Galaxy Announces Third Quarter 2025 Financial Results

Executive Summary

• Galaxy Digital reported a record Q3 2025 net income of $505 million, diluted EPS of $1.01 and adjusted EBITDA of $629 million, driven by strong digital‑asset trading volumes (+140% YoY) and gains on crypto positions.
• The company secured a $1.4 billion project financing facility for its Helios data‑center Phase I build and announced a $460 million equity investment (net proceeds $325 million) to fund the data‑center campus and general corporate purposes.
• Operational highlights include the sale of >80,000 BTC on behalf of a client, execution of a $9 billion notional bitcoin sale, launch of the GalaxyOne fintech platform, and a new lease with CoreWeave for Phase II of Helios (total commitment 800 MW).

Key Details

• Financial Performance
• Net income: $505 M (Q3 2025) vs. $30.7 M (Q2 2025); +1,546% YoY.
• Adjusted EBITDA: $629 M, up 198% QoQ.
• Total assets: $11.523 B, up 27% QoQ; total equity: $3.172 B, up 21% QoQ.
• Cash & stablecoins: $1.910 B (up 62% QoQ).

• Digital‑asset trading revenue surged to $29.219 B (↑223% QoQ).

• Segment Highlights

• Digital Assets: Adjusted gross profit $318 M; adjusted EBITDA $250 M; bitcoin sales >80,000 BTC ($9 B notional). Loan book average $1.768 B (+60% QoQ).
• Asset Management & Infrastructure Solutions: Adjusted gross profit $23.2 M; ETFs assets $3.903 B (↑17%); Alternatives $4.859 B (↑102%); Assets under stake $6.610 B (↑110%).
• Data Centers: Phase I lease with CoreWeave funded; secured $1.4 B financing for Phase I ($1.7 B build cost). Land acquisition expands Helios site to >1,500 acres and potential 2.7 GW power.

• Treasury & Corporate: Adjusted gross profit $408 M; adjusted EBITDA $376 M.

• Financing & Investments

• Project financing facility: $1.4 B (fully funds Phase I of Helios, total build cost $1.7 B).
• Equity investment: $460 M from a major asset manager; net proceeds $325 M earmarked for data‑center expansion and general corporate use.

• Lease agreement with CoreWeave for Phase II (additional 133 MW) bringing total committed capacity to 800 MW.

• Strategic Initiatives

• Launch of GalaxyOne platform (Oct 6, 2025) offering high‑yield cash, crypto and equity trading.
• Integration of staking business with a leading digital‑asset custodian to enable direct staking on Galaxy validator nodes.

• Advisory role: Co‑placement agent for Forward Industries’ $1.65 B private placement; financial advisor to Coin Metrics sale.

• Upcoming Events

• Earnings conference call – Oct 21, 2025 at 8:30 AM ET (webcast available).
• Earnings AMA on X Spaces – Oct 21, 2025 at 11:35 AM ET.

Notable Quotes

“Our record digital‑asset trading volumes and the successful financing of Helios underscore Galaxy’s leadership at the intersection of crypto finance and AI‑driven infrastructure,” – CEO (paraphrased).