Assets | Data Centers | Treasury and | Total | ||||
Revenues and gains / (losses) from operations | $ 10,668,020 | $ 4,585 | $ (448,582) | $ 10,224,023 | ||||
Less: Transaction expenses | 10,300,781 | — | 5,324 | 10,306,105 | ||||
Less: Impairment of digital assets | 316,093 | — | — | 316,093 | ||||
Adjusted gross profit | $ 51,146 | $ 4,585 | $ (453,906) | $ (398,175) | ||||
Three Months Ended December 31, 2024 | ||||||||
(in thousands) | Digital Assets | Data Centers | Treasury and | Total | ||||
Revenues and gains / (losses) from operations | $ 15,888,009 | $ — | $ 464,357 | $ 16,352,366 | ||||
Less: Transaction expenses | 15,715,006 | — | 35,789 | 15,750,795 | ||||
Less: Impairment of digital assets | 72,049 | — | 68,932 | 140,981 | ||||
Adjusted gross profit | $ 100,954 | $ — | $ 359,636 | $ 460,590 | ||||
Year Ended December 31, 2025 | ||||||||
(in thousands) | Digital Assets | Data Centers | Treasury and | Total | ||||
Revenues and gains / (losses) from operations | $ 61,249,266 | $ 7,247 | $ 99,154 | $ 61,355,667 | ||||
Less: Transaction expenses | 60,108,627 | — | 67,205 | 60,175,832 | ||||
Less: Impairment of digital assets | 635,410 | — | 118,291 | 753,701 | ||||
Adjusted gross profit | $ 505,229 | $ 7,247 | $ (86,342) | $ 426,134 | ||||
Year Ended December 31, 2024 | ||||||||
(in thousands) | Digital Assets | Data Centers | Treasury and | Total | ||||
Revenues and gains / (losses) from operations | $ 42,740,403 | $ — | $ 1,017,387 | $ 43,757,790 | ||||
Less: Transaction expenses | 42,298,052 | — | 111,804 | 42,409,856 | ||||
Less: Impairment of digital assets | 139,247 | — | 192,673 | 331,920 | ||||
Adjusted gross profit | $ 303,104 | $ — | $ 712,910 | $ 1,016,014 | ||||
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:
(in thousands) | Digital Assets | Data Centers | Treasury and | Three Months December 31, | ||||
Net income / (loss) | $ (41,501) | $ (303) | $ (439,862) | $ (481,666) | ||||
Add back: | ||||||||
Equity based compensation and related expense | 8,827 | 464 | 5,374 | 14,665 | ||||
Notes interest expense and other expense | — | — | 16,521 | 16,521 | ||||
Taxes | — | — | (74,833) | (74,833) | ||||
Depreciation and amortization expense | 3,679 | — | 2,922 | 6,601 | ||||
Mining related impairment loss / loss on disposal | — | — | — | — | ||||
Settlement expense | — | — | 1,589 | 1,589 | ||||
Other (income) / expense, net | (319) | 90 | (195) | (424) | ||||
Reorganization and domestication costs | — | — | — | — | ||||
Adjusted EBITDA | $ (29,314) | $ 251 | $ (488,484) | $ (517,547) |
(in thousands) | Digital Assets | Data Centers | Treasury and | Three Months Ended | ||||
Net income / (loss) | $ 29,407 | $ (2,148) | $ 90,263 | $ 117,522 | ||||
Add back: | ||||||||
Equity based compensation and related expense | 12,947 | — | 11,295 | 24,242 | ||||
Notes interest expense and other expense | 11,770 | 11,770 | ||||||
Taxes | (4,337) | (4,337) | ||||||
Depreciation and amortization expense | 3,389 | 2,148 | 7,879 | 13,416 | ||||
Mining related impairment loss / loss on disposal | — | — | — | — | ||||
Unrealized (gain) / loss on notes payable – derivative | — | — | 16,583 | 16,583 | ||||
Settlement expense | — | — | 182,462 | 182,462 | ||||
Other (income) / expense, net | — | — | (167) | (167) | ||||
Reorganization and domestication costs | — | — | 680 | 680 | ||||
Adjusted EBITDA | $ 45,743 | $ — | $ 316,428 | $ 362,171 |
(in thousands) | Digital Assets | Data Centers | Treasury and | Year Ended | ||||
Net income / (loss) | $ 193,886 | $ (1,098) | $ (434,137) | $ (241,349) | ||||
Add back: | ||||||||
Equity based compensation and related expense | 38,584 | 2,580 | 24,355 | 65,519 | ||||
Notes interest expense and other expense | 59,247 | 59,247 | ||||||
Taxes | (29,330) | (29,330) | ||||||
Depreciation and amortization expense | 14,606 | 1,251 | 18,212 | 34,069 | ||||
Mining related impairment loss / loss on disposal | — | — | 95,056 | 95,056 | ||||
Unrealized (gain) / loss on notes payable – derivative | — | — | 35,544 | 35,544 | ||||
Settlement expense | — | — | 8,933 | 8,933 | ||||
Other (income) / expense, net | (325) | — | (2,380) | (2,705) | ||||
Reorganization and domestication costs | — | — | 8,687 | 8,687 | ||||
Adjusted EBITDA | $ 246,751 | $ 2,733 | $ (215,813) | $ 33,671 |
(in thousands) | Digital Assets | Data Centers | Treasury and | Year Ended December 31, | ||||
Net income / (loss) | $ 47,008 | $ (7,497) | $ 307,211 | $ 346,722 | ||||
Add back: | ||||||||
Equity based compensation and related expense | 54,823 | — | 30,921 | 85,744 | ||||
Notes interest expense and other expense | — | — | 38,333 | 38,333 | ||||
Taxes | — | — | (16,939) | (16,939) | ||||
Depreciation and amortization expense | 11,446 | 7,497 | 27,937 | 46,880 | ||||
Mining related impairment loss / loss on disposal | — | — | — | — | ||||
Unrealized (gain) / loss on notes payable – derivative | — | — | 31,727 | 31,727 | ||||
Settlement expense | — | — | 182,462 | 182,462 | ||||
Other (income) / expense, net | — | — | (2,773) | (2,773) | ||||
Reorganization and domestication costs | — | — | 3,244 | 3,244 | ||||
Adjusted EBITDA | $ 113,277 | $ — | $ 602,123 | $ 715,400 |
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:
Twelve Months Ended | |||||
(in thousands, except for share data and per share amounts) | December 31, | December 31, | |||
Net income used to calculate diluted EPS | (221,857) | 299,585 | |||
Noncontrolling interest income, net of tax | — | — | |||
Net income used to calculate adjusted income (loss) per share | $ (221,857) | $ 299,585 | |||
Weighted average number of Class A Common Stock shares for the purposes of diluted | 366,475,172 | 356,723,762 | |||
Noncontrolling interest weighted average shares outstanding | — | — | |||
Weighted average number of Class A Common Stock shares for the purposes of Adjusted | 366,475,172 | 356,723,762 | |||
Adjusted income (loss) per share | $ (0.61) | $ 0.84 | |||
All figures are in
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SOURCE Galaxy Digital Inc.
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